A balance sheet is a statement, it is a ‘snapshot’ in time of assets less liabilities of a business to show its net value.
Do the same with your personal wealth.
Assets: Where are you now? What is your exact wealth position? What are your fixed assets? What are your current assets?
Liabilities: What are your debts? What are the charges on your funds long term? What are your projections for future asset and liabilities.
What is your target net wealth? If you do not know where your are trying to get to, how can you plan to get there?
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