What document would an individual use to track their personal net worth?

A net worth statement is the appropriate document for an individual to track their personal net worth. This statement provides a comprehensive overview of an individual's total assets and liabilities at a specific point in time. By listing all assets (such as cash, real estate, investments, and personal property) and subtracting total liabilities (including mortgages, loans, and credit card debt), a net worth statement allows individuals to calculate their net worth, which is a crucial measure of financial health.

Maintaining a net worth statement enables individuals to see how their financial situation changes over time, making it useful for setting financial goals and tracking progress. It serves as a snapshot that reflects not only current wealth but also overall financial stability and growth potential. Other documents, while relevant in broader financial planning and management, do not specifically capture the net worth in the same structured manner.