As the year draws to a close, I have started my annual financial review and goal setting process for the year ahead. This is an important step in any financial planning. For me, the exercise helps me determine where my family’s finances stand and if adjustments are needed. It also gives me a clear picture of our current accounts and…
Tag: liquid net worth
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Money News – June 2020
Personal Finance in the News – June 2020: Here’s a summary of June 2020’s Money News: Read & Watch: CMCH is tightening mortgage rules for homebuyers. Credit scores are becoming more important and debt service ratios are becoming more conservative – therefore more mortgage conservatism may be a good idea given the debt loads out there. For more on that…
Liquid Net Worth
Liquid net worth is an unfamiliar term for most people. Many know about net worth, but few understand liquid net worth, what it means, and why it is important. This article will explore the term and unpack its usefulness. What is liquid net worth and how is it calculated? While net worth measures the value of all the assets you…
Net Worth 101
What is Net Worth? Net worth measures how much money you have. The formula for net worth is very easy: Assets – Liabilities = Net Worth Remember, assets are things you own, and liabilities are things you owe (e.g. debt). Here’s a simple example: If all you have is $10 in your pocket, but you owe your friend $3, your…
Seven Financial Rules I Live By
Personal finance can be complicated. For me, I’ve found that simplicity serves me best. Here are some of the basic financial rules I use with my money: 1. Budget & Track Your Spending No matter what your finances are like today, they’ll probably be better if you start tracking spending each month and building a budget. This will let you…