Image via WikipediaFinancial IQ Philippines Quick Hit(s):
We need to consciously take steps to increase our net worth annually.
Are you getting the right answer to the wrong question? When people find out I used to run a hedge fund, they often ask me, "What is a hot investment right now?" Of course, I don't attempt to answer the question for a lot of reasons, the least being that I would have to ask them a series of probing questions about their finances. Besides, I am not a money manager. Either way, it always occurs to me that they might just be asking the wrong financial question.
I have built my company around the belief that people aren't really interested in money, but rather making their own lives richer, deeper, and more fulfilling. With that in mind, a better question to ask would be, "What are the most important numbers I need to know when it comes to personal finance?" It isn't the hot stock or right mutual fund that will make the biggest difference in their finances or help them attain their financial goals. What they should be looking at are their savings percentage, net worth, and credit score. For someone who is on their way to achieving financial success, each of these numbers will be trending in the same direction -- up.
Want to find out if you are on the right path? Here are three essential questions you should ask yourself:
- What percentage of my income am I saving?
- What is my net worth?
- What is my credit score?
http://financiallyfit.yahoo.com/finance/article-112186-8684-3-the-three-most-important-numbers-you-need-to-know?ywaad=ad0035&nc
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