Are your assets looking a little light?
Let’s chat for a minute.
Because based on some of my recent conversations, it’s been brought to my attention that you might be doing something that is MASSIVELY undervaluing your net worth.
I promise this isn’t another blog about knowing your worth and negotiating your true value, although don’t tempt me because I ALWAYS have energy for that particular debate.
No, this is about our balance sheets. Ha, I bet you didn’t expect to be talking about financial statements again so soon did you?
But they’re important. Why? Because this static snapshot of your financial health, viewed through the lens of a traditionally used accounting vehicle is a great benchmark for monitoring your progress on your wealth building journey.
In simple terms, your balance sheet is a way of stacking up your existing asset base (ie what you own) vs any liabilities (ie what you owe) and appraising what your net position is when you subtract one from the other.
Straightforward? Should be.
And yet, it’s amazing quite how challenging lots of us find putting together the asset side of our personal balance sheets. We can whizz through the liabilities side in a flash in most cases, but then when we consider the wealth we’ve already amassed over the course of our lives so far, we freeze.
Why? Because many of us automatically peg our value to physical, tangible assets like property, fine art, vintage jewellery and other heirlooms.
But just as businesses find a way to value their intangible assets like reputation, goodwill and customer loyalty, not to mention brand, it is imperative that we make sure we’re not representing our assets at a discount to their true value, because we’ve failed to account for, arguably the most prized asset of all – ourselves.
Consider your:
- Education (academic and life!)
- Skills & training
- Industry knowledge
- Career longevity
- Reputation
And the rest. This potent mix has probably opened doors for you that you have glided through without even pausing to say, "thanks outstanding rep and stellar personal brand – I owe you one."
And what exactly do you think those assets are worth? Millions.
Precisely. So today I encourage you to take another look at your personal balance sheet and re-appraise your net worth. Even if it’s not quite where you’d like it to be, don’t stress – remember this is a static reflection of where you are today. Tomorrow you start the work of building it up to where you’d really like it to be. And if you need a hand, you know where to find us ;)
Oh and don’t forget to check out the money affirmations we shared in this instagram post paying particular attention to the following:
1) I can look at my finances without fear
2) I deserve to be paid for my skills, time and knowledge
Then save them on your phone as a daily prompt for future wobbly moments.
How we speak to ourselves about our finances is important – let’s speak abundance and BIG wealth over our lives today and every day.
P.S. Don't forget to register for our free live webinar in which I'll be taking you through our 5 step R.E.I.G.N approach to building sustainable long term wealth in detail. Sign up here.