All of our financial decisions have an effect on our financial health. Just as a batter in baseball tracks their batting average, it is important we track the numbers in our financial plan so we can better manage them. So what measures must we put in place to ensure we can live a comfortable life with the income we have? In this episode, I will share how to track where you are and where you have to go to meet your financial goals.
Listen in as I explain the importance of calculating your net worth, as well as the difference between what you owe and what you own. You will learn the seven critical numbers to take into consideration, the benefit of keeping an eye on your credit score, and what your debt/income ratio needs to be to keep your financial health intact.
Listen to the Full Episode:
What You'll Learn In Today's Episode:
- The seven numbers that are critical to financial health.
- How to track your numbers.
- The importance of knowing your budget numbers.
- How to divide your debt by category.
- What your debt/income ratio needs to be.
- How to calculate your net worth.
Ideas Worth Sharing:
“What gets measured gets managed.” - Jonathan Bednar
“Your debt/income ratio needs to be lower than 43%, including future mortgage payment in order to get qualified for a mortgage.” - Jonathan Bednar
“As we go through working years and the closer we get to retirement, we want to see our net worth grow. Ideally, by the time we reach retirement, we want to see zero debt.” - Jonathan Bednar
Resources In Today's Episode:
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