Hello Financial Healers,
Ready to start a new series? Last month we talked about the unhealthy beliefs we carry about money. This month we’ll calculate how much wealth you actually own, and share some steps to grow it!
We’ll start with one of my favorite topics: assets.
Assets are what you own. They can be physical (like cash, investments, or real estate) or intangible (like trademarks or intellectual property).
Discovering the value of your assets will help you measure your true wealth.
For instance, Person A, who makes a monthly income of $10,000, but carries debts of $7,500 each month isn’t financially stable. They’ll struggle to stay ahead of their mortgages, car payments, credit card bills, and other expenses. Person B, who only makes $5,500 a month, but has lowered their liabilities to $1,500 a month is doing much better.
You see, the wealthy don’t think in terms of income. They know true riches equal how much value is retained after accounting for liabilities.
It’s a powerful method many blogs, universities, and self-help financial books don’t teach. Reconcile your assets with your debts to see how your situation really looks.
Join us for My Money Time 👇
If you’re a premium member, hop on for our live discussion today at 3:30 PM (CA time). If you’re a free subscriber, consider upgrading so you can join us each week.
God bless your Prosperous Soul,
Stephen K. De Silva
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