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Net worth represents the total value of an individual’s or entity’s assets minus their liabilities. It provides a comprehensive snapshot of financial health, indicating what one owns versus what one owes. Assets can include real estate, investments, cash, and other valuable possessions, while liabilities encompass debts such as mortgages, loans, and credit card balances. Calculating net worth is a fundamental step in personal finance, offering clarity on wealth accumulation over time. For instance, a person …