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Wealth Creating System Step 8 - Creating a Financial Snapshot
| Guest post by: Gary Baker |
Article Overview: Many people reflect on their accomplishments and mistakes at the beginning of every year. I recommend reviewing your finances and creating snapshot of where you stand. It helps to see what you need to improve on and what goals to set for the upcoming year.
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Wealth Creating System Step 8 - Creating a Financial Snapshot
Welcome to the 8th step in my Wealth Creating System. Many people reflect on their accomplishments and mistakes at the beginning of every year. I recommend reviewing your finances and creating snapshot of where you stand. It helps to see what you need to improve on and what goals to set for the upcoming year.
Cash Flow
Start with cash flow because you need to make sure that you're not spending more than you earn. Grab a budget spreadsheet and input all your income and expense numbers.
If you're looking for ways to increase your income, Make a list of any current or potential profit-generating assets you currently own eg Computer - can be used to start an internet-based business. Home - could rent out a room or create a home office.Telephone - can use it to make sales calls and negotiate deals
Emergency Savings
I've learned from personal experience that the only way to lessen the pain of an emergency is to prepare for it. Cars break down, jobs get lost, and appliances stop working at the absolute most inconvenient time.
Make sure you're comfortable with amount of emergency savings that you have. If not, then start building it up. By putting it in a high yield savings account, you'll have easy access to it and earn a bit of interest at the same time.
Outstanding Debts
It might help to separate this category into high interest consumer debt such as credit cards and low interest and/or tax advantaged debt like student loans or your home mortgage. Attack the high interest debts first, as they can get out of control if put them off too long.
Retirement Accounts
If you have retirement accounts, make sure that your asset allocation isn't out of whack. If they are, then you should rebalance them. You may also want to review your fees and expenses to see if you can save some money.
If your job offers a retirement/pension plan and you haven't already joined, you should enroll. Many companies offer a match on a percentage of your contribution, and failing to take advantage of this free money can be a costly mistake.
Take Action
Brainstorm at least 20 ways to either increase your profit-generating asset column or decrease your liability column in the next month and take action on your top 5 ideas in the next month.
Your Thoughts
How does your financial snapshot look? Is it better or worse than a year ago? What are you planning on doing in 2011 to improve things? Have a superb day and come back soon for the 9th step in my WealthCreating System - Visualising Your Future and fell free to leave me a comment or share this with others.
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About the Author: Gary Baker RSS for Gary's articles - Visit Gary's website I'm an Aerospace Engineering graduate with over 10 years experience who retrained as an Inbound Marketing Certified Professional and now owns and manages part-time an online marketing business that specialises in building websites, SEO, PPC and Facebook fan pages, viral applications and contests. So if you'd like a FREE, no obligation consultation, quotation or review please feel to contact me HERE. I'm also on the Executive Board of a global brand that gives away free products and services and shares great daily deals. So if you'd like to join our team as a Social Affiliate Marketer or advertise your products, services or daily deals to our millions of members around the world for FREE please don't hesitate to get in touch HERE. Click here to visit Gary's website   10 Secret Steps to Wealth and 1 Easy Way To Become an Expert |
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