Wealth And Your Net Worth
Most people know it's important to keep and organize all of your vital financial information. But knowing you should and knowing how are two different things!
Once you know the reasons for being very organized with your financial data (and keeping it all in a very safe place) I hope you will put organization on your net worth building to-do list (at or near the top).
You need to be able to see your financial strengths and weaknesses quickly. If you are an active investor, it's even more important that you do so. Time wasted on missing data and lost tracking information is money lost.
Also, keeping an accurate and up to date personal net worth statement (personal financial statement) can help you get loans or other financing more quickly.
It would be well worth the effort to be able to give your financial institutions information they need at a glance. And your needs for the same ability to query your net worth and data associated with accounts, investments, in and outgoing money, and other important data are very important.
Be sure and carefully consider all portions of your net worth. Often forgotten components of your net worth are listed below in a handy checklist to get your data system in order and on track.
Cash on Hand and In Bank
Notes Payable
Marketable Securities
Non-Marketable Securities
Securities Held by Brokers
Restricted or Control Stocks
Partial Real Estate Interests
Owned Real Estate
Loans Receivable
Life Insurance
Other Assets
Accounts Payable
Amount Due to Brokers
Unpaid Income
Taxes
Other Unpaid Taxes/Interest
Other Debts
Debt on Real Estate Equities
Real Estate Mortgages
Make sure you know what you're really worth. The only way to calculate your net worth accurately is if you track everything above.
On your road to a high net worth you can make fewer pit stops if you have a plan and the data to support your investment decisions and abilities close at hand.
Make use of spread sheet software and programs like Quicken to keep your net growth on track. The reports you can run are invaluable for seeing where you've been and how far you've come with your portfolios, mortgage, taxes, and other important information.
An investor who knows their history can better project growth and find weaknesses in their portfolio that they can improve upon.
Organization is the bedrock of those with strong net worth. It is a common thread that connects all successful investors, active or passive.-
C.C. Collins is a Financial Planning Advisor and Author of "Scientific Wealth Strategies" at http://wealthscientist.com. Find more information at http://networthpublishing.com
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