Feb 6, 2017
Pattie's financial tip of the day: Do your net worth statement
Do your net worth statement. List all you owe and all you own. Look for ways to improve it. Less liabilities and more assets equal success.
My favourite financial activity of the year is the annual net worth statement. I love looking at the progress we have made year over year, which assets have performed well and where we may have gone a little crazy.
Your net worth statement is a snap shot of finances at a given point in time. It isn't easy doing the first one as you dig around for valuations of all you own and outstanding balances of what you owe.
Having said that, I can tell you those who go to the effort are often surprised by how much they own, how much they are worth and often feel far more empowered to keep improving when they have concrete evidence they are wealthier than they thought they were. Also, when it comes to establishing financial goals for the next year, your net worth statement will help you identify areas that require improvement and otherwise hidden opportunities.
Your net worth statement is your financial blueprint, and like any plan, it can and likely will be tweaked once you look closely at it.
CTV's Chief Financial Commentator Pattie Lovett-Reid offers a financial tip of the day during the month of February for Your Money Month.
