How Managing Your Net Worth Can Change Your Life

?????????????Net Worth is a foggy concept for many people and a trophy for others. While managing your net worth may be an activity that’s at the end of your to-do list (it if makes the list at all), it is an often forgotten jewel that can change everything.

Here’s how:

  • It gives you negotiating power.
  • It can bring respect among your peers.
  • Valuing your net worth is an attitude that keeps you guarded against foolish spending.
  • It helps you maintain an awareness of money-making opportunities.
  • If gives you the resources to take advantage of money-making opportunities.
  • It helps you avoid a quicksand career that’s takes you down and undervalues your ability.
  • It reminds you to keep your resume growing and stay open for new directions.
  • It helps you avoid stagnation.
  • It protects your purchasing ability.
  • It’s wise.

A well-managed net worth can influence your entire life and your legacy!

Net worth is the value of all assets, minus the total of all liabilities. Put another way, net worth is what is owned minus what is owed. Why is net worth important? Because it’s easy to feel like you are doing well financially when you have a nice home, automobiles, clothes, and other material possessions. But if you carry high credit balances, spend most of what you earn, and save little, you may not be worth what you think.

Here’s another way to look at it. If you lost your ability to earn money through work and career, what else do you have in place that would maintain your lifestyle? How long would you be able to honor your financial commitments?

We encourage you to measure your financial success by how much money you keep, give, or invest, instead of how much you spend.

Recent trends show poverty levels increasing among retirees because they simply don’t have enough money to maintain their longevity. Managing net worth can solve that problem.

Calculate your net worth. If it’s zero for now, that’s OK, because today is a new opportunity to start changing! Consider a plan like Rediscover, and Do You Know Your Money Numbers from our own, Money on Track. Begin to value  keeping more money than you spend.

Plan for a successful future with enough money to live the lifestyle that you enjoy!

Join Money on Track and be the first to get the updates on new posts and our My Money On Track resources. For information on our quarterly luncheons and presentations, contact us here and sign up on the home page (left corner). 

Copyright © 2014  RYWilliams & Assoc. – All Rights Reserved.

 

Working Hard But Still Broke?

Jar of MoneyThere is something wrong if you have worked hard for most of your adult life and you are still broke (very little saved). Being young or experiencing some sort of set-back can easily create financial challenges. That’s understandable.  I mean the person who  has worked hard for years, made purchases, lived well, but still couldn’t make it for 3 months if the income stopped. If that’s you, then now is a great time to transition and prepare to make some changes.

Continue reading

5 Reasons and 7 Ways to Handle Conflict Quickly

Do you avoid conflict? If so, you are not alone.

As a conflict avoider, the last thing you want is to have an issue with someone who messes up your idea of a great day. You want to avoid conflict at all cost. You want life to be smooth and drama free!

Business Discussion

 An evening with a group of friends and a newcomer may go something like this: Continue reading

Why it’s Important to Make New Friends When You’re Over 40 and 50

Women Window ShoppingWhen you reach 40 or 50 years of age, you’ve met many friends  and acquaintances.  For some of us, our closest friends are the ones that we met as early as elementary school. No matter what they do, the friendship remains, because your history together trumps any irritating quirks or misunderstandings that you will have. Whether you have good longtime friends or you feel comfortable alone, it’s still important to make new friends when you are over 40 or 50 years of age.

Here’s why? Continue reading

with Rhonda Y. Wiliams