Assessing Your Financials

Building A Net Worth Profile

Having a Baseline is the Only Way to Start


When gathering your information for this project a quick and easy resource is your prior year tax return. Most people know where their income comes from and should be tracking it on a regular basis. The primary sources are:

Wages, Business Income, Rental Income, Interest Income, Capital Gains & Dividends, Misc. and Sold Used Property.

This link INCOME can provide you with other considerations for income sources.

Passive Income Ideas


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The objective of this exercise is to collect the information needed to produce your Net Worth Profile. Use the RED Links

The buttons on this report link you to worksheets that will assist you in doing so. Once this is complete you will have a better idea of your Baseline Net Worth.

In future exercises we will address tracking and correcting your path to reach your desired GOAL.

There are two worksheets here:

1) one for your business, if you don’t have an accounting program yet

2) one for your personal assessment which will combine your business in with it.

I very much hope this is helpful for you & I offer a free 30-minute consult if you need help. 


Many of us go throughout our day making purchases and not considering the impact it has on our worth. 

I would like to challenge you to guess in advance how much you spend daily, weekly and then prove to yourself how accurate you are. Once you have completed this exercise use this same information and put it into your worksheet.

Link is Provided below


This is where your accumulation begins. It’s anything tangible or intangible that can be owned or controlled to produce value and that is held by a company or individual to produce a positive economic value is an asset. Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). These include your home, auto, RV, jewelry, guns, stocks, cash value insurance bank accounts, and your business.


Are the opposite of assets this is what you have agreed to pay others for the benefit of using or purchasing an asset. It also has meaning to your responsibility to not commit civil wrongs or distribute a product that could cause harm. I’m only looking for the monetary liabilities at present.

These items include: loans, lines of credit, personal guarantees, business commitments, and investments commitments.

“We continue to recognize the greater ability of some to earn more than others. But we do assert that the ambition of the individual to obtain for himself, a proper security, is an ambition to be preferred to as the appetite for great wealth and great power.”   

Franklin D Roosevelt

Jim the Painter

Hard Lesson in Not Watching the Bottom Line

Jim is a house painter in Aspen Colorado. He started this business when he was in his 30’s and was successfully supporting his family with it’s success.

Growing tired of doing all the work himself, he decided to bring on new partners, two, Richard and Bob. Jim’s role was to bring in the contracts and the other two would get the work done.

Since this was such an easy task for Jim he got so far ahead of the workers they asked him to slow it down a bit. So, Jim took this opportunity to remodel his house. Against advisement he chose to put these expenses on credit cards, to the total of $72,000. His reasoning was we have plenty of work, so it will be easy to pay they off later.

Meanwhile back at the office, conflict is brewing, and Richard and Bob are no longer getting along. Bob has filed a lawsuit to get back his investment in the company and Richard is falling behind on the workload, so clients are becoming unhappy.

Long story short, all the work that was lined up didn’t happen. Bob left the company with nothing. The unhappy customers went elsewhere. Jim sold his house to get out of debt. The compounded interest on the credit cards was costing between 14%-20% and not decreasing as planned. Richard took his crew and started a new business with a new name and was able to recover a few of the previous clients.  Jim later moved to Montana where he started a new company without his family.

It was very unfortunate for all parties involved. Down the road they all regained stability and are presently doing fine.

This was a lesson in starting over, not of blame, and should we use the tools available to monitor success, thing like this would have been seen much sooner.