Beginner's Guide to Financial Freedom at 40

5x2 Financial Freedom Framework

Step #2 Where You Are Now

You have to figure out where you are now in order to get to where you're going.

1. Set up a spending plan.

Figure out your monthly income and expenses and update them monthly.

HOMEWORK

Start writing down all of your income and all of your expenses over the past month (or create an Excel spreadsheet).

If you need some extra help with this, make sure to click the link below to help you manage your money better.

2. Figure out your net worth.

Take your totals assets (everything you own) and subtract your total liabilities (everything you owe) and that equals your net worth.

This is a critical step in order to the complete the next piece in the financial freedom framework.

As a reminder, please do not get discouraged if you think your net worth isn't high enough.

We are simply figuring out where we are now without judging ourselves, but realizing now is our chance to improve.

We can always make changes for the better.

HOMEWORK

Write down your total net worth.

 

<< EXTRA RESOURCES >>
Need help with...

Managing your money better? <<Click Here>>


Getting started investing in stocks? <<Click Here>>


Getting one-on-one mentoring for your money questions? <<Click Here>>

Beginner's Guide to Financial Freedom at 40

Previous Video
Next Video