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Money 101:
Personal Money Planning's Newsletter
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Money 101
AUGUST 25, 2012 |
| Howdy!
While the kiddos in your life are preparing to reenter the various halls of education, you may want to take the chance to learn something, too. If you are in the Wichita Falls area, you have a chance to learn how to make your own high-quality compost. This is great for gardening and yard enthusiasts, especially those who participate in the city's compost giveaways and would like to try it out for themselves.
According to Sanitation Supervisor, Dave Lehfeldt, composting helps the environment because it is recycling and it helps extend the life of the landfill. If you go to this first class (Saturday, September 15, from 8 am to noon), you have the chance to attend three additional classes and become a Master Composter. The first class is free, but it is limited to the first 40 people who register by calling 940-761-7977. It will be held at the city Sanitation Office (200 Sunset Drive, next to the entrance to Lucy Park).
I've taken this class, and found it very informative and helpful when I started composting. Hopefully, you will enjoy it as much as I do.
--Gary |
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Gary's Soapbox 
Add it Up
One of the first steps in figuring out how to manage your money is to understand how much you have now. In this case, when I say "money," I'm using a broader definition. I'm really talking about your net worth. A person's net worth is their wealth. Here's how you do the math and determine where you stand:
ADD: Combine the value of your assets.
+Bank account balances
+Investments
+Retirement accounts
+Business interests
+Your home and other real estate
+ Any valuable personal property
SUBTRACT: All of your debt
-Mortgage
-Car loans
-Personal loans
-Credit card debt
-Anything else you owe
EQUALS: Your net worth (Your combined assets minus your total debt).
Why does this matter? Well, when you are planning for the future, you need to know where you are right now. Performing this exercise offers a dose of reality-you may think you have more (or less) wealth than you actually have. Determining your net worth is a crucial component to understanding your financial life as a whole. For example, by running these numbers, you may see exactly what you can or cannot afford to lose. You may decide to look into different insurance plans. It's important for estate planning as well. Are you giving ALL to one beneficiary? You may change your mind when you discover how much ALL is.
So, this is just one of the boots you have to step into and pull up during your financial planning journey. The other, knowing your cash flow, is even more important. After all, if your bank account balances and your debts aren't moving in the right direction, neither are you.
More on cash flow next time.
--Gary Silverman, CFP®
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Gary's Latest Articles
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Firm Financial Foundation for Freshmen
Students are about to enter college with a wide array of new responsibilities and experiences. This post from the National Foundation for Credit Counseling offers some advice to help their financial lives make the grade. Read More....
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Don't Blame Me
In case you missed this when I posted on Facebook: I found the following on the page of a fellow EVE Online game player, "Phebe Zeitgeist." I thought my fellow baby-boomers might be able to use it to explain their behavior:
"Me, Behave?
As a child I saw Tarzan almost naked, Cinderella arrived home after midnight, Pinocchio told lies, Aladdin was a thief, Batman drove over 200 miles an hour, Snow White lived in a house with 7 men, Popeye smoked a pipe and had tattoos, Pac Man ran around to digital music while eating pills that enhanced his performance, and Shaggy and Scooby were mystery solving hippies that always had the munchies. The fault is not mine."
Have a great week! Sincerely, 
Gary Silverman
Personal Money Planning |
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©2012 Personal Money Planning . All rights reserved by Personal Money Planning and content may not be reproduced, disseminated, or transferred in any form or by any means, except with the prior written permission of Personal Money Planning unless specifically noted. (Permission is not difficult to obtain.) The one exception is for downloading and printing information from this newsletter for general education by the original recipient.
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DISCLOSURE
This newsletter is produced by Gary Silverman, dba Personal Money Planning, a registered investment advisor located in Wichita Falls, Texas.
Information in this newsletter is believed to provide accurate and authoritative information in regards to the subject matter covered. However, the accuracy, timeliness, or applicability of the information is not guaranteed and is provided with the understanding that we are not rendering legal, accounting, tax, or other professional advice or services.
This publication should not be construed by any consumer and/or prospective client as Personal Money Planning's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Nor should links provided to other sites be construed as the recommendation of the services or products mentioned on those sites. If such services are required, the help of a competent professional should be sought.Remember that past performance may not be indicative of future results. Therefore, you should not assume that the future performance of any specific investment, investment strategy, or product made reference to (directly or indirectly) on this Website will be profitable or equal to indicated performance levels. Different types of investment involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for your investment portfolio.
Historical performance results for investment indexes and categories generally do not reflect the deduction of transaction or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results.
A copy of Personal Money Planning's current written disclosure statement discussing Personal Money Planning's business operations, services, and fees (known as an ADV Part II) is available from Personal Money Planning upon written request (and can be downloaded from our web site).
Personal Money Planning does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Personal Money Planning's web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. |
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