Net worth is presented as a lifelong tracking number, calculated by adding up assets and subtracting liabilities, that should be updated once or twice a year. Dr. Sheikh walks through each section of the worksheet, starting with real estate and how to estimate current value and remaining equity using tools like Zillow and your mortgage app. She then covers cash and savings, investment accounts, syndications, and other assets such as business equity and vehicles, noting that cars are depreciating and should be valued using Kelley Blue Book. Liabilities include student loans, car loans, credit cards, and business debt, and she stresses recording the interest rate on each because it matters for later steps. The episode ends with a "quick cut" review to spot any spending that surprises you and can be trimmed.