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Financial Responsibility
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Flat Stanley's Travels
 

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Current Level:
Fundamentals
Measuring Finances
Credit Cards
Assets vs. Liabilities
Investments
Conclusion

 

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This and That:
Learning Financial Responsibility

Measure your Finances

Good Financial management practices start with one seemingly obvious key point: You need to know your financials! This means that you need to do some level of accounting and balancing. When was the last time you knew exactly what your net worth is? – Or should I ask: Do you know what 'net worth' is?

I once heard a statement in a management class that has become my mantra ever since: “You cannot manage what you cannot measure!” In other words, unless you are aware of your financial situation you don’t know what you need to do to change it. And no financial advisor in their right mind will give you significant financial advise without inventorying and balancing your equity and your debt. Don't think of yourself as an individual with many financial relationships that are difficult to control. Think of yourself as an account holder of one single account, a "master account". Everything you make, spend, save and owe becomes a line item in your master account reflecting either a plus or a minus. Once you add up all the numbers you know where you stand.


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