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Where Am I Now With My Money?
by Scott Sumner
Copyright (c) 1999-2001, Scott A. Sumner


Do you know where you are financially. Whats your net worth?How
much money do you have left over at the end of the month?
The first step in a financial planning process is to analyze exactly
where you are at this moment in time.  This should be very detailed and
cannot be done quickly, but is not difficult work, and can in fact be
enjoyable.  Many people, if asked the question "What is your net worth?"
will not know the answer.  They might have some kind of an idea about
what their house is worth, maybe how much they paid for their car, or
they might remember an RRSP they bought last February. I don't think
they really understand or know exactly what their financial net worth
is. From my background in business, I have learned it helps to consider
yourself as an actual business entity. Businesses rely significantly on
their financial statements. The financial statement begins with a
balance sheet which is a complete financial picture of the firm's assets
and liabilities on a short term, and long term base.  It is only
completely accurate at one point in time, usually the year-end of the
firm, but it can be very valuable in analysis.  In addition to the
balance sheet portion of a financial statement, there is the income
statement.  It simply records the revenues received by a corporation and
the expenses associated with earning those revenues, thereby arriving at
a net income in order to determine whether or not the firm has met its
financial goals.  The conclusion is that the corporation determines how
well they performed against budget or business plans.
A family's or individual's financial statement is exactly the same as a
company's. It might not be graphed in the same magnitude, but it is
definitely similar.  This book will take you through the steps of
determining your own balance sheet, in order to   help you pin point
exactly what  the net worth of your family is.  It will review step by
step and in detail your current income from all sources and associated
expenses which will allow you to  grasp whether you are in a position of
excess cash each month and year, whether you have any funds available to
invest or save, and whether you are living beyond your current financial
means.
As individuals, we have to take a responsible view of our financial
resources. We must  look ahead to long- term capital accumulation,with
the expectation of  having enough revenue to enjoy a happy retirement.
This section can also show you how to make certain that you are
maximizing your financial resources so that you can enjoy life to the
utmost, right now. For some simple forms that will help you in this
process visit my web site www. scottsumner.com
Next time we will make a budget for you!!

About The Author:
Scott Sumner grew up in Northwestern Ontario and is a graduate of
Lakehead University's
( Thunder Bay, Ontario Canada ) Honour Bachelor of Commerce Program as
well as York University's ( Toronto, Ontario Canada ) Master of
Business  Program. He founded North Superior Publishing Inc, a regional
specialty publishing company almost 20 years ago in 1982.  This company
has published 10 titles in the areas of real estate, business,
lifestyle, travel, golf, snowmobiling, automative and family. His book
Create An Exceptional Life: Mind, Body, Money can help you look at ways
to accomplish more in your life that you ever thought possible. It will
start you on a process of living your life to it's fullest potential.
Visit www.scottsumner.com