(Jessica) Welcome to Southern Bank’s Financial Wellness Network. I’m Jessica.
(John) And I’m John. Today, the topic is net worth.
(Jessica) What is net worth, and why do I need to know mine?
(John) Well, Jessica, in simple terms, your net worth is the difference between what you own (your assets) and what you owe (your liabilities), providing a snapshot of your financial health.
(Jessica) So, if you take the value of my bank account, home, cars, and everything I own and subtract everything I owe – mortgage, credit cards, loans – the difference is my net worth?
(John) Exactly. It can be handy in setting your financial goals, tracking your progress toward those goals, making financial decisions, and planning for the future.
(Jessica) And lenders like to see a healthy net worth when making loans, right?
(John) Yes, they do.
(Jessica) That’s important. Thanks, John.
(John) See you next time on Money Matters on the Financial Wellness Network.
(Jessica) Remember, financial wellness starts here.
