Want to reduce anxiety around money as an individual and in your relationship?
Take stock of your money. A thread…
(Not financial advice, just my method of managing money).
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1/ Income. Record every dollar and cent you earn from various sources. Sources may include: Product sales, consulting, coaching, affiliate revenue, commissions, etc.
2/ Assets. Make a list of all the stuff you own. List it’s current market value. Include as many things as you can.
3/ Cash. Do you know how much cash you have? Make a list of cash balances in ALL your bank accounts and payments still due to you.
4/ Liabilities. List all your debt, the institutions, term period, interest rates. Remain calm as you total.
5/ Expenses. Write out a list of ALL expenses monthly, annual and once offs. Create categories for items that are work/business expenses.
6/ Calculate Your Net Worth. Assets (cash and asset value) minus liabilities (what you owe). Hopefully, you have a positive number here. That’s 👍. If not, work out how you can increase income and/or lower debt to change this.
I’ve kept a running spreadsheet of all income and expenses over the last 3 years.
It reduced my anxiety around income and gave me a heading in terms of what I needed to live. Using this process I am debt free and use cash only.
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