{"id":5413,"date":"2019-05-16T10:32:48","date_gmt":"2019-05-16T14:32:48","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=5413"},"modified":"2024-11-18T10:58:06","modified_gmt":"2024-11-18T15:58:06","slug":"step-1-find-out-where-you-stand-financially","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/budget-and-financial-management\/step-1-find-out-where-you-stand-financially\/","title":{"rendered":"Step 1 \u2013 Find out where you stand financially"},"content":{"rendered":"
\n

To see if your projects are financially feasible, you\u2019ll need to get a snapshot of your current financial situation.<\/p>\n<\/div>\n

Determine your net worth<\/h2>\n

Why?<\/h3>\n

To be able to make informed financial decisions.<\/p>\n

Example<\/strong>: Repay your debts, buy a home, travel, adopt an investment strategy, etc.<\/p>\n

What is it?<\/h3>\n

Your net worth is the difference between your assets (what you own) and your liabilities (what you owe).<\/p>\n

Assets \u2013 Liabilities = Net worth<\/strong><\/p>\n

How?<\/h3>\n

To find out your net worth:<\/p>\n

    \n
  1. Draw up a list of what you own (your assets)<\/strong>
    \nList all chequing and savings account balances, personal property, real estate, and investments in your name.<\/li>\n
  2. Draw up a list of what you owe (your liabilities)<\/strong>
    \nList everything you owe creditors (lenders), including your mortgage, loans and credit card balances.<\/li>\n<\/ol>\n

    Find out more<\/h3>\n

    Learn about the\u00a0Financial summary tab on Allia<\/a>. You\u2019ll see how Caisse Alliance members can use this function to create a personal balance sheet right on Allia.<\/p>\n

    Now that you have the results<\/h2>\n

    If your assets are greater than your liabilities, you have a positive net worth. If your liabilities are greater than your assets, you have a negative net worth and are, as they say, \u201cin the red\u201d. You\u2019ll need to put a plan in place to put your financial house in order. You\u2019ll have some work to do when you get to Step 3 \u2013 Pay off your debts.<\/p>\n

    Go to the next step<\/h2>\n

    Now that you\u2019ve determined your net worth, it\u2019s time to outline your monthly income and expenses by using the average of the last 12 months. Go to Step 2 :\u00a0Draw up a monthly budget.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    To see if your projects are financially feasible, you\u2019ll need to get a snapshot of your current financial situation. To be able to make informed financial decisions. Example: Repay your debts, buy a home, travel, adopt an investment strategy, etc. Your net worth is the difference between your assets (what you own) and your liabilities […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[107],"tags":[],"class_list":["post-5413","post","type-post","status-publish","format-standard","hentry","category-budget-and-financial-management"],"acf":[],"yoast_head":"\nStep 1 \u2013 Find out where you stand financially | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/budget-and-financial-management\/step-1-find-out-where-you-stand-financially\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Step 1 \u2013 Find out where you stand financially | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"To see if your projects are financially feasible, you\u2019ll need to get a snapshot of your current financial situation. 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