Have You Determined your Net Worth?

The only place where success comes before work is in the dictionary. – Vidal Sassoon

Before deciding to start your new business, entrepreneurs should consider completing the task of determining their net worth.  The process is pretty simple but a path rarely traveled by entrepreneurs before launching their business.  Taking the step to create a foundation for the creation of a financial plan that reflects who you truly are says a lot about your future success.

​Just imagine how many professional before you wish they would have slowed down and taken a step back in order to take a huge leap forward.  Think about it, once you start your journey of turning your dreams into a reality when does that process ever slow down?  It doesn't.  Each new day gets you a step closer to your dream goals, so why would you stop. Understanding this, now is a good time to "stop" and define what success means to you especially financially.

​Start with gathering all of your most recent important documents such as retirement statements, bank statements, insurance documents, home-owner deeds, investment accounts and automobile titles.  This will provide you an idea of your current net worth (Assets - Liabilities) before making the decision to use personal funds to fund your business start-up.  I encourage you to not be afraid to know this fact about yourself?  It's nothing to be ashamed of - it's more of a stepping stone and a first step in establishing future goals.

​Consider how you can improve your net worth with the tips below.  

1. ​Paying off debt
2. Save more, spend less (a typical saying but not easy to do for someone who is not use to saving)
3. Making smart investments

​It's never to late to launch your dream, live your passion or build wealth.