Status
Do you have a precise knowledge of your net worth, of whether you are earning more than you spend? Do you know the interest rates for your loans and bank accounts? I find it helpful to make a list of the following:
What you own
- Cash and deposit accounts
- Value of share of businesses
- Marketable securities
- Government bonds
- Unit trusts
- Primary residence
- Real estate investments
- Loans owed to you
- CPF and other retirement funds
- Cars/boats
- Collectibles
- Other Assets
- Total
What you owe
- Credit card debt
- Car loans or other consumer loans
- Mortgage on primary residence
- Other mortgages
- Margin loans secured by investments
- Loans payable to business
- Loans payable to individuals
- Other debts
- Total
What you earn
- Salary/wages
- Bonus/commission
- Interest
- Dividends
- Business profits or loss
- Capital gains or loss
- Profit or loss from real estate
- Profit or loss from partnerships
- Retirement plan distributions
- Alimony/child support
- Other income
- Total
What you spend
- All federal, state and local income taxes
- Primary residence – rent or mortgage and real estate tax
- Other real estate payments
- Car loans or consumer loans
- Credit card payments
- Alimony/child support payments
- Life insurance
- Disability insurance
- Excess personal liability insurance
- Homeowner insurance
- Auto insurance
- Health insurance
- Meals in restaurants
- Prescriptions, vitamins, toiletries
- Groceries
- Local transportation
- Clothing/wardrobe
- Vacations
- Entertainment
- Dependent care
- Gifts
- Charitable donations
- Savings/investments
- Debt repayment (principal)
- Dept repayment (interest payments_
- Other
- Annual total
List of bank accounts
- Balance
- Interest rate
- Additional charges and whatever else you pay the bank in fees
List of debts, if any
- Amount
- Interest rate
- Monthly payment
- Annual fee
- Late charges
List of plan for creditors
- Creditor
- Agreement
- Balance owed
- Interest rate
- Monthly payment, interest and principal