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Which Direction? by Gary Foreman Heard an interesting statement recently. The direction you're facing is more important that where you are in the journey. It seemed to ring true in our finances. Don't misunderstand. Where you are standing today is important. Especially if you're 60 years old and facing retirement with limited savings. But, where you are is a reflection of what you've done in the past. And, while that's important, it's still the past. You can't change what's already happened. You can change where you go in the future. To do that you need to consider what direction you're facing. And, to make sure that you're moving in the right direction. So, consider this list. To answer some you may need to do a little figuring. But, chances are that by the time you get to the bottom of the list you'll know whether you are heading in the right direction. Is your net worth increasing or decreasing? (learn how to calculate your net worth here http://www.stretcher.com/stories/01/010101r.cfm) Are you adding to your monthly expenses? Or are you cutting monthly costs? Have you learned new skills for home repairs? Are you using them? Have you learned new skills that make you more valuable at work? Have you developed financial goals? Are you monitoring your journey towards those goals. How do you feel about your finances? Confident? Concerned? Worried? Would you be embarrassed if others knew about your real financial situation? Do you have more or less credit card debt than a year ago? Do you know more about your finances than you did six months ago? Do you have enough money to survive a six month loss of income? Or are you moving towards having enough money? Are you attempting to learn more about personal finance on a regular basis? Do you believe you can make a difference in your finances? Do you even know which way you want to be facing? Or do you ignore your financial affairs? Admittedly, some of these questions are subjective. Others could require you to pull out an old bank, brokerage or credit card statement. Still others might even require a calculation. But, it's not too hard to get a pretty good idea which direction you're facing financially. Of course there are two final questions. Which direction are you facing? What are you going to do about it? ______________ Gary Foreman is the editor of The Dollar Stretcher.com website and enewsletters. Check out their frugal living section.

 

 

 

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