You should feel amazing today! What you did yesterday is something most American’s never do. You can now see not only what you have coming in each month, but where it is going.
Did you find some areas in your spending that you can start cutting back on? If you do, you will find you have more to invest in the future?
Most people find during this exercise they are spending more money than they think on their wants. In order to improve your financial position you are going to need to give up some of your wants, so you have the money required for your needs, which includes your emergency fund and a savings plan.
In today’s assignment you will be creating a Wealth Accumulation Statement, or what many other people call a Personal Financial Statement.
The purpose of this statement is to help you better understand what your net worth is as of today. This will give you a good guideline on how prepared you are for the future? It will help you determine if you have your 6 months reserves set aside, and if you have started setting some money away for retirement. It is also going to help you see if you are overleveraged, so you can create a plan to start reducing your debt.
Task –Complete a Wealth Accumulation Statement
Fill out theWealth Accumulation Statement mobile version HERE