How to Evaluate Your Personal Assets

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How to Evaluate Your Personal Assets

Market conditions cause the value of your investments and personal property to fluctuate constantly, making it easy to lose track of their value. This makes it difficult to know precisely the value of your personal assets at any given time. Despite this challenge, it's critical to maintain an updated record of your assets. If you don't, you risk getting caught off guard when you need to sell an asset. Understanding how to properly evaluate your personal assets makes it easier to keep track of your current net worth.

Instructions

    • 1

      Make a list of all the assets you own. This includes your home, your cars, your investments, your bank accounts and all other personal property.

    • 2

      Look up the value of your bank accounts from your most recent monthly bank statement. These accounts convert immediately to cash. You determine the value of your bank accounts simply by reading your statements.

    • 3

      Look up the value of your investments from your most recent brokerage statement. You sell investments at their market value, so use your statement balance to evaluate the value of your investments. If a few weeks have passed since your last statement, you may want to look up the current value of your investments online as market changes may have increased or decreased their value.

    • 4

      Research the recent sale prices of houses similar to your home. You can find this information in local real estate publications. Look for properties that are roughly the same size and in the same location as your home. Use these prices to estimate the value of your house.

    • 5

      Use the Internet to estimate the current market value of your other personal property. For example, use a used car website to find the selling price of cars with the same year and model of your car.

    • 6

      Hire an appraiser to get a more precise evaluation of your assets. It may be difficult to find good information on rarer assets, like collectibles or jewelry, so hiring an appraiser might be the only way to evaluate these items.

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References

  • Photo Credit iStock cappels

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