Want To Find Out How You’re Doing Financially?
Have you decided that you want to get your finances under control? The first step on the road to financially health and control over your money is to find out how you are doing right now.
Are you interested in adjusting your financially behaviour so that you can live life according to your ideas and not have the stress of existing or potential financial shortages? The first step on the road to financial health and control over your money is to find out how you are doing right now.
You can find out your current financial status by answering two fundamental questions:
- How big is my property?
- How do I manage my finances every month?
How big is my parcel?
You find the value of your property by adding up everything you own minus all your debts. But beware, not everything you own is a wealth-generating asset.
How do I manage my finances every month?
In addition to finding out what assets you have, it is also essential to find out how you manage your finances. It may be that.
- At the end of the month, you have a financial surplus, and your overall wealth, therefore, grows over time,
- You spend exactly what you earn
- At the end of the month, you have a deficit (i.e. you spend more than you make), and thus your current wealth gradually decreases over time.
If you already know the size of your assets, how you manage your money, and whether you spend less than you earn each month, you can start creating your financial management plan.
Also Read : A Plan To Take Control Of Your Money Management