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Senior Living: Determining your net worth

Do you have a good positive net worth number or is your number a negative? A negative number will mean a life change is imminent and perhaps you are carrying more debt than you should. How do you feel about your net worth number?

If you are not happy with your net worth, what are you going to do about it? Good or bad, we all have to live with the outcome of our choices. But you can still make the choice to create change. Why not take control of your current situation and make things better?

I know there are still a lot of people reading this who believe life is filled with too many risks, especially after the past few months, but life is also filled with insurmountable opportunities. Why not make the choice to get a finance coach or financial planner to help you?

Don’t do it alone. Financial planning is designed to motivate clients to make changes, discuss trade-offs and sometimes discuss difficult decisions that may be necessary to ensure a comfortable future. Your finance coach should help you ascertain real risks and be flexible to your needs. Most of all they should partner with you to help balance your budget, spotting possible blow-ups and removing the risk to your family’s finances.

It’s impossible for you to know everything, and believe me, the internet is not the fix you need to get your finances in order. Find a finance coach who will work with you, one that you feel you can partner with and one whose every intention is to help you get debt-free and secure.

— Christine Ibbotson is author of Don’t Panic: How to Manage Your Finances and Financial Anxieties During and After the Coronavirus and How To Retire Debt Free & Wealthy. She also writes the Moneylady column. askthemoneylady.ca

Pretty soon we are going to put the brakes on financial planning and instead be thinking about Thanksgiving and — dare I say it — Christmas. We’ll be thinking about entertaining, family get-togethers and of course spending money or shopping (albeit online may be the way to go this year).

Let’s face it, after the year we have all been through, some of us are finding it tough. COVID has changed the life-landscape for all of us. This is the time to review your plans, make changes, throw around possible ideas for the future and see what direction you want to go in. The first step is to determine your net worth.

Your net worth is the total value of all your assets minus all your outstanding debt. Start with adding up the value of your assets, such as cars, homes, investments, life insurance, RRSPs, or even cash. Then subtract all your debts, which would include balances on credit cards, lines of credit, mortgages, loans, or upcoming unavoidable expenses.

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