• 03:16:35 am on March 24, 2009 | 4

    Going For Launch …

    space-shuttle-lifting-off-launch-pad-postersI would like to open one of the most important discussions that we will have on this site; it starts by summarizing from your Networth IQ profile (you do have one, don’t you?!) the following numbers:

    i) Income Statement (actually, this isn’t even in the NWiQ!):

    – Your current AFTER TAX income (include spouses/partners, if relevant) = A … take a moment to reflect on how this is made up.
    – Your current total expenses (as above) = B … ”       ”               ”
    – Your current rate of savings/deficit = A – B … this should also include what is going in to your 401k … think about what you intend to do with this (or about this, if a negative).

    A. Income Statement (actually, this isn’t even in the NWiQ!):

    – Your current AFTER TAX income (include spouses/partners, if relevant) = A … take a moment to reflect on how this is made up.
    – Your current total expenses (as above) = B … ”       ”               ”
    – Your current rate of savings/deficit = A – B … this should also include what is going in to your 401k … think about what you intend to do with this (or about this, if a negative).

    ii) Net Worth Statement

    – Your Total Assets = C … Run you eye over this side of the NWiQ table again
    – Your total Liabilities = D … ”              ”                  ”               ”
    Your Net Worth / Deficit = C – D … think about what you intend to do with this (or about this, if a negative).

    IMPORTANT: The effort that you put into this exercise and ensuing series of discussions with the 7MITs who are going though a similar exercise, which I am quite prepared to carry on as long as you are, will probably make the difference for how well this ‘experiment’ works for you (and, them!).

    We’ve programmed your Number into the Orbital Trajectory Computers, we’ve suited up the astronauts and set the shuttle on the launchpad  …

    …. Houston, we have a GO for launch!

     

Comments

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