This week, we are taking the first step to building our social media presence. If you are a social media user, please visit and follow Clear Sky Wealth’s Facebook and Instagram pages. We plan to share fun and inspiring information on these pages.

While developing a social media presence for Clear Sky Wealth has taken far too long, it feels good to take the first step. Just like with a wealth plan, we often wait until everything is done and perfect before we start (which it never is). So, in the spirit of taking a first step, here is a recommended first step for your wealth plan:

Take Inventory

Before you can figure out where you are going, it is a good idea to know where you are financially. You begin by taking inventory of what you have – your assets. This is everything you have with financial value: your home, other properties, cash savings, investments, retirement accounts, and collectibles. Then, you take inventory of what you owe – your liabilities. This includes your mortgage, lines of credit, student loans, car loans, and any credit card debt.

If you subtract your liabilities from your assets, this is your net worth (Assets – Liabilities = Net Worth). It is also called a personal balance sheet.

Hopefully, you have a positive net worth, and you can start from a position of strength and build on your assets. If you are eager to take it one step further, create your current net worth statement, and in six months, update your net worth statement to check your progress.  Quite often, clients are impressed with the progress they make. When you align your goals and vision with your money, it really can be fun!

If you have a negative net worth, it is good to know where you currently are, so you can develop a plan to develop a positive net worth. Liabilities that may seem like huge obstacles can often be reduced quicker than we think, if we have the right strategy and financial focus.

Just like I needed to assess my current situation for social media before launching, you first want to take inventory and create a net worth statement before choosing which financial goals to focus on and developing a wealth plan.

With the right guidance and strategy, executing on a wealth plan is easier than many people think. If you would like to get started or just take the first step, I am happy to help. To schedule a time to talk, connect with us.

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