Losing your job to a layoff can leave you with an entire barrage of new feelings. You may have a great fear for the future and what you're going to do financially. You may feel a sense of relief because now you have the excuse you need to go to school or find the job of your dreams. In spite of what type of short-term or long-term plans you may have for your future, almost everyone feels a sudden fear of the unknown and experience, "what will I do now?"  Although everyone's finances are different, the unknown for everyone is how they will survive financially when they lose their job. One method of learning more about what you have or don't have is a net worth calculator.

What is a Net worth Calculator & How Does it Work?

A net worth calculator is very easy and simple to use and is a great way to determine what you actually have versus what you don't have. Many people feel that if they have loans, mortgages and credit card debts, they have nothing. They tend to easily forget the assets they do have that if liquefied, could bring cash and money into the home. A net worth calculator is also a very efficient way to determine where your money is being spent so you'll know what kind of corners you need to cut back on during your period of unemployment.

Many people that have gone through periods of unemployment and have had to make changes in their life discovered that some of the changes were long overdue. In fact, some of the changes that were made the person continued even after new employment were found. A net worth calculator makes a list of your assets and debts. Here is an example of what may be in a net worth calculator, although some of the entries may vary depending on your individual circumstances.

ASSETS

• Value of home
• Second home or vacation property
• Vehicle(s)
• Cash (Savings accounts, money markets, CDs)
• Bonds and bond funds
• Retirement accounts (IRAs, 401k, SEP)
• Variable Annuities
• Jewelry
• Furnishings
• Art or Collectibles
• Misc assets

DEBTS

• Mortgage(s)
• Home equity loan
• Auto loan
• Student loan
• Credit cards
• Medical bills
• Miscellaneous debts

Adding the total of all your assets and subtracting your debts from this total will give you your net worth. You may find some very interesting facts while looking at not only your net worth but how you came to that figure. For instance, you may find that your credit card debt makes up a larger portion of your debts than you realized. You may also realize that you have a lot of "miscellaneous" assets that you don't need and can be sold if economic times are tough. However, a net worth calculator can also serve another purpose. It can show you that you are really not in as bad of shape financially as you thought and you really can survive losing your job and may come out better than ever.