Do something different

“A day will never be more than you make of it.” By Josh Hinds “If your day consists of doing the same things you did yesterday, last month, and last year financially, and you are no farther ahead than you were then, do something different.” JC

Congratulations to one of our readers. She made a bold move recently and started her own small business. She did something different, and if she follows the tax codes she may save between $3000 and 10,000 in taxes this year alone.

Do something different and prepare your own “net worth statement.” According CNN/Money, “It’s hard to figure out how to get somewhere if you don’t know where you are.” Regardless of whether financial net worth is negative or in the positive, it is where you need to start build from that point on. Net worth means that have calculate all of your expenses (liabilities), and subtract those dollar amounts from your assets (things of value including savings, retirement, houses and car values, etc. The sum is your newt worth or owner’s equity. Although, unless you need to for insurance purposes, you shouldn’t include jewels and furs.

The average net worth by age is about $900 for 25 year olds and under; $15,000 for 25 to 34 year olds; $95,250 for 35 to 44 year olds; and $163,334 for 45 to 54 year olds. (source: CNN/Money)

The average net worth by income is: Under $25K (x 1000) is $12,500; $25K-$49,999 is $75,000; and $50K-$74,999 is $168,450.