Wealth management and its tracking from time to time is one of the key ways to make the most of your investments. Tracking your investments helps keep your investments aligned with your long term investment goals. Some of the key features in measuring and tracking your wealth are:
The first and foremost thing to do is to accumulate data of your wealth. Record in detail where money is invested. Log all assets and investments. This data will help provide an accurate picture of your current financial situation.
Next gather your current check stubs and add incoming salary to your spreadsheet.
The next step is to deduct all debts from like mortgage interest, capital, debts, car loan, home loan, personal loans, etc. The difference between your wealth and debts will provide you with your net worth.
Tracking can be done on a monthly basis or yearly basis. Tracking your wealth will allow you to plan for the future and ensure that you are meeting your financial goals.
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