WHAT ARE YOUR WORTH? Financially speaking
by Mary Guldan-Lindstrom CPA
If you have a business loan with the bank, chances are you gave them a personal financial statement. Did you ever consider tying this exercise into your financial goals? If it’s important for the bank to know, maybe it’s important for you to know. After you get your tax return done, is a great time to evaluate your progress toward building your personal net worth.
Discover and gather – Pull together a list of your financial documents, including the good stuff (what you own) and the bad stuff (what you owe).
Assign a value
Calculate and evaluate
If I do not get the same answer with my head, my heart and my gut – I determine how important the outcome is. If it’s a minor issue I go with the strongest one and accept the consequences. If it is a major issue, I hold off on the decision.
According to Dr. Thomas Stanley, author of the Millionaire Next Door, your expected net value should equal 1/10 of your age times your annual realized income.
Build – evaluate the results and work to improve.
Protect – It may be insurance, or estate planning or business succession.
How did you do? Are you satisfied with the results or does it push you to do better?
Refer to our printed newsletter (page 3) at our website or request our free checklist Mary@Focus-cpa.com or call 920-351-4842.
Even ABRAHAM LINCOLN paid his taxes
Thus in 1872, the taxes paid were returned to Lincoln’s estate. Can you image what that Chief Justic would think now? It was only 3%, now it would be 30% or higher.
Mary Lindstrom CPA
Copyright (c) 2014 FOCUS CPA Inc, All rights reserved.
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April 2014
What are you worth?
Dear John,
Whew! Tax season is over. A lot has happened this last four months. My grandmother took a turn for the worse. Jodi took off two weeks to care for her. Gram did pull through and saw her 101st birthday on March 3. We worked through our new tax software. I even attended a marketing conference in March.
However, nothing is more satisfying than serving the very best clients. As I look back at what we have accomplished, it’s not the number of returns or the hours that I’ll remember and celebrate. Rather, it’s the personal service I was able to provide that made this tax season a success.
Looking forward to spring!
Mary
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