Joe Bagadonuts is currently a Junior in college working on his Accounting degree. He works at the local Lowes store which helps pay his tuition and limits his need to take out any additional student loans. During his first two years of college, he did take out some student loans. Besides his normal monthly expenses (food, gas, etc.), he has a car payment of $300 per month and pays $50 per month for car insurance. He has the following Assets and Liabilities:

Assets (Items of Value): Checking Account: $1,250; Emergency Fund: $1,500; Car: $6,000; Snow Machine: $2,000

Liabilities (Amount Owed): Student Loan: $2,000; Car Loan: $2,000; Credit Card Balance: $1,250

Determine Joe's Net Worth?