Financial Freedom Inspiration

About Assets and Liabilities

Newdawn — Sun, 19 May 2013 22:52:42 +0000

The reason folks acquire liabilities thinking they are assets arises from financial illiteracy. Conventionally, an asset is something you own that has value. This shows up on the asset column of your balance sheet. For the financially literate, what makes an item an asset or liability depends on the cash flow pattern. In corporate mergers [...]

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Image Affluence: All that Glitters is not Gold

Newdawn — Sat, 18 May 2013 22:43:34 +0000

From the previous post – You can be Millionaire and Broke, we can see that having a high net worth does not necessarily translate to being cash rich. You can be asset rich and cash poor, and may be forced to dispose of your assets at below market prices when you negotiate from a position [...]

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You can be Millionaire and Broke

Newdawn — Fri, 17 May 2013 21:25:56 +0000

Your net worth is not a true indicator of your financial situation. You can be rich and broke, a millionaire but shaking out your pockets to make some basic purchases like fueling your car or money from groceries. If you have not been in that position, it may sound like a fable. You see, your [...]

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What is Your Net Worth?

Newdawn — Thu, 16 May 2013 21:58:29 +0000

Another aspect of your financial fitness test is knowing your net worth. Most people have no clue what the number is. The do not know how much they own or how much they owe. They carry a fuzzy number in their head, based on assumptions not related to reality. If you have serious financial goals, [...]

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Your Financial Fitness Test Results

Newdawn — Wed, 15 May 2013 21:01:06 +0000

Congratulations if you did your financial fitness test. You are among the few who have a clue as to the state of your finances. That was a starter version but serves well to give you a snapshot as to how you are faring in managing your finances. What does the result mean? If you answered [...]

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Your Financial Fitness Test

Newdawn — Tue, 14 May 2013 19:01:32 +0000

There are many financial tests available. Below is one I came up with to assist you get going. This is a beginner’s version. Taking a financial fitness test is a quick way to get a snapshot of your financial health. It takes about twenty minutes only. All it requires are simple yes or no answers. [...]

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Your Financial Health Check Up

Newdawn — Mon, 13 May 2013 21:47:54 +0000

Typically, an adult should have a routine comprehensive medical check up once a year, to be sure everything is okay, and for early detection of medical conditions that can become deadly when not detected early. You also need a routine financial health check up, to see if you are heading in the direction of your [...]

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Financial Independence: Nothing Changes until You Change

Newdawn — Sun, 12 May 2013 20:31:09 +0000

To summarize what I have said so far – to commence your journey to financial independence in earnest, nothing changes until you change, nothing moves until you move. Goals are indispensable, tips and how to’s can be invaluable. Support groups are wonderful. The engine is your mind. Until your mindset aligns with the direction you [...]

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The Problem with New Year Resolutions

Newdawn — Sat, 11 May 2013 11:18:15 +0000

Getting our finances in shape is the usual suspect when it comes to New Year Resolutions alongside doing something about our weight and maybe relationships, depending on how things pan out in that department. New Year Resolutions have become the butt of jokes due to its notorious failure rate. Very few achieve the goals elegantly [...]

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Creating a Wealth Mentality 2

Newdawn — Fri, 10 May 2013 20:59:04 +0000

The best way to create a new mindset or mentality is to change the diet we are feeding our mind. Our minds cannot go on idle mode for long. There is something always going on. It is said that we think more than 60,000 thoughts a day (some say 90,000). Whatever the correct number, there [...]

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