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How Much do You Worth? (Part 1)

5:00 PM  Pisstol Aer   Labels:
We able to know a company's financial condition based on its income statement, cash flow statement and balance sheet.  A number of financial ratios can be generated from different items listed among these reports to identify a company's financial strengths and weaknesses.  For individual perspective, the same can be applied as well.  Now, ask yourself a question, do you know how much you worth?  If you able to tell immediately, congratulation, you are on the right track towards or already achieve financial freedom.  If you are not, it will be better to have one ASAP.  Sometime, you will be surprise what your personal balance sheet will tell you.



To prepare a personal balance sheet, for the first step, is to have a list of your personal assets.  These personal assets include cash, savings, current account, share investment, unit trust investment, property investment as well as all others that can be classified as your personal assets.

The next step, similar to the first step, is to identify all of your personal liabilities like housing loan, car loan, personal loan, credit card outstanding, short-term loan etc.

Finally, it is the time to calculate your personal net worth.  The "magic" formula is to get the difference between your personal assets and personal liabilities.  If the value comes out positive, wonderful, you are owning something that are really below to you.  If the value is negative, you have to think of a way to rectify your personal financial condition immediately.

So, Net Worth = Total Assets - Total Liabilities.  Have some this basic calculation now for the time being.  In future post, I shall share more on how to analyze your personal financial condition base on your cash flow statement and balance sheet.  Stay tune.
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How Much do You Worth? (Part 1)
How Much do You Worth? (Part 1)
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