Whenever someone asks me what they need to do to build permanent wealth, I ask them where their wealth is today.
The answers I get range from “I have no idea” to “Probably somewhere around $X.”
I have never had some one give me a precise answer, which is probably why they are asking me the question in the first place. After all, if you don’t know where your wealth is today, it is impossible to know where to start.
How to Measure Your Wealth Today
Measuring your wealth can be broken into 4 parts:
Part 1: Your total income
Part 2: Your total expenses
Part 3: The value of all your assets
Part 4: Your total debt
The fact is, only a very small percentage of people can answer all of the above questions with accuracy.
Many people get stuck on this step. Some people don’t really want to know where they are. Others aren’t quite sure how to do the calculations.
Measuring your present wealth situation can be a scary process! But the likelihood of achieving your wealth goals without this information is slim to none.
If you are serious about achieving your wealth goals and creating a successful wealth strategy in the coming year, take action now, and measure your wealth today.
Once you know where you are, you can develop your strategy to get to where you want to be.
Focus on your wealth!
By: Tom Wheelwright – Tom’s firm provides my tax advice and wealth planning. I encourage you to check out ProVisionWealth.com