Calculating your total assets is a fundamental step in understanding your personal financial health. Assets are items of economic value that an individual or company owns with the expectation that they will provide future benefit. They represent what you own. By summing up all your assets, you create a clear picture of your net worth when compared to your liabilities (what you owe).
What Constitutes an Asset?
Assets can be broadly categorized into two types:
Current Assets: These are assets that can be converted into cash within one year. Examples include cash on hand, checking accounts, savings accounts, and short-term investments.
Non-Current Assets (or Long-Term Assets): These are assets that are not expected to be converted to cash within one year and are typically held for long-term use or investment. Examples include real estate, vehicles, long-term investments, retirement accounts, and valuable personal property.
Our calculator helps you aggregate these different types of assets.
How the Assets Calculator Works:
The calculator uses a simple summation formula:
Total Assets = Cash on Hand + Checking Account Balance + Savings Account Balance + Investment Value + Retirement Account Value + Real Estate Value + Vehicles Value + Other Significant Assets
You input the estimated current market value for each category of asset you own. The calculator then sums these values to provide a comprehensive figure for your total assets.
Why Calculate Your Assets?
Financial Planning: Knowing your assets is crucial for setting financial goals, retirement planning, and investment strategies.
Loan Applications: Lenders often assess your assets as part of a loan application to gauge your financial stability and ability to repay.
Net Worth Calculation: Assets are one half of the net worth equation (Net Worth = Assets – Liabilities). A higher asset base generally indicates greater financial security.
Estate Planning: A clear understanding of your assets is vital for creating wills and trusts.
Insurance Needs: Valuing your assets helps ensure you have adequate insurance coverage.
Tips for Accurate Asset Valuation:
Be Realistic: Use current market values, not what you originally paid or wish they were worth.
Document: Keep records of account statements, property deeds, vehicle titles, and investment portfolios.
Regular Updates: Review and update your asset valuation at least annually, or whenever significant changes occur (e.g., purchasing a home, selling stocks).
Distinguish from Liabilities: Ensure you are only entering what you own, not what you owe. This calculator focuses solely on assets.
function calculateTotalAssets() {
var cashOnHand = parseFloat(document.getElementById("cashOnHand").value);
var checkingAccount = parseFloat(document.getElementById("checkingAccount").value);
var savingsAccount = parseFloat(document.getElementById("savingsAccount").value);
var investmentStocks = parseFloat(document.getElementById("investmentStocks").value);
var retirementAccounts = parseFloat(document.getElementById("retirementAccounts").value);
var realEstateValue = parseFloat(document.getElementById("realEstateValue").value);
var vehiclesValue = parseFloat(document.getElementById("vehiclesValue").value);
var otherAssets = parseFloat(document.getElementById("otherAssets").value);
var totalAssets = 0;
if (!isNaN(cashOnHand)) {
totalAssets += cashOnHand;
}
if (!isNaN(checkingAccount)) {
totalAssets += checkingAccount;
}
if (!isNaN(savingsAccount)) {
totalAssets += savingsAccount;
}
if (!isNaN(investmentStocks)) {
totalAssets += investmentStocks;
}
if (!isNaN(retirementAccounts)) {
totalAssets += retirementAccounts;
}
if (!isNaN(realEstateValue)) {
totalAssets += realEstateValue;
}
if (!isNaN(vehiclesValue)) {
totalAssets += vehiclesValue;
}
if (!isNaN(otherAssets)) {
totalAssets += otherAssets;
}
document.getElementById("totalAssets").innerText = totalAssets.toLocaleString(undefined, {
minimumFractionDigits: 2,
maximumFractionDigits: 2
});
}