Simple English definitions for legal terms
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Net worth: The amount of money and valuable things a person or company has after subtracting what they owe to others. It's like counting all the money you have in your piggy bank and taking away any money you owe to your friends or family. This tells you how much you really have.
Definition: Net worth is a measure of one's wealth, usually calculated as the excess of total assets over total liabilities.
Examples:
These examples illustrate how net worth is calculated by subtracting what you owe (liabilities) from what you own (assets). The resulting number represents your overall financial worth or wealth.