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IT‘S 8 PM, DO YOU KNOW WHERE YOUR MONEYS ARE?

Guest post by: Pia Lord

Article Overview: We all work hard everyday and earn a good income. But sometimes we are so busy that we omit the most important part. Caring for that income that we spent so much time working for is the critical aspect in developing a solid retirement nest egg.

IT‘S 8 PM, DO YOU KNOW WHERE YOUR MONEYS ARE?



WHAT’S YOUR NET WORTH?

How many of us know exactly the value of our current situation? Do you? Have you taken the few hours necessary to take stock of your financial situation? Doing this can give you a clear picture of where you stand financially and where you need to concentrate your efforts to reach your retirement goals.

Taking a look at all of the factors which determine your net worth will show you where you stand. The picture could be rosier than you thought or it could be grimmer. But at present it is best to know what that picture looks like to be able to see which rung of the ladder you stand on. From there you can climb higher or build a better platform for yourself and your family and friends or whomever you want to care for.

FACTORS TO OBSERVE

A laundry list of things to get to know if you are not already familiar with them is as follows:

YOUR ASSET INVENTORY Check List

Market Value of your home and other real estate, including equity, mortgage debts

Safe deposit box

Valuables in jewels, coins, real estate

Investments-capital value, monthly, quarterly and annualized returns

Savings rate-What do you keep on a weekly or monthly basis?

Annual contribution Roth IRA or IRA-How much are you contributing?

401K 502B College funds, Health Insurance, Life Insurance, Tax situation and rebates

Home owners policy-do you know what this says?

Business Good Will-This can be significant is selling a business.

Business inventories-where do these stand?

Business Valuation-what is the value of your business if you own one.?

SOCIAL Security expected?

Disability income

WILLs- have you made a will that holds in case of your death?

DEBTS

After looking at our assets we must also look at our liabilities. To determine our net worth we must give a look into how much we owe. What we own outright minus what we owe will show us our position clearly.

This is an overly simplified formula but it is a place to start. In the book there is a chart in the back to fill out which goes into greater detail, use this or make up your own.

If you are debt free, congratulations! If your are getting out of debt then keep working at it till you are there. Then stay out of debt. I bet everyone including your mother has told you that. Getting out of debt and then carelessly getting back into debt is a strange affair! I believe it has to do with marketing. The better a company can market to your desires, fears and wants and beliefs, the better they can get you. If you are weak and let them sucker you in, you will just all prey to their advertising techniques and they win again. But you want to build and win your retirement, so you must be vigilant against the growing tide of marketers out there ready to pounce on you. To them it is all fair game. They don’t care a hoot about you in their quest for the dollar and their retirement. They will eat you alive if you do not watch out.

Once they have made their millions then they go about being charitable, but until then caveat emptor!!!

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Article Tags: critical aspect, factors of net worth, moneys, net worth determination, retirement nest egg
Referred by: http://jaykubassek.com



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