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Saturday, October 17, 2009

What is your Net Worth?


Last week I took an IQ test (www.iqtest.com) after reading the book Outliers by Malcom Gladwell. My interest in my IQ stemmed from the book’s case study of Christopher Langan (www.youtube.com/watch?v=-ak5Lr3qkW0), who has an IQ of over 195. What stuck out the most was that he was a bouncer and body builder and content with his financial wherewithal.

We tend to associate brains with career and career with one’s net worth. In actuality net worth is simply weighing your liabilities against your assets. In some instances it is possible to have a negative net worth. Your net worth and IQ may not be related if you have not properly invested or grown your assets to exceed your liabilities.

What do you think the overall IQ of the citizens of our community would add up to if we tested a median of readers from 24 to 65? How about net worth?

As I began to research content for this article, I realized that the most insightful piece of information that I could produce might lead readers to set a goal to increase their personal net worth.

With a daily influx of news that advertises the economic disparity of the times, some readers might think it unnecessary to have thoughts of increasing net worth.

Along with a personal assessment, my goal is to reestablish a series of short term goals that will lead to increasing net worth with the hope of leaving something of lasting value to generations that follow.

The local rut of making enough to get by or sustaining a positive net worth seems unattainable to some as we see unemployment strut to all time new levels.

Though my personal desire to one day be financial well off is met with current real time challenges in a economic downturn, the truth is you can not arrive anywhere without managing a plan to get there.

Detours, road blocks, and wrong turns chip away at plans to succeed, but developing short term and long term goals offer road map information that will prove helpful along the journey.

If you have a negative net worth this means that you owe more money than you have. If your number is greater than your salary then you need to make lifestyle changes so that you can turn the situation around.

If you have a positive net worth, you should work on continuing to grow your net worth.

According to the Affluent Market Research Program (AMRP) the number of U.S. millionaire households is on the rise as of their last study.

Build your net worth by beginning to invest and getting rid of liabilities. As we prepare for the financial market to turn around set goals that are attainable. Seek financial counsel from industry professionals that can help you structure a solid financial future.

A positive net worth helps us all.

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