Personal Balance Sheet & Wealth Building

Learn why knowing what your “assets and liabilities” are can help determine your net worth and help you build wealth more efficiently in the current economy…

 

As you build wealth it is important that you have an understanding of the assets that you own and the liabilities that you have incurred so that you can do more to build your wealth to an acceptable level or a level that you need to attain to make your life more meaningful and significant while you are here on planet earth.

 

By knowing what you are worth you put yourself in a better position to manage your finances and reach your financial goals.

 

In this discussion TheWealthIncreaser.com will discuss the importance of utilizing a “personal balance sheet” so that you can know what you are worth “from a financial perspective” and provide guidance on how you can use that knowledge to build wealth more efficiently in the coming years.

 

This discussion builds off of Personal Financial Statements including  Cash Flow Analysis, Personal Income Statements and Net Worth that were discussed in previous articles.

 

By taking the following 3 steps you can help ensure a more prosperous future for your family and loved ones and by implementing those three steps at this time–help you “engage in your finances” in a manner that can lead to true and lasting success for the duration of your lifetime, and even after you transition!

 

1) Compile a list of your assets and liabilities

It is important that you take inventory of what you own and who you owe.

 

A personal balance sheet can help give you the needed focus so that you know who you owe and what you own in a more concrete and definite manner.

 

At this time you may want to gather all of your financial documents (bank statements, investment statements, mortgage statement, life insurance policy, auto loan statement, credit card statement, student loan statement, personal loan statement along with other documents that show ownership or in which you owe others) so that you can determine your “net worth” and start on a realistic path that can lead to you making better financial moves from this day forward.

 

By entering the required data in the form below you can get a better feel of where you can go in your financial future and you can enhance your probability of achieving the success that you desire from this day forward!

 

To determine your value of your home you may want to contact your real estate agent or the agent who helped you purchase your home to determine the value.  If you have a mortgage you would subtract what you owe from the valuation that you get from the real estate agent to determine your equity position of your home (asset).

 

On the form below enter the market value of your home under assets and what you owe on the mortgage(s) (if you have one) under liabilities.

 

To determine your value of your auto you may want to utilize the kelley blue book to determine the value of your auto and if you have a loan you would subtract what you owe from the valuation that you get from the kelley blue book or other auto valuation service to determine your equity position of your auto (asset).

 

On the form below enter the market value of your auto or other personal use  asset under assets and what you owe on the loan(s) (if any) under liabilities.

 

Keep in mind that “personal use assets” include your auto, motorcycle, boat or other watercraft, bikes, recreational vehicles and other assets that are of a personal nature.

 

For your household assets and other assets you can use an appropriate method of valuation or use professionals if you desire–just keep in mind the valuation may not be accurate as it is only an estimate and estimates may not reflect the true value of the asset(s).

 

However, your estimate or other professionals estimate of value will provide valuable insight (no pun intended) in helping you to determine your net worth as opposed to “shooting from the hip” and not being close to the true value of your assets, and hence your net worth.

 

How to create a Personal Balance Sheet in Simple Form:

 

Balance Sheet 10/16/2021 (Enter the date that you create your balance sheet)

Assets:

Cash/Cash Equivalents 

JT Checking                                     $_________

JT Savings                                        $_________

H Checking                                       $_________

W Checking                                      $_________

H Savings                                          $_________

W Savings                                         $_________

JT Certificate of Deposit                   $_________

JT Money Market                             $_________

JT Other                                            $_________

Total Cash & Cash Equivalents                                      $_________

 

Invested Assets

Cash Value Life Policy                       $_________

Stocks                                               $_________

Bonds/Mutual Funds                        $_________

Other                                                $_________

Total Invested Assets                                                         $_________

 

Personal Use Assets

JT Personal Residence                        $_________

JT Vacation Home                              $_________

JT Jewelry                                           $_________

JT Furniture & Household                  $_________

JT Auto(s)                                            $_________

JT Other                                               $_________

Total Personal Use Assets                                                  $_________

 

Total Assets                                       $_________

 

Liabilities & Net Worth:

Current Liabilities 

JT Credit Cards                                     $_________

H Credit Cards                                      $_________

W Credit Cards                                     $_________

Other                                                    $_________

Total Current Liabilities                                                     $_________

 

Long-term Liabilities

H Mortgage                                       $_________

W Mortgage                                      $_________

H Auto Loan                                      $_________

W Auto Loan                                     $_________

Other                                                 $_________

Total Long-term Liabilities                                            $_________

 

Total Liabilities                            $_________

 

Net Worth

Total Assets                     $_________

– Total Liabilities             $_________

 

TOTAL Net Worth                                                       $_________

 

Note:  JT means Joint Tenancy

H means Husband

W means Wife

 

2) Use your knowledge of your net worth and your current financial position to build your wealth more efficiently and reach your retirement number

After plugging in the appropriate numbers above and determining your net worth and knowing where you now stand financially, you are now in position to plan for long-term success.

 

You can now plan for your retirement years in a more appropriate manner because you now know your cash flow position on a monthly and annual basis and that allows you to use your discretionary income to save for retirement and reach your retirement number.

 

If you lacked the discretionary income you would know what you need to do to get in a better (pay off debt, get more income, gain new skills etc.) position so that you can pursue your retirement number and other goals at a later date.

                                                                                              

3) Ensure that you comprehensively manage your finances so that you can achieve more

By knowing your net worth at this time you can plan for your future in a more wholesome manner.

 

You can address your insurance, investments, taxes, education planning, estate planning/wills and retirement planning from a position of strength as opposed to letting anxiety and other excuses that you may come up with rule the day!

 

You can create and properly fund an emergency fund (if you have not done so already) so that you can achieve more and you can manage your credit, assets and other liabilities that you may owe in a manner that is more favorable to you and your family–not creditors.

 

Conclusion

By knowing what you own and what you owe “at a particular point in time” you can create written plans that can lead to your net worth increasing on a consistent basis.

 

Always realize that when valuation of your assets are concerned you may have to use estimates that you or other professionals make, and as we all know an estimate is only and estimate–however it does help you get a better handle on your finances and net worth than merely guessing.

 

Regardless of your net worth, you must realize that your self-worth is far more important in the long run as you must know that you are worthy of what you think you are worthy of.

 

By having that mindset, you position your mind and heart to make future moves that can increase your net worth to an acceptable level and help you manage your money more efficiently at the various stages of your life–even if you now have a negative net worth.

 

You can position yourself to manage your money better and achieve at your highest level of excellence.

 

It is imperative that you know your net worth at a particular point in time so that you have a metric that you can use to track your advancement over time so that you can truly reach your goals!

 

If your current net worth is $150,000 in October of 2021 and you manage your finances effectively for a number of years and your net worth increases to $500,000 by October of 2030, you know that you are making real progress and making good financial decisions.

 

On the other hand if your current net worth is $150,000 in October of 2021 and you manage your finances for a number of years and your net worth only increases to $200,000 by October of 2030, you know that you are not making real progress and you are not managing your finances effectively–generally speaking.

 

You now have an understanding of how you can use your personal balance sheet and other  personal finance statements to make your dreams come true if you do what you  need to do.

 

Over the past six weeks or so you have learned how you can use a budget or personal cash flow statement, personal income statement and personal balance sheet to improve your net worth and achieve your goals more efficiently.

 

It is important that you realize that your “personal net worth” and your “credit score” are in most cases the two most important numbers that measure your financial health–and your understanding of how you can use these numbers to your advantage is critical as you build wealth.

 

Y9u also know that your “retirement number” is a key number that you should aspire to reach if you desire to live out your life in a dignified manner that allows you to do what you want to do during your retirement years and even after you transition from planet earth.

 

While you may have thought it to be hard and time consuming to calculate your personal net worth prior to visiting this page and site, you now know that calculating your net worth is not as difficult and draining as you may have thought if you organize your financial data and you have an effective approach.

 

Likewise, your credit file and credit score is easy to access and improve upon if you have the right approach!

 

Always realize that your net worth and credit score are highly correlated, meaning if you have a high net worth you would generally have a higher credit score than those with a low or negative net worth.

 

Even so, your net worth is not used to calculate your credit score, as rating agencies use figures other than net worth to calculate your credit score.   In our next article TheWealthIncreaser.com will discuss in clear terms how you can improve your credit score and manage your credit effectively throughout your lifetime.

 

You are now on a serious path toward achieving your goals and you are now much more informed on how you can achieve more financially and make your journey toward significantly improving your finances a more joyous and rewarding experience.

 

All the best as you increase your net worth and improve your living conditions while you are here on earth…

 

NOTE: You or your in this discussion could mean you as well as other members of your household who contribute financially whether it be your spouse or other members of your household.

 

Find out what you can do to make your dreams come true–by visiting our most frequented page–Wealth Building & You…

 

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Personal Income Statement & Wealth Building

Learn how you can use your knowledge of what you earn on an annual basis to achieve more…

 

It is important that you know your income that you earn along with your expenses that you pay out on an annual basis.

 

In this discussion TheWealthIncreaser.com will discuss the importance of looking at your income over a period of time so that you can more effectively pursue and reach your future goals.

 

In the last article TheWealthIncreaser.com discussed the importance of creating a budget or cash flow statement in concrete terms so that you could achieve more throughout your lifetime.

 

This discussion will build on that theme as it is important that you have a real grasp on how you can use personal finance statements to achieve more throughout your lifetime.

 

Although creating a “personal income statement” for the first time can be difficult and challenging for some, the benefits and time spent will be well worth it if you are now sincere in your desire (efforts) to achieve real success and build wealth in a manner that allows you to give it your best.

 

If you have a yearning to reach higher and achieve more–you can do so with a high level of determination and the inclination to look at your yearly inflow and outflow of cash into your household and use the results of that analysis to plan for a more rewarding future as you build wealth.

 

By utilizing the following 3 steps you can start on a more definite path to building wealth in the current economy–or any economy!

 

1) Complete a self-analysis of where you now are financially on an annual basis

It is important that you know what amount of income comes into your household and goes out of your household on an annual basis or a set time or interval as that knowledge is invaluable when you are in the process of building wealth.

 

Does your annual income exceed your annual expenses or is there a shortfall? 

 

You can think of your personal income statement in the same manner as your personal cash flow statement but realize that instead of monthly, it is over an interval of time such as 6 months or more commonly 12 months.

 

The following personal income statement provides you a blueprint of what you need to enter to come up with your income and expenses over a 12 month interval to help you better determine financial moves that you can possibly make in your future that can lead to more success for you and your family.

 

How to Prepare a Personal Income Statement in Simple Form:

 

Yearly Receipts (2021)

 

Wages                                                                     $_________

Dividends                                                               $_________

Interest                                                                   $_________

Rental                                                                      $_________

Royalty                                                                    $_________

Other                                                                        $_________

TOTAL Yearly Receipts                           $_________

 

Yearly Expenditures

 

Auto loan payment                                              $_________

Auto maintenance                                               $_________

Child care                                                               $_________

Clothing                                                                  $_________

Contributions                                                        $_________

Credit card payments                                           $_________

Dues                                                                         $_________

Entertainment                                                       $_________

Food                                                                         $_________

Household maintenance                                     $_________

Income & SS taxes                                                $_________

Insurance                                                               $_________

Personal care                                                         $_________

Property taxes                                                       $_________

Rent payment                                                        $_________

Mortgage payment                                               $_________

Retirement Investment                                       $_________

Saving/investing                                                   $_________

Transportation                                                      $_________

Utilities                                                                   $_________

Other                                                                       $_________

 

TOTAL Yearly Expenditures                     $_________

 

 Net Cash Flow

Total yearly receipts                                             $___________

Total yearly expenditures                           –       $___________

 

Annual Discretionary Net Cash Flow                 

$___________                                                                             

 

The above income statement is rather simplistic, however if you enter accurate data it can be used as a template to transform your financial future and help you build wealth more efficiently.

 

It is important that you know what amount of income you earn annually and the amount of payments that you pay out on an annual basis and an income statement allows you to determine in a real sense where you can go financially  in not only the coming years but also decades, if used properly.

 

If your income and expenses listed above are of a fixed amount (same dollar amount) monthly you can multiply by 12 to come up with your annual numbers.  If you have variable expenses you may want to use estimates (be sure that the estimates are realistic) or average on a monthly basis.

 

If you have 12 consecutive months of cash flow statements available you may want to total them up and use them to construct your annual personal income statement on a fiscal rather than annual basis.

 

2) Determine where you want to go based on what your income statement allows you to do

By knowing the amount of income that you have available on an annual basis (or knowing if you have a shortfall) you can plan your future with more certainty.

 

You will know the amount of income that you have available so that you can formulate goals and objectives that can move you forward and make your existence on earth a more pleasurable one.

 

You will know if you need to get more income, reduce your expenses and/or put together debt payoff plan(s) so that you can truly reach your desired goals.

 

You no longer have to live your life in a manner where anxiety rules the day–as you now are aware of a more effective way–to keep financial problems at bay!

 

3) Determine that you will manage your finances in a comprehensive manner so that you can achieve more throughout your lifetime

Now that you have a handle on your annual income and expenses you can use what you now know to plan more appropriately for a more prosperous and rewarding future.

 

You can also expand your mind by learning new areas of your finances that you may not have addressed appropriately at this time or in your past.

 

By looking at your finances in a comprehensive manner at this time you position yourself and your family for a more rewarding financial future where success is even more likely to occur.

 

Conclusion

A personal income statement may be what is needed to give you the mental picture of what you can achieve in your financial future.

 

By seeing what you earn annually and what you pay out annually with more clarity–you can move forward confidently toward who you were meant to be.

 

You can think of your annual personal income statement as a budget or cash flow statement, however instead of a monthly time period it covers a 12 month or other designated time period.  You can also more clearly visualize your “personal income statement” by looking at the net discretionary cash flow for the year as your household profit–or if you come up with a negative number(shortfall)–your household loss for the year!

 

You now know that success lives in you–use your practical knowledge of personal income statements and how you can enhance your mental qualities for the better–to really make your dreams come true!

 

Now is the time that you display your commitment to your future by mapping a path forward where you are “all in” and the wealth building that you desire is more likely to occur–due to your efforts to put yourself in position to  win–again and again!

 

All the best as you achieve a new level of success…

 

NOTE: You or your in this discussion could mean you as well as other members of your household who contribute financially whether it be your spouse or other members of your household.

 

Find out what you can do to make your dreams come true–by visiting our most frequented page–Wealth Building & You…

 

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Cash Flow Analysis & Wealth Building

Learn how knowing your cash flow position and acting on that knowledge can lead to a lifetime of financial success…

 

In the current economy many are concerned about their financial future and are interested in improving their finances in an efficient and highly effective manner.

 

In this discussion TheWealthIncreaser.com will make a shift from the most recent discussions that focused on inspiring you to take action and showing you action steps that could lead you toward achieving more, to discussing in concrete terms how you can improve your “cash flow position” and finances throughout your lifetime.

 

Although managing your cash flow or budget can be difficult and challenging for many, it really is not as difficult as you may think if you have an effective plan of attack and you are sincere in your desire (efforts) to achieve real success.

 

If you have a yearning to reach higher and achieve more–you can do so with a high level of determination and the inclination to look at your monthly inflow and outflow of cash into your household at this time.

 

On many occasions in the past TheWealthincreaser.com sent visitors to other pages and sites when it came to constructing a budget or cash flow statement, however in this discussion the creator of TheWealthincreaser.com will show you in precise terms how you can budget effectively in your future by taking the following 3 actions.

 

1) Complete a self-analysis of where you now are financially

In the following data (cash flow statement) you will find information that you can use to start on a path of life that you choose.  Whether you earn $50,000 per year or if you earn $100,000 per year or any other amount–you can plan your future in a more certain manner by analyzing your income and expenses on a monthly basis by creating a cash flow statement or budget–at a minimum.

 

How to Prepare Your Monthly Budget (Cash Flow Statement) in Simple Form:

 

Monthly Receipts

 

Wages                                                                     $_________

Dividends                                                               $_________

Interest                                                                   $_________

Rental                                                                      $_________

Royalty                                                                    $_________

Other                                                                        $_________

TOTAL Monthly Receipts                           $_________

 

Monthly Expenditures

 

Auto loan payment                                              $_________

Auto maintenance                                               $_________

Child care                                                               $_________

Clothing                                                                  $_________

Contributions                                                        $_________

Credit card payments                                           $_________

Dues                                                                         $_________

Entertainment                                                       $_________

Food                                                                         $_________

Household maintenance                                     $_________

Income & SS taxes                                                $_________

Insurance                                                               $_________

Personal care                                                         $_________

Property taxes                                                       $_________

Rent payment                                                        $_________

Mortgage payment                                               $_________

Retirement Investment                                       $_________

Saving/investing                                                   $_________

Transportation                                                      $_________

Utilities                                                                   $_________

Other                                                                       $_________

 

TOTAL Monthly Expenditures                     $_________

 

Net Cash Flow

Total monthly receipts                                             $___________

Total monthly expenditures                           –       $___________

 

Monthly Net Cash Flow                 

$___________                                                                             

 

The above cash flow statement is rather simplistic, however if you enter accurate data it can be used as a template to transform your life and particularly your financial future.

 

In simple form in the end you are basically subtracting your monthly outflow (expenditures) from your monthly inflow (receipts) to come up with your monthly net cash flow (discretionary income).

 

Your wages would be your “gross wages” for the month  and would be entered in the monthly receipts category along with other sources of income (cash or equivalents) that you receive on a monthly basis.

 

Your federal and state (if applicable) income taxes paid, social security and medicare (amount withheld on your pay stub(s) for the month) would be entered in the monthly expenditures category along with your other expenditures or monthly payout of cash or cash equivalents.

 

If your retirement contribution is made on a pre-tax or post-tax basis include that as well.

 

Keep in mind the statement can be further broke down into categories such as fixed and variable expenses to add further clarification as you formulate your goals.

 

The key point is that you are ready to get started on a path toward financial success and you are fully committed in doing so.

 

It is very important that “you” want to determine your discretionary income  (monthly net cash flow) or lack thereof, so that you can plan accordingly or make adjustments so that you can reach your desired goals.

 

If you come up with a low or negative “net cash flow number” there is no need to panic at this time as that is not uncommon.

 

The key is that you may need to change your habits, get more income, cut expenses or do a combination of actions to get your cash flow in the positive column in the future so that you can more effectively reach your goals.

 

In a future discussion TheWealthIncreaser.com will provide an actual cash flow statement with real numbers so that you can have a real blueprint of what you can do to further enhance your finances and use the data entered as a guide to give you ideas that you can readily comprehend so that you can make your dreams come true.

 

2) Determine where you want to go based on data from your self-analysis

Can you use the data derived to move forward or must you come up with a payoff or pay down plan before you can actually make real progress?

 

Either way, as mentioned earlier there is no reason to panic! 

 

You can manage your money better on a consistent basis by being open to learning new and more empowering ways of doing so and putting what you learn into action on a consistent basis.

 

You can reach your retirement goals, you can pay off your credit card debt, you can get more income to make your life more meaningful, you can donate and spend time at your favorite charities–however it starts by leaving excuses or reasons why you can’t (or won’t) move forward behind you!

 

3) Determine to do even more to improve your finance and wealth building position

You must realize that improving your finances is a lifelong process.

 

That means you must build off of your financial analysis and decide to do even more by looking at your finances in a comprehensive manner.

 

By making a sincere effort to analyze your insurance, investments, taxes, education planning, estate planning/wills and retirement planning in a more congruent manner you can set yourself up for a lifetime of success where you control the direction as opposed to being pulled in directions that are not of your choosing.

 

Conclusion

By knowing your cash flow position at the earliest time possible you can position yourself and your family for a more prosperous and relaxing future.

 

You can use the above blueprint to change the direction of your life right now and leave all excuses and reasons that you can’t have a successful financial future behind you–once and for all!

 

Your actual numbers from your cash flow analysis will be unique to you, however the basic concept or understanding of how to move forward will remain constant for the most part.

 

If  after entering your data above you find out that you have adequate discretionary income that allows you to reach your desired goals–great!

 

If after entering your data above you determine that you don’t have adequate discretionary income you must make adjustments and possibly cut expenses, get more income or more than likely do a combination of the two!

 

It really is just that simple!

 

Isn’t it time that you forge a new and brighter future where success is more likely to occur and not just move about daily with no certainty of where you are headed?

 

All the best as you “analyze your cash flow” and set meaningful goals in an attempt to reach your highest level of success and make your money grow–so that you can once and for all put excuses to rest…

 

NOTE: You or your in this discussion could mean you as well as other members of your household who contribute financially whether it be your spouse or other members of your household.

 

Find out what you can do to make your dreams come true–by visiting our most frequented page–Wealth Building & You…

 

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Decisive Action & Wealth Building

 

Learn why your “decisive action” at this time can lead you toward effective wealth building throughout your lifetime…

 

When it comes to reaching meaningful and significant goals that you “really” want to achieve it is important that you have a decisive mindset if you sincerely desire to achieve those goals.

 

And when it comes to building wealth efficiently it is more important than ever that you are “decisive” in your decision to pursue what you desire most at your highest level of effort and energy.

 

In this discussion TheWealthIncreaser.com will discuss the importance of “being decisive” when it comes to building wealth and pursuing your goals in a manner that is more beneficial for you and your family.

 

Decisive Mindset

It is important that you have a “made up mind” when it comes to building wealth more efficiently.

 

It is important that you run through your mind in a serious manner what it is that you really believe and you really want to achieve.

 

You must know that success lives in you–because if you do–you put the most important ingredient necessary (that can lead you toward making your dreams come true) in the mix and that can be the needed ingredient that can give your finances a needed fix!

 

You must know in certain terms that you are responsible for achieving the results that you want to see and you must have the mental fortitude that is stronger than a palm tree.

 

Decisive Action

It takes more than just a mindset of decisiveness to get things done—you must also move to action toward what you desire to occur in a consistent manner.

 

You must act on what you know can move you forward and not just let what can move you forward exist in your mind.  Your daily habits and consistency in action is what will give you real traction.

 

When you really think about it your thoughts or plans that you have are really nothing!  

 

It is only when you take action and put into motion what you know you need to do to turn those thoughts into something (the goals that you desire or need to achieve) that you want to see come true that you will reach significant goals.

 

Decisive Determination

You must have an unrelenting spirit to pursue what you desire at a level that is the best that is within you and at a level that allows you to do what you need to do to make your dreams come true.

 

Even if you have the mental toughness and you plan on taking action on a consistent basis–that alone will not be enough if you are not determined or determined at a really high level.

 

You must put into motion what you need to do “and” you must also be determined at a high level to always take what you are pursuing in as serious a manner as possible as you must have every intention on achieving what you desire.

 

Conclusion

There is no reason for you to be MAD about your current state of your finances and there is no reason for you to “fear your wealth building future” if you possess in your mind the right tools and you use those tools to your best advantage at the various stages during your life.

 

You must have the right mindset, take the right action and determine at this time that you truly want success in your future!

 

It is also important that you know your money management personality at this time and then take action and choose to achieve at a higher level by taking the necessary steps in a determined manner (starting right now) that will allow you to achieve in a more definite and efficient manner.

 

Why leave your future to chance when you can put in place steps that can take you toward your destiny and who you were truly meant to be while you are here on planet earth?

 

All the best to your decisive action to work toward achieving a higher level of success…

 

Find out what you can do to make your dreams come true–by visiting our most frequented page–Wealth Building & You…

 

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Education & Wealth Building

Learn why you must learn as you earn so that you can turn a new corner as you build wealth and improve your financial health…

 

It is important that you have a yearning within to do the needed learning as you build wealth–and it all starts with a thought by you to plan for the success that you desire and following through on that plan by learning as you earn so that you can increase your net worth at this time and educate yourself financially throughout your lifetime.

 

By approaching your financial journey with a learning spirit you can achieve more than a little bit and improve upon where you now sit (your current financial position) and avoid a financial pit!

 

In this discussion TheWealthIncreaser.com will discuss ways that you can “educate yourself financially” and achieve more at the various stages in your life.

 

Know upfront what is expected of you if you desire to make your dreams come true

You must know your thought process and your responsibility as you pursue the goals that are the most dear to your heart.

 

Do you desire to pay off or pay down your debt?   Do you desire to purchase the car or home of your dream?  Do you desire to retire and live the life that “you” envision and not the life that others put you in position to live?

 

To reach those and other goals you must know your current financial condition, know your current credit position and know how effective you are managing your overall finances so that you can further your education and learn what you need to know to make your earnings grow and achieve results that will show!

 

Have the right mindset as you pursue the goals that you desire

Do you have the mental qualities that are needed for managing your finances in the current economy?

 

Even if you don’t, you can now learn how to use your mind or mental processes to achieve more in your daily life and particularly as it relates to building wealth and attaining the goals that will allow you to live your life on your terms—not the terms of creditors or others who do not have your best interest in mind.

 

Always have the desire to learn more so that you can possibly open a new door

Whether you utilize this site, other sites and other sources for your financial education you must  have a yearning or desire to learn and achieve more.

 

You cannot go about life expecting others to do it for you, even if you have financial planners and advisors working on your behalf.  It is important that you gain a basic knowledge of what is expected of you as you manage your finances and move forward.

 

Conclusion

 

It is important that you gear your mind up for continuous learning and you have an outlook or expectation about your future that is realistic (doable by you), inspiring (takes your spirit to achieve to a higher level) and will take you where you need or desire (you plan for success in a more definite manner) to be.

 

Your daily thoughts along with your realization that financial education and wealth building is a lifelong process can put you in a better position for financial success and put you in position to give it your absolute best.

 

You can go through life with more confidence about your future and you can enjoy your life in a manner that is more definitive—while many others live in uncertainty and let worry, anxiety and fear rule their mindset on a consistent basis.

 

You can have a “brain explosion” as opposed to “brain erosion” and do more on a daily basis than many do in a week if you educate yourself appropriately and you go after your dreams with real passion on a daily basis.

 

By choosing to educate yourself at this time and throughout your lifetime you are showing a real commitment to enhance your future in ways that are more beneficial for you and your family.

 

Isn’t it time that you center your life and live your life with peace, joy and happiness as the centerpiece–and not have peace, joy and happiness occur on the periphery or as an occasional occurrence!

 

All the best to your educational success as you turn a new corner, improve your financial health and consistently build wealth…

 

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Self-Discipline & Wealth Building

Learn why you must really want success and you must put forth the required effort (utilize self-discipline along the way) if you desire to build wealth efficiently and achieve more in your future…

 

It is important that those who desire lasting success have the self-discipline that is needed to operate at a higher standard of excellence on a consistent basis.

 

In the times that we now live in many are looking for instant gratification and instant success.  And even though it will happen in what seems like a rapid pace for many, to achieve lasting success it will normally take time.

 

In this discussion TheWealthIncreaser.com will discuss the importance of “self-discipline” and how you can utilize this important quality to achieve at your highest level of excellence as you build wealth at the various stages in your life.

 

Self-discipline requires you to look inside and decide to do more

It  is important that you have a frank, honest discussion or internal conversation inside your mind to determine if you really want to forge a new path in your life where success is more likely to occur in all areas of importance to you.

 

That conversation could be the starting point that leads you on a path to operating daily in a more disciplined and focused way–and could provide the difference in leaving your problems of the past at bay or you continuing to focus on them in a negative way!

 

Self-discipline requires that you make a real commitment to do more

Your internal conversation must also provide you a nucleus or burning desire to reach higher!

 

That conversation must not allow you to be content with where you are now at or lets you off the hook once again by you letting that conversation state to you–I will start at a later date–and you accept that within your mind and heart.

 

For many, that later date never comes and they are often left wondering–what could have been. 

 

It is important that you use the time that you now have to make a real commitment to do more–and then actually put a plan in place to do more.

 

Self-discipline requires that you actually do more

It is important that you look within in a wholesome manner and decide if you are committed to take the necessary action at a very high level.

 

You must understand fully that “you” must do what is necessary to reach the goals that you desire! 

 

If you had bad habits in your past or you currently have bad habits you must make a real effort at changing those bad habits and getting into the habit of doing what you need to do (will help you create good habits) on a consistent basis.

 

Conclusion

By having the self-discipline that is needed to go after what you desire in a consistent manner you can position yourself for a future that is more certain and can take you where you need or desire to be.

 

You can fly faster and higher and set and reach goals in a more time certain manner, regardless of how big or small those goals may be.

 

By leaving all excuses behind and really going after what you desire in a disciplined manner you can achieve at a level that is beyond your imagination.

 

The key is you must get started and have a never quit attitude that says to your internal clock that nothing that raises its ugly head will deter or detour you as you move to action daily in an effort to sincerely achieve your goal(s) and live out your life with more abundance and joy.

 

Isn’t it time that you have an internal conversation within your mind that concludes (once and for all) that it is time for a shift in not only your way of thinking–but also a shift in how you operate on a daily basis?

 

All the best toward your improved self-discipline, will to win and unlimited success…

 

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Action & Wealth Building

Learn how you can take more decisive action and use 3D to your wealth building advantage… 

 

Delay!

     Don’t do it at all!

           Do it now!

 

When it comes to improving your finances and building wealth more efficiently you can choose to Delay, Don’t do it at all, or Do it now!

 

By choosing to “do it now”–you can truly gain the insight that is needed to manage your finances at a very high level and live your life more abundantly while here on earth.

 

By being Decisive at this time and Determined to Do what you need to do—you can put the right 3D glasses on that can lead you toward the vision that you deserve, the vision that is desired by you, and the vision that is doable by you–so that you can make your dreams come true.

 

In this discussion TheWealthincreaser.com will discuss how you can see your future with more clarity so that you can take the right action on a consistent basis to help you move toward your wealth building goals in a more sincere manner.

 

  • Delay

It is important that you have a “do it now” type of attitude as you cannot operate like 90% (TheWealthIncreaser.com’s unscientific estimate) of the population and put off what you could do now by stating to yourself that you will do it later.

 

In many cases that later is often too late as many rob themselves of achieving meaningful goals because they “start too late” and are unable to reach their goals.

 

You have the opportunity to throw away the notion of delay and put procrastination at bay, so that you can get positive momentum rolling your way.

 

  • Don’t do it at all

Even worse than delay is the attitude of many who don’t want to plan, have no desire to plan and they are (or seem to be) willing to take whatever life dishes out at them.

 

It is important that you realize that you have the ability to make favorable outcomes happen in your life if you prepare for the journey and you gain the right knowledge and confidence at the right time in your life.

 

Many worldwide visitors to this site had the attitude of letting their finances manage them and have turned their situation around and have achieved major success by changing their money management personality to that of a winner–and you can do the same.

 

  • Do it now

Even if you now have the attitude of delaying what you need to do or not doing anything at all–you can change your habits and develop an attitude of “do it now” and change the direction and trajectory of your life in a way that you could never imagine at this time.

 

Although the process of building wealth may appear daunting and difficult, the process is not as difficult as you think if you attack your finances in a highly effective and logical way!

 

It is in your best interest to leave worry, anxiety, fear, frustration, lack of effort and excuses behind and make a determined and highly focused effort on improving your financial position (and life) so that you can avoid financial strife.

 

Conclusion

You can choose to “delay” and more than likely financial mishaps will come your way,  you can choose to “don’t do it at all” and  possibly fall or move along at a snail’s pace or not at all–or you can choose to “do it now” and you will soon learn how—as it relates to effective wealth building in this economic environment–or any economic environment.

 

By choosing to be active at this time you are operating in a proactive manner–and not like many who operate in a reactive manner!

 

You are showing a real concern for your finances and financial future and you should feel confident about actively managing your finances and pursuing your dreams at a higher level than most.

 

Even so, financial success (or any success) will not be given to you—it must be earned by you!

 

Part of reaching the success that you desire is knowing the action steps that you can take to make what you desire a reality in real time.

 

How long, wide and high is your thought process as it relates to your finances?

 

How deep and layered is your approach to wealth building?

 

How will you use the time that you have been granted here on earth to your and your family’s benefit whether financial or living in your purpose at the various stages of your life?

 

Always realize that time is also a dimension, as we all have a limited amount of it and you must use the time that you have been granted on earth in a wise manner!

 

By using your thought process in 3D you will achieve results that you can see and move closer toward who you were meant to be.

 

You will embrace and be in pursuit of new ideas, theories, models and concepts as it relates to wealth building in a more engaging and rewarding way–each and every day.

 

When you broaden, deepen and shift your thought process in a focused manner as it relates to your financial condition and challenge your mind to operate at a higher level of excellence you are putting your mind in position to give it your absolute best and by doing so you can help direct your future outcomes and make the wealth building goals that you desire a reality.

 

3D thinking supports your thought movements in pursuit of new goals and expands your creative and imaginative thoughts!

 

Even though the topics on this page may be tough to think about, you must know that it is something that you (and/or your financial planner) must do–even if the process seems boring–if you desire to retire and live out your life with dignity and purpose–and make your dreams come true.

 

In short, by actively pursuing what you desire most it will be your diligence in searching out the best sources of financial advice, your discipline and willingness to learn and take decisive action when it is in your best interest to do so–along with focusing on what is truly important at the right time during your life.

 

All the best as you actively pursue 3 Dimensional success…

 

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Wealth Building & You

Learn what YOU can do to work toward making your financial dreams come true prior to the year 2022…

 

In 2021 there are many occurrences both big and small that have the potential to distract you and take you in the wrong direction as you build wealth.

 

In an attempt to get young people to more effectively manage their finances in the last discussion created by TheWealthIncreaser.com the blueprint was laid for effective money management for those entering the workforce full time, high school graduates, college graduates and those entering a new line of work at a young age.

 

Even though visitors were initially reluctant to visit the page (due in some part to the start of summer and recent holidays) visits eventually picked up among young people and that inspired TheWealthIncreaser.com to create this page to benefit all of humanity.

 

In the following paragraphs TheWealthIncreaser.com will discuss action steps that can potentially change the direction of your life if you are sincerely willing to learn and apply them in your everyday life.

 

However, these action steps that you can now take to improve your focus and make 2021 more productive and at the same time set your finances up for a more prosperous  2022 and beyond–must be comprehended at your highest level of comprehension if YOU are to achieve your goals without the assistance of a magic wand.

 

Your preparation at this time can set you apart and set you up for a more prosperous future.  By gaining the knowledge that you need to succeed you can make your time on earth a more enjoyable experience for you and your loved ones.

 

It is important that you take a look at the following areas so that YOU can determine what you can do—NOW—and before the year 2022–to work toward making your dreams come true!

 

YOUR Budgeting

It is important that you create a monthly cash flow statement so that you can know your monthly inflow and outflow of cash that comes into and goes out of your household on a monthly and annual basis.

 

Your use of financial statements can assist you in formulating goals and putting into action realistic plans that can take you where you need or desire to be.  It is important that you have a desire to manage your finances more effectively, because if you do, there are numerous approaches that you can take to work toward making your dreams come true.

 

YOUR Credit

Whether you are new to credit or you have been engaging in credit transactions for years, it is important that you have a level of understanding and application of credit that masterfully puts you in control and keeps you in control.

 

Understanding how credit affects you and your family and learning ways that you can manage your credit more effectively is not that difficult if you have the right approach and you have a yearning to learn new ways of looking at credit that can benefit you and your family in a real way.

 

Whether you are seeking an automotive loan, credit cards, employment, home loan, insurance, rental purposes or everything else your credit may play a role at some level.

 

YOUR Insurance

Insurance provides protection to you and your loved ones and it is important that you have coverage in all areas that can be of benefit to you and your family.  Whether automotive, business, disability, health,  homeowner’s, life, rental, umbrella etcetera, you want to have the appropriate coverage to protect your and your family’s risk of loss. 

 

It is important that you understand the concept of “insurable interest” and how you can use that understanding to benefit yourself and your family so that you can build wealth more effectively.

 

YOUR Investments

You want to ensure that you invest in yourself and your future.  It is important that you determine at the earliest time possible that you are in position to invest in a manner that is in your best interest–not the best interests of investment companies or other financial professionals.

 

It is important that you invest wisely by knowing whether you are in position to invest at this time or shoring up your finances and investing at a later date is more appropriate.

 

It is also important that you realize that the purchase of your home can be an investment–if done properly.

 

YOUR Taxes

By looking at your taxes in an overall manner you can determine if you need to adjust your w-4 if you are an employee, pay estimated taxes if you are self-employed and own a business, anticipate your real estate and other local taxes, project your income taxes at the state and federal level or address any other area of taxation so that you can have a more joyful experience while here on planet earth.

 

Tax planning should be a year round process for most and it is important that you learn what you can do throughout the year to lighten your tax burden regardless of your income level.

 

YOUR Education Planning

If you have children and/or you plan on going back to school yourself you can avoid student loans and other hardships by saving now at the right level so that you can reduce or eliminate your need to borrow in the future.

 

By looking at what you will need in x number of years you can project the saving that you need to do at this time so that your child (or you) can attend college without borrowing (or borrowing less) at some other time.

 

YOUR Estate Planning/Wills

You must realize that there is a time stamp on all of us,  and as painful as it is to contemplate–the day that we no longer inhabit planet earth in a physical form will come.

 

Therefore, it is important to plan at this time for that eventuality.  By creating a will or trust, depending on your financial condition and life stage–the more certain you can be that your heirs or loved ones won’t quarrel unnecessarily at a very difficult time and during a time of grief due to your untimely demise.

 

YOUR Emergency Fund

In life adversity and unwanted occurrences will happen in what seems like the most inopportune times.  Even so–creditors, utility companies, home appliances, heating systems, plumbing systems, automobiles and the like could care less.

 

Therefore you must have a monetary fund that guards against those occurrences and will not set you back in a way that throws you off as far as addressing your emergency and continuing the payment of your current and long-term liabilities–and still attaining your goal(s).

 

YOUR Retirement Planning

Retirement is an area that you must plan for and you must have a consistent saving plan in place at some level if you are in position to do so–so that you can reach your retirement number in as efficient a manner as possible.

 

You want to plan for your  retirement as soon as possible so that you can reach your goals and do what you like to do as far as vacations, charitable work and donations, continuing to work part-time if you desire, eating and dining out at your favorite restaurants–or do whatever else you deem important during your retirement years.

 

Conclusion

 

It  is important that you have a comprehensive overview of what you can do to work towards making your dreams come true.  It is you who must “see the light” and put into motion wealth building maneuvers that will give you the clear vision that you need–to succeed.

 

It is important that you have a picture of your future that is crystal clear to you and makes sense to you so that you can really see the light and get on a serious path toward making your dreams come true!

 

You must put yourself in position at this time to know if you have adequate discretionary income to reach your goals, or whether you need to get more income, cut expenses or do a combination of the two so that you can do what you want (or need) to do prior to 2022! 

 

You must have no doubt that YOU can achieve your wealth building goals, just as many from around the world have already done–in large part by visiting this site and taking the appropriate action.

 

TheWealthincreaser.com stands as a “beacon of hope” for worldwide visitors who have reached a point in their life where they sincerely desire success and they have determined deep within that they are fully committed and willing to put forth the required effort to achieve that success.

 

Your determination at this time to build wealth in a comprehensive manner can set you apart from others who manage their financial affairs in isolation (or don’t manage their finances at all) and don’t have a feel for their finances in a wholesome  or comprehensive way.

 

All the best to YOUR wealth building success–starting today…

 

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Young People & Wealth Building

 

Learn why young people must value “avoiding common financial mistakes” if they desire to build wealth more effectively in the current economy…

 

During the past few months the creator of TheWealthIncreaser.com had numerous contacts with high school graduates, college graduates, those entering the workforce for the first time on a full time basis and those transitioning into a new line of work.

 

Many were enthusiastic and looking forward to striking out on their own and managing the affairs of life themselves.

 

In light of that enthusiasm and in a preventive measure to help them (and possibly you) avoid common mistakes or pitfalls that I have seen many young (and old) people make over the years–this discussion will primarily focus on what young people can do to ensure a more prosperous future and one where they can build wealth and avoid what has held back or delayed many as they pursued a more prosperous  wealth building future.

 

In this hard hitting and to the point discussion TheWealthIncreaser.com will leave no doubt about the most pressing concerns that you should have–and act on at this time–if you desire to avoid common mistakes and build wealth effectively and efficiently–now and in your future.

 

Concern #1 not understanding your personal finances

It is important that you understand your personal finances in the simplest of terms and it can be made easy if you have the right approach.

 

You must know how to effectively create a personal budget or cash flow statement, a personal income statement, a personal balance sheet and it is important that you know your net worth so that you can build wealth effectively and at a faster pace.

 

Furthermore, you must know how to build your credit, maintain  your credit and use credit to your advantage throughout your lifetime!

 

By doing the above you position yourself to manage your finances in all areas at an optimal level throughout your lifetime.

 

Concern #2 underestimating your cost of living

In life interest rates will rise and fall, inflation will rear its ugly head and public policy within and without government will change.

 

Therefore you must properly establish an emergency fund to guard against uncertainty and plan for price increases by knowing what can and possibly will occur in the larger economy.

 

You must know your cost of living on a monthly and annual basis and ensure upfront that you have the capacity to pay your monthly expenses based off of your monthly income.

 

If you are moving to a new state or country, be particularly aware of potential cost of living adjustments.  Child care, health care, transportation, food and recreational expenses can vary from city to city and changing economic environments, therefore you want to know upfront if you need to get more income, cut expenses or more than likely do a combination of the two.

 

Concern #3 underestimating your housing costs

Your housing costs–whether you rent, have a mortgage, have a roommate or other living circumstances or arrangements–you must not underestimate or budget inappropriately as it will often put you in a deeper financial hole.

 

Over the years we have seen many who live aimlessly and juggle paying their bills as opposed to planning for their housing in a manner where they know they can affordably pay in a timely and consistent manner.

 

Even though your housing costs were included in the first two concerns listed above, they are included again as a separate concern due to the fact that your housing is normally the core of your monthly budget and it is important that you get your housing costs right on the front end.

 

Even though your housing expenses can be fixed if you rent or have a mortgage, there are variable expenses that can change such as your homeowners insurance, supplemental insurance such as flood or hurricane, property taxes and monthly utilities.

 

Concern #4 underestimating your taxes

If you are new to employment or are getting your first full-time employment you must adjust your w-4 to a level that allows you to meet your tax obligations.  Furthermore, if you are a free lancer or work independently you must pay estimated taxes to ensure that your taxes remain current.

 

You cannot underestimate your tax payments and not have a feel for what your tax position will be in the coming years based on your employment at this time and changes that are expected in the future.

 

If you are moving to a new state be aware of taxation in that state and be prepared to make adjustments when and where necessary to reduce or eliminate your tax burden.

 

In the United States, nine states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming) have no income tax, however New Hampshire does tax investment income for tax revenue.

 

In addition you must consider taxes at the local and state level that may sometimes go by other names but are in effect taxation.

 

Concern #5 overestimating your job prospects

You must know your job prospects and your hourly or salaried wages that you will earn once you are gainfully employed.  You must be able to distinguish among the various types of income and know the difference between what you gross (your total earnings) and what you net (your take home pay).

 

It is important that you know your skill level and the pay range that you can expect now and in the future.  If you have to relocate can you do so in an effective manner and are you positioned to find a job at a pay grade that allows you to live at a desired level of comfort?

 

If your company downsizes and eliminates your position, do you have a plan?  Be aware of unemployment laws and labor protections in your state as it will put you well ahead of most and put you in a better position for long-term success.

 

Conclusion

Whether you are generation x, y or z (or a millennial) you must put together a cohesive picture of who you want to be–at this time–so that you can truly see.

 

It is you who must create in your mind (and in writing) the pathway to the success that you really desire–so that you can reach higher!

 

By looking at (in a proactive manner) common mistakes that many young people have made over the years and preparing your mind with the right material at this time, you can avoid costly mistakes and build wealth in an effective and efficient manner so that you can move forward at a more prosperous pace.

 

By understanding how your personal finances work, properly determining your cost of living, addressing your housing needs and ability to afford prior to move-in, addressing your current and future tax position and determining how your job prospects will affect you now–and in your future–you can set yourself up for a more prosperous future.

 

Even if you have to move to a better location and tighten up your budget–the move could be worthwhile.  Higher taxes in a better school district and area may push up your cost of living but it could be worthwhile if it offers you a better quality of life–and particularly if you plan on raising kids.

 

The wealth building success that you desire is predicated on you making a determined and highly dedicated effort at managing your finances in an intelligent, consistent and proactive manner so that you can build wealth, live the lifestyle that you desire and retire in comfort by knowing what you can and can’t do during your retirement years.

 

In the end, always remember that there are things that you can proactively do to facilitate making your dreams come true!

 

It is important that you realize that at the time the creator of TheWealthIncreaser.com entered into the workforce there was no avenue on the web that provided guidance of a significant nature as it relates to personal finance and building wealth effectively.

 

By landing on this page and site at this time you have no excuse for not starting off right!

 

All the best as you avoid mistakes, refuse to put on the brakes and move rapidly toward your wealth building success by giving it your absolute best as you build a foundation that will pass any test…

 

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Strength & Wealth Building

Learn why you must renew your strength and pursue your wealth building goals in a more forceful manner…

 

In life there will be many obstacles and pitfalls that you must avoid or manage effectively when you encounter them as you build wealth.

 

You cannot respond to criticism or any other obstacle in an inappropriate manner as criticism and obstacles are to be expected as you move toward your wealth building goals.

 

Just as the creator of TheWealthIncreaser.com has fought through obstacles since beginning his blogging journey in 2010 and continues to provide a worldwide audience pressing wealth building advice and strategies without worry or concern of criticism—so too must you use your strength to press on when difficult times occur, whether it be criticism or any other roadblock that you may encounter.

 

In this discussion TheWealthIncreaser.com will discuss ways that you can use the strength that you were enshrined with at birth and the strength that you  now have that can now be enhanced to help you achieve more as you build wealth.

 

Look within to see how you operate during difficult stretches in your life

In life there are many obstacles that have the potential to get you down, however you must have the mental fortitude to press on and achieve your goals regardless of how daunting the challenge is.

 

You must not let worry, frustration and lack of effort that you may be experiencing at this time hold you back from reaching your goals.

 

Do you have the strength to press on when difficult times occur or do you give up easily?

 

You must look within and determine in a “sincere way” how you operate when the events in your life go against the tide.

 

Expand your thought process

 You must no longer look at your wealth building activities in an isolated or incongruent manner.

 

You must expand your thought process to see how you can better manage your monthly income and expenses, manage your credit optimally and manage your overall finances in a way that benefits you the most—not creditors and others that you may owe!

 

Determine from this day forward that you will have the strength to press on regardless of the adversity that you will face

It is important that you never back down from a challenge that you face whether it be financial or otherwise.

 

You must expect adversity to rear its ugly head, however you must also expect continuous success regardless of how difficult the journey may appear—at certain stretches in your life.

 

Conclusion

You must have the attitude that you will be persistent when difficult times occur whether it be criticism from others, untimely life events that cause a major setback in your heart and mind and other unplanned events that push you in the opposite direction of your big dream.

 

You must enhance your future by responding appropriately and using your strength to move forward in a more efficient and empowering manner so that you can reach the altitude (goals) that you desire.

 

You may have to renew your strength by strengthening your positive habits that you now have or enhancing those qualities so that you can defeat your negative qualities or reduce the likelihood that they will play a detrimental role in your future.

 

All the best toward using your strength to achieve a new level of success…

 

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Return from Strength & Personal Finance to the 3 Step Structured Approach to Managing Your Finances

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Return from Strength & Personal Finance to Flexibility & Personal Finance

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Return from Strength & Personal Finance to who is the creator of TheWealthIncreaser.com

 

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