KLE 42: Instant Net Worth Makeover

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Now that you have put in pace the basic building blocks for your future financial well-being, it’s time to consider how you will apply your new found monthly savings:

– Do you buy (or upgrade) your house?

– What about a new car?

– Should you pay down debt? If so, which debt and how much?

– How about retirement?

– Or, do you invest the lot?

These are usually difficult questions with roundabout answers, so to simplify things you should always start by looking at your Networth Statement on NWiQ; here is a highly simplified version for Scott, a young married doctor:

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Name and State (eg John, FL)
What Is Your current AFTER TAX Income (A)?
What Are Your Current Total Expenses (B)?
What Is Your Current Rate Of Savings Surplus or Deficit (A – B)?
What you intend to do with this surplus (or about this, if a negative)?
What Are Your Total Assets (C)?
What Are Your total Liabilities (D)?
What Is Your Current Net Worth Surplus Or Deficit (C – D)?
What you intend to do with this net worth surplus (or about this, if a negative)?

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