Determining anyone’s net worth can be tricky as it involves considering various factors, such as assets and liabilities. It gives you an insight into their financial standing and overall wealth. In this article, we will present you with methods on how to find a person’s financial details and calculate their net worth based on that.
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How to Find a Person’s Net Worth
A person’s net worth represents the difference between the money they earned and the money they owe. It is typically calculated annually. To find a person’s net worth, you add up all their assets (such as cars, houses, cash in the bank, jewelry, etc.) and then subtract all their liabilities (including mortgages, loans, credit card debts, etc.). The resulting value is considered their net worth, which can be any of the following:
- If the net worth is positive, it means they have more assets than liabilities.
- If the value is negative, it indicates that their liabilities exceed their assets.
Now, to find out and calculate someone’s net worth, follow the methods mentioned below:
Step I: Find Financial Records
To know how to find someone’s complete list of assets, you can follow the below-mentioned methods:
Option 1: Contact Attorney
You can contact an attorney from the court and hire them to find out all a person’s assets by providing them with the basic details needed.
Option 2: Contact Tax Office
You can visit the tax office and talk to the administrator to request the complete assets of a specific person.
Option 3: Use Public Record Finder
1. Visit the Truthfinder website on your browser.
2. Enter your First and Last name and select the state.
3. Then, click on SEARCH NOW.
4. Select the gender and click on NEXT.
5. Answer all the asked questions while searching.
6. Then, access the Assets section to find all the assets the person owns to further calculate the person’s net worth.
7. Visit the Google Sheets website and Sign in to your Google account if not already.
8. Click on Blank to create a new empty spreadsheet and name it Assets on your PC.
9. Create an assets table for a well-organized overview.
Note: A person owns assets such as cash, investments, jewelry, cars, lands, etc.
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Step II: Calculate Net Worth
Now, to know how to calculate a person’s net worth with the help of the assets you found, you can follow the below-mentioned steps:
1. Access the assets spreadsheet you created after finding the target person’s assets.
2. Add up all the value of assets a person owns to calculate the total amount of assets.
3. Now, gather all the details of the person’s liabilities and make a list of them, just like you did with the assets.
Note: Liabilities such as debts, loans, mortgages, etc., a person has.
4. Add up all the value of liabilities a person has, to calculate the total amount of liabilities.
5. Put all the calculated values in the following formula to get the person’s net worth.
Value = Total number of Assets – Total number of Liabilities
Is a Net Worth Of 1.5 Million Good?
Yes, a net worth of 1.5 million is considered good.
- In countries with lower Gross Domestic Progress (GDP) rates, it is seen as super-rich.
- In highly developed countries like the USA, Japan, Germany, and others, this amount is the starting point for being considered wealthy.
However, the assessment of wealth depends on whether the net worth is calculated monthly or yearly. A person with a net worth of 1.5 million per month is considered much richer than someone with the same amount per year. Having such a significant amount on a monthly basis allows for more opportunities for investment and business purposes.
Also Read: How to Find Out Where Someone Works for Free
We hope this article has helped you understand how to find a person’s net worth. It can provide valuable information about their economic status and financial achievements. Share your questions or suggestions in the comment section below. Also, don’t forget to check back for more instructive content.