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Wealth and Your Net Worth
Wealth and Your Net Worth by C.C. Collins http://networthpublishing.com
Most people know it's important to keep and organize all of your vital financial information. But knowing you should and knowing how are two different things!
Once you know the reasons for being very organized with your financial data (and keeping it all in a very safe place) I hope you will put organization on your net worth building to-do list (at or near the top).
You need to be able to see your financial strengths and weaknesses quickly. If you are an active investor, it's even more important that you do so. Time wasted on missing data and lost tracking information is money lost.
Also, keeping an accurate and up to date personal net worth statement (personal financial statement) can help you get loans or other financing more quickly.
It would be well worth the effort to be able to give your financial institutions information they need at a glance. And your needs for the same ability to query your net worth and data associated with accounts, investments, in and outgoing money, and other important data are very important.
Be sure and carefully consider all portions of your net worth. Often forgotten components of your net worth are listed below in a handy checklist to get your data system in order and on track.
Cash on Hand and In Bank Notes Payable Marketable Securities Non-Marketable Securities Securities Held by Brokers Restricted or Control Stocks Partial Real Estate Interests Owned Real Estate Loans Receivable Life Insurance Other Assets Accounts Payable Amount Due to Brokers Unpaid Income Taxes Other Unpaid Taxes/Interest Other Debts Debt on Real Estate Equities Real Estate Mortgages
Make sure you know what you're really worth. The only way to calculate your net worth accurately is if you track everything above.
On your road to a high net worth you can make fewer pit stops if you have a plan and the data to support your investment decisions and abilities close at hand.
Make use of spread sheet software and programs like Quicken to keep your net growth on track. The reports you can run are invaluable for seeing where you’ve been and how far you’ve come with your portfolios, mortgage, taxes, and other important information.
An investor who knows their history can better project growth and find weaknesses in their portfolio that they can improve upon.
Organization is the bedrock of those with strong net worth. It is a common thread that connects all successful investors, active or passive.
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C.C. Collins is a Financial Planning Advisor and Author of “Scientific Wealth Strategies” at http://wealthscientist.com. Find more information at http://networthpublishing.com
By: C.C. Collins Most financial plans fail:
We recommend that you establish a communication process guaranteed to uncover what's important. That is the first step in setting priorities and getting buy-in from everyone.
As consultants, business coaches, and Certified conflict prevention and resolution professionals - with combined experience of over 100 years helping executives and business owners plan for their future - the one element, required before anything can move forward, is a spirit of cooperation.
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Strategic Conversations is a process you can learn that will provide enhanced communications for life. Their free resources and accompanying free research report will help you establish the framework for determining, among other things, the right financial planning strategy for you right now! |