What exactly should I include when I calculate my net worth?

Net worth is simply everything you own minus everything you owe. On the assets side, add cash and checking, savings, retirement accounts (401(k), IRA), taxable brokerage balances, the market value of your home and cars, and the cash value of any permanent life insurance. On the liabilities side, subtract your mortgage, student loans, auto loans, credit card balances, and any other debt. Use current market values, not what you paid. Don't count term life insurance (it has no cash value) or your future salary. A negative or small number early in life is normal, especially with student loans; the trend over time matters far more than the snapshot. Track it with the Net Worth tool at wealthserene.com/tools/net-worth to keep the same method every time.