where to start about finding out your worth... | TigerDroppings.com

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Jax007
LSU Fan
Baton Rouge, LA
Member since Oct 2010
2421 posts

where to start about finding out your worth...


My house and car is paid off.. only have the normal monthly bills

I want to start my own business of some sort or partner up with someone...

anyways I wanted to know where I go to find out what my assets amount to and can these be used to get a loan? Is this called liquidating?







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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
64312 posts
 Online 

re: where to start about finding out your worth...


you can always get a home equity loan, I'd start out at a bank to see how much





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Janky
LSU Fan
Team Primo
Member since Jun 2011
5841 posts

re: where to start about finding out your worth...


Assets-liabilities= Net Worth

Add up all of your things subtract anything owed on said things (in your case nothing) and that should be a good jumping off point.






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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
53515 posts
 Online 

re: where to start about finding out your worth...


Woohoo! I'm under -$50,000





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Llama
Member since Nov 2012
12 posts

re: where to start about finding out your worth...


Also keep in mind, startup business loans can be tough to be approved for in comparison to personal secured debt. Use Janky's formula, then proceed to make sure your credit is spot on. High net worth can be useless if your credit is poor. Be prepared to prove the assets, have at least 2 years of tax returns, as well as a solid cash flow that can cover the loan. Good luck!





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Janky
LSU Fan
Team Primo
Member since Jun 2011
5841 posts

re: where to start about finding out your worth...


Yes, cash flow is key. A couple of years ago the banks were turning down what I believe was 2:1 using land as collateral. This may have loosened up since then.





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GoCrazyAuburn
Auburn Fan
Member since Feb 2010
12503 posts

re: where to start about finding out your worth...


quote:

Yes, cash flow is key. A couple of years ago the banks were turning down what I believe was 2:1 using land as collateral. This may have loosened up since then.



Very much this.






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