Speaking stocks and bonds...and retirement accounts, anything considered an investment for future, you need to know what value is. This could be as simple as looking at most recent statement of that account or if it's your twenty year collection of Elvis dolls, having a competent, trustworthy appraisal done. You should make copies of all documentation and keep originals in a safe place. This way you will have copies of account numbers and a history record should it be needed. Be sure to include life insurance accounts in this search. Term life insurance does not accrue cash value, but it is good to know what you would have available to you if your loved one dies. Find out when term of insurance expires and what renewal options may exist. Whole life insurance accumulates a cash value over time as well.

Next, find out exactly what your total monthly household income is. All payments should be considered, and a copy made of most recent statements should be added to your file.

Last but most importantly, is to find out where your money is going. Every last dime of it. Not only from monthly bills, but everyday expenses. It's not a lot of fun, but keep a little notebook handy for a month and track expenses. You need your partner to do same as well or at least give you receipts so you can track things. If you meet a lot of resistance, you may have to resort to asking questions, making estimates or, as a last resort, snooping around to find out. This may be least desirable approach, but every cent that gets spent in your household is an investment in your future. You have right to know.

Once you have completed information gathering process, you will begin to have an idea of your true financial health. The next step in this series will be to conduct an honest, straightforward appraisal of your financial health.

Summary One of first steps on your journey to financial security is to know what your present state of affairs is. Otherwise, how can you map out a success strategy if you don't know where your starting point is? One important part of this evaluation process is to consider all income and expenditures an investment in your future, good or bad, so you can invest wisely.

B. Do a stated income or no doc loan – These types of loans are done all of time, where you need no proof of income, you only state on a form what your income is, and you do not need to verify it. This can help if you are self employed and want to state your income as it is and not worry about having lender average out your income from last two years instead. Make sure you are accurate in stating your income, because lender may be able to obtain past taxes from IRS to confirm it. When you do a stated income loan, this will put more emphasis on your down payment or credit score. So, you will usually need one of these factors to be strong if you want to go this route. Most of time when you do a stated income or no doc loan, you will be charged a slightly higher interest rate because of extra risk lenders carries.

C. Put together a profit & loss statement stating accurately stating your profits and expenses from last two years. This can be a time consuming project, but it can sometimes be used as income verification for a lender. It is more usable if you have had it signed or verified by your accountant.

There are many ways that lenders can work with you if you are self employed. There are many programs available to help you and if you have a down payment or decent credit, you are almost guaranteed to be able to get approved somewhere. To see our list of recommended lenders that would be able to help you, visit here: Recommended Mortgage Loan Companies Online or here Recommended Bad Credit Mortgage Loan Companies Online