Net Worth Statement
Net worth statement is a summary of your assets and liabilities. It shows how much equity you have and allows to keep track of everything.
I beleive it has to be updated annually. The current year to be compared with the previous years, so that you can see your progress or lack of it. Not every year will be better than the year before. Life happens. The point is not a perpertual progress, but rather a good way to analyze what happened.
Analyzing what happened helps to work out the future strategy.