Net Worth
Did you know that you'll spend about 10,000 days on the job at work during your lifetime. Who wants to spend all that time and energy working towards financial security and then be disappointed when you fall short? You've heard the phrase 'if you don't know where you're going then any road will get you there.' Think of your financial situation in those same terms. If you don't know how to get to financial security and how to use the resources you have to get you there, those 10,000 days on the job will feel ten times greater and a wasted effort when you look back.
So the first task at hand to put you in control of your financial future is to find out your current net worth. This is your assets minus your liabilities. Or the difference in value of how much you own versus how much you owe. If you're worth more than you owe, that's great, but don't be alarmed if you have a negative net worth. The plan you've started to create will change that for you. Five strategies to keep in mind to increase your net worth include: save more of what you earn; reduce debt; increase your income; invest wisely; and reduce spending.
Remember: your net worth will change over time, so be sure to review and adjust the plan at least once a year.
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