Page 31 - Blance book

What’s Your Net Worth?

Knowing your net worth can help you make the right financial decisions. At
least once a year, add your assets and subtract your liabilities to see where you
stand. You’ve got to take a hard look at your lifestyle now and the future. A quick
definition for assets and liabilities. Asset, put money in your pockets & liabilities,
take money out. The end game is for you is to keep as much money as you can
in your pocket.

When Kathy and I were married for a couple of years we went through this
exercise. We found out quick that we were living paycheck to paycheck and
we had a negative net worth. We knew as a couple we needed to change our
financial picture. It was time for us to redefine our happiness. It was really about
us putting pen to paper and saying, “Okay, this is our budget and we’re plugging
all the holes in our bucket.”

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