Net Worth: Building Financial Stability in 2021.
Simply put, net worth is the totality of all you own (both financial properties and non financial properties) minus what you owe(both debt and liabilities). Net Worth is used in measuring the riches of individual. I want you to know that 'everybody has a worth' and everyone has the ability to increase in net worth.
One of the vital part of man's life is his finance. But, yet, you wonder why most people still live in abject poverty? And they get angry at the rich ones (Naturally, the poor are always angry at the rich ones because, they feel cheated when a particular individual or group of persons acquire much wealth). In America, the hatred of the poor against the rich led to tax payment which later spread to all countries in the world....... (story for another day)
2021 is a year for you to build financial stability. I believe everybody worth something which can be translated to potential substance for wealth. So how do we go about building financial stability in this year 2021?
Please note: this principles are practical but for you have to be intentional about your finances.
The following step can help your finances to stability:
1. You must take care of your health.
Remember, good health is the beginning of financial stability.
2. Do what you love doing and turn what you love doing to money.
You should be able to give expressions of value worth paying for in what you love doing.
3. Learn new skills.
A man who is educated is a man who has learnt how to learn.
4. Live at least 80% of 100% of your actual worth.
Example, Mr Windy's monthly income is $100, this principle states he should only live to 80% so he can have savings and gradually increase his propensity to save.
5. Put your money to work.
Both the poor and rich meet in bank. The poor goes to save (which is not bad) and the rich goes to bank to borrow the poor man's savings to trade with and he doubles the money back with little or no interest. So, you must learn and stop making the rich richer.
6. Pay off all debts.
I hope I've communicated value worth sharing with you? Do well to share with your friends and family.