Newspaper article The Morning Bulletin (Rockhampton, Australia)

Time to Put Together a Net-Worth Statement; Evaluate Your Assets and Liabilities to Determine Actions

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Time to Put Together a Net-Worth Statement; Evaluate Your Assets and Liabilities to Determine Actions

Article excerpt

ANOTHER new year is almost here.

This is the time when we make many resolutions about getting our life and our finances on track, but unfortunately, the intentions get lost in the daily grind.

An effective solution is to prepare a anet-worth statementa which is just a sheet that lists your financial assets and liabilities. This becomes the base for your future strategy.

On one side, write down assets such as your real estate, shares and superannuation, but don't include items such as cars and furniture as they have no long-term value.

On the other side, list all your loans and include the interest rate, the monthly repayments and whether the interest is tax deductible.

You now have a working document.

Next, think about each asset in turn and decide if it should be sold.

Also, if you have investment property, try to figure out if it still has potential or whether it's time to get rid of it and upgrade to something better. …

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