Assets and Debts=Net Worth. Homemakers Do You Know Your Net Worth?

Homemakers, do you know what you are worth? Do you know how much you owe? In other words, do you know your assets and your debts? These two equal your net worth. How do you go about knowing your financial status?

Choose a quiet time, or a time when both of you are in a good mood and pop the question. Very few couples talk about their present financial situation and their future financial goals. I did not ask my husband about money before we got married, nor did I ask 10 years later. However; due to an illness, the time had come for me to pop the question. He was reluctant to share, given this was his second marriage, but with gentle prying over time I became to understand our debts and assets, in other words, our net worth. You decide how to approach your spouse, because most people do not know their net worth (again the difference between all the things of value that you own, and all the debts you owe.) until there is a crisis. Crisis could mean death of a spouse, a debilitating illness or in most cases, divorce. I have met many older women, who do not have a clue or do not care to know about their finances. Suddenly, her husband dies and she is shocked to find out their house they have lived in for 40 years is not paid off and that he took out a second mortgage for reasons unknown to you. This is so common with young and old couples. It happens and no women, should be victimized twice, first the shock and grief of the break-up and then the shock of finding out there is no savings, but loads of debt. Homemakers, who choose to stay at home are especially vulnerable, given they are so busy with the daily living of raising a family. As mothers, we rely, to heavily on our spouses to be the financial wizards. I know of friends and relatives who are left in the financial dark after a death or divorce. Don't let this happen to you. Here are some general guidelines with web links to help motivate you to start talking to your spouse about your assets and debts.

1. Homemakers need to have their own bank account.