Keeping tags on liabilities (Yodlee part 2)
What os the best way to grow your net worth?
Your net worth is calculated by taking your assets minus liabilities.
Net Worth = Assets Liabilities
Net Worth = [401K, savings, checking accounts] - [credit cards, college loans, auto loans]
Your net worth can grow by wither growing your assets or by reducing your liabilities. Right now, I'm concentrating on reducing my liabilities while my assets keep their automatic growth via automatic payments.
I've identified my credit card debt, my college loans, and my personal loans as my larges liabilities. Their priority is:
1) Credit Card Debt
2) Personal Loans
3) College Loans
It is unlikely that I will try and pay down my college loans ahead of schedule. The interest on them is a tax deduction, the interest rate is low (~8.5%), and to focus the task of paying down my college loans would take many years during which time I would rather plan on saving to buy a house and getting some travel in before tackling that beast.
One of the best ways besides tracking overall debt paydown is to monitor your expense transactions. This way, you can not only track your debt paydown, you can accelelerate it.
check it out yodlee here
Here, you can track all of your financial accounts and the website will even download individual transactions and allow you to categorize them.
As you can see, Yodlee will keep track of your liabilities in a simple pie graph as well as allow you to track the nature of your income/expenses.
This is a rather simple yet powerful tool that can allow you to gain the upper hand on your financial progress.
You can set budget goals and see how your goals match up against reality in a real-time basis. You can track your net worth progress in real time. This website will provide you with all of the help you 'need' in tracking your financial life. The actual steps that you take will be reflected in your account.
The account is secure and free. All you need to sign up is an e-mail address. It is an absolutly great site.
Until next time,
Thor
PS: My Fiance is now in London, I have set a goal of saving up enough money for the plane ticket (found for as low as $208.00) and will plan on visiting for a week or so in Feburary.
Setting the goal: When? How long? How much will I need? How much do I need to save /day/wk/mth to achieve the goal?
Your net worth is calculated by taking your assets minus liabilities.
Net Worth = Assets Liabilities
Net Worth = [401K, savings, checking accounts] - [credit cards, college loans, auto loans]
Your net worth can grow by wither growing your assets or by reducing your liabilities. Right now, I'm concentrating on reducing my liabilities while my assets keep their automatic growth via automatic payments.
I've identified my credit card debt, my college loans, and my personal loans as my larges liabilities. Their priority is:
1) Credit Card Debt
2) Personal Loans
3) College Loans
It is unlikely that I will try and pay down my college loans ahead of schedule. The interest on them is a tax deduction, the interest rate is low (~8.5%), and to focus the task of paying down my college loans would take many years during which time I would rather plan on saving to buy a house and getting some travel in before tackling that beast.
One of the best ways besides tracking overall debt paydown is to monitor your expense transactions. This way, you can not only track your debt paydown, you can accelelerate it.
check it out yodlee here
Here, you can track all of your financial accounts and the website will even download individual transactions and allow you to categorize them.
As you can see, Yodlee will keep track of your liabilities in a simple pie graph as well as allow you to track the nature of your income/expenses.
This is a rather simple yet powerful tool that can allow you to gain the upper hand on your financial progress.
You can set budget goals and see how your goals match up against reality in a real-time basis. You can track your net worth progress in real time. This website will provide you with all of the help you 'need' in tracking your financial life. The actual steps that you take will be reflected in your account.
The account is secure and free. All you need to sign up is an e-mail address. It is an absolutly great site.
Until next time,
Thor
PS: My Fiance is now in London, I have set a goal of saving up enough money for the plane ticket (found for as low as $208.00) and will plan on visiting for a week or so in Feburary.
Setting the goal: When? How long? How much will I need? How much do I need to save /day/wk/mth to achieve the goal?
posted by Thor @ 5:45 AM
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