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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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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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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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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Transformation & Wealth Building

Learn how you can open a new DOOR and do MORE as you build wealth throughout your lifetime…

 

It is important that you manage your finances at an optimal level or at a level that is more beneficial for you and your family.

 

In this discussion TheWealthIncreaser.com will discuss how you can open a new DOOR by making better Decisions, seizing on the Opportunities that you now have, being Open to learn at this time and knowing your Responsibilities as you manage your finances from day to day.

 

Decision Making can Transform Your Future

If you at this time decide to manage your finances more effectively and in a sincere manner, you can now do so.

 

By making the decision to approach the management of your finances in a serious manner at this time you can position your mind and heart to make good choices about your money management and get on a real path to enjoying life on better terms and it all starts by you making a MAJOR Decision to choose success in your future.

 

Opportunities can Transform Your Future

At this time in your life new opportunities are opening up for you and it is you who must determine if the opportunities that you now have  access to are the ones that you should act on.

 

Are you going to improve your mental qualities on a consistent basis and improve upon who you are?  Are you going to use the “keys to success” pages that you have access to at this time to help you give it your absolute best as you pursue success?

 

These opportunities (and more) are now at your fingertips and can help you open a new door!

 

Openness can Transform Your Future

It is important that you are open to looking at new ways of achieving success in the current economy.

 

By being open to learning new ways of approaching your credit and finances you open up the possibility to achieve much more during your lifetime.  By looking at your finances with the openness that is required you open up new ways of processing and applying theories, models concepts and ideas that may work better for you and your financial success.

 

In a nutshell, by being open to looking at new ways to achieve success–you set up the possibility to give it your absolute best.

 

Responsible Action can Transform Your Future

You must know deep within your heart and mind that you are responsible for your and your family’s success.

 

It is very important that you do not blame others or forces that you feel are outside of your control for the mismanagement or wise management of your finances.

 

It is you who must take the rights steps toward making your dreams come true!

 

By knowing what is required of you to manage your finances effectively throughout your lifetime you put yourself in position to achieve more and do MORE!

 

However, more than positioning is required—you must act on what you now know to be your responsibilities if you are truly of the mindset that you want to transform your future to that of true success—once and for all.

 

Conclusion

Your landing on this site and page may be what helps bring something new (TheWealthIncreaser.com) in your life to help you transform your future and achieve more during your lifetime on earth.

 

You may have landed on this page at this time so that you can transform your finances and life and pursue the goals that are more meaningful and significant for your and your family’s future.

 

Your family needs to know that you are taking the right steps that can help you achieve more and by doing so you can leave a lasting legacy for your family and other loved ones that are in your life!

 

Just as your family needs you to be a guiding light in their lives, so too must you be more responsible about your finances and future–by making a real commitment to open a new DOOR–today!

 

You no longer have to ponder over what you could be or would be or feel guilty about your finances and your future.  By choosing to open a new door at this time you are showing a real focus as it relates to your future and the success that you can and will achieve for yourself and your family will be made more vivid to you and you will begin to consistently do what you need to do!

 

You will be on a serious path to change the direction in your life and build the type of character and wealth that allows you to not have to sacrifice.

 

Now is the time that you open a new door, do MORE and significantly improve your score!

 

All the best as you open a new door and achieve lasting success…

 

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Organization & Wealth Building

 

Learn why organizing your finances and life can help you avoid financial strife…

 

It is important that you go through life with a plan for success and the better organized you are the more likely the chance that you will achieve the outcomes or results that you desire.

 

You can put systems and approaches to the management of your finances in place that can help you organize in a more strategic manner so that you can reach the goals that you desire most or the goals that you need to achieve to make your life more meaningful while you are here on planet earth.

 

You now (at this time) have the opportunity to do more and achieve more by taking the right action at the right time!

 

In this discussion TheWealthIncreaser.com will discuss ways that you can strategically organize your life and achieve lasting results that can help you increase your net worth and self worth as you move along at the various stages in your life.

 

Be sure to analyze the following approaches, along with any other approaches toward wealth building that you may come across–in an accurate, analytical, critical and careful manner to protect your and your family’s future interests so that you can truly achieve at a level that is the best that is within you.

 

Strategic  Approach to Goal Setting

You must have a strategy or approach to set goals based on what you want to achieve and what you want out of life.

 

Whether financial or otherwise your “focus of thought” on the goals that are most important to you can lead you toward a strategy or approach that reduces your chance for failure and increases your chance for success.

 

Strategic  Approach to Money Management

Are you a wise money manager or do you even have an approach to money management?  By strategically implementing an approach toward money management that is organized, you can get a handle on your monthly inflow and outflow of cash and change the direction in your life in a real way.

 

You can manage your credit and cash purchases that you will make throughout your lifetime in a wiser manner if you approach the management of your finances from a strategic standpoint.

 

Strategic  Approach to Comprehensive Money Management

To be the most effective at money management you must see your finances in a comprehensive or overall manner.  By doing so you get the “big picture” so to speak and you will not be intimidated by the challenges ahead.

 

By knowing upfront that you must attack your insurance concerns, investment concerns, tax concerns, education concerns, estate planning/wills and retirement planning concerns in a timely manner you can set more inspiring goals to improve upon those concerns.

 

You also open up unlimited possibilities to set and reach your goals and it all starts with your “organizational awareness” and a sincere desire to reach your goals.

 

You will be in a better position to “move to action” and actually establish an emergency fund and manage your credit optimally and pursue your goals with a new level of zeal (a more active mindset toward your future).

 

Conclusion

By organizing your finances and life at the earliest time possible you can position yourself for a more prosperous future.

 

You no longer have to sit on the sidelines and watch others achieve success if you are organized and determined to give it your best and you are of a “definite mindset” that you will plan for success.

 

As the spring of 2021 begins it is the time to do some spring cleaning within your mind and prepare for a more organized year and increased harvest in the summer and coming seasons.

 

By organizing for financial success you will use your thought process and written plans to achieve more and you will be open to looking at new ways to open new doors.  Your decision to pursue the success that you desire will take your achievement level higher and you will put yourself in position to avoid a financial quagmire.

 

Starting today you can pursue a new way–and gain the mental working knowledge that is needed for success–and avoid being complacent because you decided from this day forward to give it your absolute best!

 

You now have the opportunity to organize your finances and future in a more engaging way–starting today.

 

Don’t delay as you can now achieve results that will not sway and leave bad decisions at bay!

 

All the best as you avoid a financial mess and achieve major organizational success…

 

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Results & Wealth Building

Learn why results and not just performance must be your goal as you build wealth…

 

It is important that you not act as if you are building wealth by putting on a show for others.

 

You don’t want to be house rich and cash poor, car rich and cash poor, boat rich and cash poor or own any other asset(s) or “comforts of life” and not have a plan outlined that will allow you to live at a desired level of comfort throughout your lifetime.

 

You must realize that the “results that you achieve” are far more important than “performance by you” as you increase your net worth and build wealth.

 

In this discussion TheWealthIncreaser.com will discuss ways that you can achieve the results that you desire and not misleading results that others outwardly see that makes it appear that you are building wealth effectively–when in actuality you are not!

 

It is important that you perform the following analysis within your mind in a timely manner if you desire to do more in the coming years and achieve the results that you deserve:

 

  1. Self-Analysis of your current finances
  2. Self-Analysis of your current credit position
  3. Self-Analysis of your overall finances

 

Self-Analysis of your finances

It is important that you get a current reading on your inflow and outflow of cash on a monthly basis.  You can then determine if you are wasting income or spending frivolously and plan for success more effectively.

 

By knowing your monthly cash flow you put yourself in position to make better decisions in the short and long-term.

 

Self-Analysis of your credit position

You must know your approach to your use of credit.

 

Are you abusing credit, using credit appropriately, using credit inappropriately or are you using credit in a wise manner or in a manner that is more favorable for you and your family–not creditors?

 

You must do this analysis in a timely manner so that you can make the necessary adjustments early in your “life stage” so that you can avoid mistakes and reach your goals (get the results that you desire) in a more efficient manner.

 

Self-Analysis of your overall finances

You must make it a point to see your overall finances in a more congruent manner so that you can achieve more.

 

It is important that you take a step back and look at your finances from a different perspective.

 

By knowing what you must analyze in an overall manner and then doing so on a consistent basis you can put yourself and your family in a better position for lifetime success.

 

Conclusion

In order to get meaningful results as you build wealth you must have an approach to the management of your finances that is proven, comprehensible by you and most importantly will put you on a serious path toward making your dreams come true.

 

By deciding at this time to plan for success, perform for results as opposed to trying to impress others or keeping up with what others are doing, you can position yourself for real success at the various stages of your life.  By knowing what you want to achieve, seeing your path to the achievement that you desire clearly and taking the necessary action steps on a consistent basis, you can get the results that you desire.

 

What are you becoming? 

 

By getting started today you can tap into your real value and make the lives of others better whether it be  your family, loved ones and even those who you don’t even know!

 

By setting meaningful goals at this time you can offset or counter bad decisions or mistakes that you may have made in your past or avoid potential mishaps that you might make in  your future.

 

You no longer have to live daily without seeing a way out or exacerbate your financial problems.

 

Now is the time that you bring out the best that is within you by making a serious commitment to analyze “how you operate” on a daily basis and make improvements when–and where necessary?

 

By taking time out of your busy schedule and doing a “self-analysis at this time” you can decide what is really important and put a plan in place to truly achieve the results that you desire and the results that will truly empower you and your family from this day forward!

 

By doing so you can move forward in a winning style and achieve the results that you need to achieve that will make your life more meaniingful while you are here on planet earth.

 

Even if you have been unsuccessful on previous attempts and have tried again and again to get your finances right–you can sincerely do so at this time by making the decision to take the right action on a consistent basis.

 

All the best to your self-analysis as it will help take you to the right places.

 

The results that you desire– you can now achieve–if you know what to do and you truly believe.

 

Open new doors now and blaze a new path toward the results that you desire so that you can avoid a quagmire and reach even higher.

 

You now possess the tools and knowledge that will allow you to give it your best.

 

The success that you desire already lives in you, however it is up to you to truly make your dreams come true.

 

Winning Results–yours for the taking…

 

The success that you always desired–yours for the making…

 

 

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