How To Do A Family Financial Assessment

Written by Jeff Williams


Continued from page 1

- Variable expenses. Allrepparttar rest of your monthly household expenses, which change some in dollar amount from month to month, such as entertainment, phone expenses, and groceries.

You may need to do some research.

To reveal these expenses may require going through your records. We suggest that you review your cancelled checks forrepparttar 112660 past three months. Make a worksheet withrepparttar 112661 primary expense descriptions. Listrepparttar 112662 dollar amount from each check under one ofrepparttar 112663 headings. Similarly, examine your past three months of statements from each credit card account you use to pay household expenses.

> Family Balance Sheet

This part ofrepparttar 112664 Current Financial Situation worksheet shows two additional aspects of your family financial situation:

- What you owe (debts or liabilities) E.g. Your mortgage loan balance.

- What you own (assets) E.g. Your house, autos, furniture, etc.

Be honest. If you kid yourself about your monthly debt payments before you launch your business,repparttar 112665 cold, hard reality will only add to your psychological stress later.

> The Business Burden

When you look at your monthly family income, you should consider what will happen financially if you quit your job to pursue your business full-time.

Your expenses will not decrease much, but your income sure will. The difference betweenrepparttar 112666 family expenses andrepparttar 112667 family income other than yours can be calledrepparttar 112668 "business burden." What this means is that unless you want your family's lifestyle to change dramatically, you must produce enough revenue fromrepparttar 112669 business to coverrepparttar 112670 shortfall between expenses andrepparttar 112671 other household income.

Every month that you do not produce enough sales to cover this amount, you must borrow to keeprepparttar 112672 family going. This is why I call thisrepparttar 112673 "business burden".

Jeff Williams worked for big business for years, until he decided to take his career in his own hands. Since 1988, he has guided more than 3,000 people to successfully go from employee to boss. He is pleased to offer his free, monthly telegroup: "Are You Ready To Leave Your Job?". Register at: http://www.bizstarters.com/ready2leave.cfm Jeff may be reached at 847-593-5305 or by e-mail at: jeff@bizstarters.com


The Conflict of Interest Game

Written by Ulli G. Niemann


Continued from page 1

Why bring all this up? For one thing, it is interesting to note that Morgan Stanley offered four of these types of funds in October 2000. Just aroundrepparttar time when we sold all of our positions (Oct. 13, 2000) and it became clear, at least to those of us who were tracking long-term trends, that a major trend change had taken place.

More recently inrepparttar 112659 news it's been Merrill Lynch who had a questionable deal involving transactions with failed energy trader Enron. Of course,repparttar 112660 financial services industry regulates itself so well, that an $80 million payment torepparttar 112661 SEC is sufficient to wrap up this case without admitting or denying wrongdoing.

What'srepparttar 112662 moral of this story? While it is impossible to predict these alleged conflict of interest schemes, it is definitely possible to follow a disciplined approach and be onrepparttar 112663 “right” side ofrepparttar 112664 market so you can avoid jumping aboard a sinking ship.

Ulli Niemann is an investment advisor and has been writing about objective, methodical approaches to investing for over 10 years. He eluded the bear market of 2000 and has helped hundreds of people make better investment decisions. To find out more about his approach and his FREE Newsletter, please visit: www.successful-investment.com


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