Liquid assets include cash and items easily converted into cash. It's important to have enough cash in bank accounts, mutual funds or stocks and bonds to cover at least three months' living expenses. If not, you may not have enough money to handle emergencies, such as a sudden illness or loss of a job. Illiquid assets cannot easily be converted into cash. Don't forget to include the value of your company pension plan when figuring the worth of your retirement fund. As for your possessions, value them conservatively at what you reasonably could get if you had to sell them in a hurry. A family heirloom might be worth a lot to you but not to someone else.
Include any unpaid rent or current mortgage bills, charge account balances, utility bills and taxes. Outstanding loans include the total balance of your mortgage, home improvement loan, car loans, student loans, securities margin account and money borrowed from Aunt Millie.
When computing your annual gross income, don't overlook interest and dividend income, child support and alimony payments received, social security income and rental income. You can find your after-tax income on the tax form you filed with the Internal Revenue Service.