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Reply to "What is your net worth? I'm excited to reach zero!"
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[quote=Anonymous][quote]Your net worth is your assets less your liabilities. Suppose you have a house worth $1 million with a $0.5 million mortgage. Your home equity's contribution to your net worth is 0.5 million - the home value less mortgage. Now suppose you sell the house. Your mortgage goes to zero and you have $0.5 million left. Your net worth is unchanged. [/quote] Actually, when you factor in realtor fees and other transaction costs, you probably "lost" about $100,000 in net worth when you sold the place. Oops. [/quote]
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