Calculating net worth in Singapore is a crucial financial literacy skill. It provides a snapshot of your overall financial health by subtracting liabilities from assets. For instance, if you own a home worth $1 million and have $200,000 in savings, but owe $300,000 on your mortgage, your net worth would be $900,000.
Accurately assessing your net worth is essential for making informed financial decisions, setting realistic financial goals, and tracking your progress over time. Historically, Singapore has been a financial hub in Southeast Asia, making it crucial for individuals to understand their net worth in the context of the country’s economy.