MEN'S 28 DAYS TO LOVING MY WIFE CHALLENGE DAY 16 - FINANCES # 2

IT'S IMPORTANT TO KNOW 

Most men today, do not know the financial affairs of their homes.  

If something happens to you today is everything in order? 

Does your wife know your financial obligations? 

It's important to know-Don't let her or you be surprised!

Theme Verse: Ephesians 5:29
For no man ever yet hated his own flesh; but nourisheth and cherisheth it, even as the Lord the church:

Even if your wife is the financial manger, you SHOULD take the responsibility of the finances- at least know about it!

Yesterday...
Did you identify your life-stage?
Are you where you should be?
Did you take time to write out your goals?

If you did, let's go to Phase 2
What are your Assets? What you owned
What are your Liabilities? What you owe
Do you know your Net Worth? (the difference between what you own and what you owe)

TODAY'S ACTIVITY- KNOW YOUR FINANCIAL STATUS

You can't achieve your goals if you don't sit down and know your status to achieve your goals.

Luke 14:28 (KJV)
For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it?

Many people have no clue of their value of what they own, outstanding debts or when they are expected to pay off their debts. These are very important to be financial stable and eventual become debt free!

Today, our men will take on two exercises of knowing their financial status and overall net worth. (if you are unable to do it by yourself, you may want to get you spouse/children.. in on this)

In your notebook with a header LIST OF DEBTS Date: ______
Assignment # 1
Do 5 Columns with the following:
Creditor - Who you owe, banks/financial company (not utilities)
Balance Owed (Payoff amount)
Payments
Date Due
Interest Rate
Maturity (When it should be paid off)

Assignment #2 Financial Statement
Using the as a guide make a list under ever headline:
ASSETS:
Liquid Assets $ (Savings/Checking cash on hand)

Invested Assets $ C/D, IRAs, 401(K)s, Investment, Real Estate...

Use Assets $ Residence, Auto, Personal property

TOTAL ASSETS $ (Total all of the above assets)

LIABILITIES:
List all the balances of your debts
Mortgage, Auto Loan, Credit Card, School Loans, Personal Loans and other debts (not utilities/phone/household expenses)

TOTAL LIABILITIES $

NET WORTH $ (Assets-Liabilities)
Your net worth will give you a picture of where you are financially in terms of your goals. 

If you don't know the value of your assets, check the blue book value on line for your vehicles, check your appraisals, ask realtor or make a fair market value.
If you don't know the balance of your debts, go on line or call your creditor.

DO NOT PROCRASTINATE on this assignment. This is a very important factor to the rest of this week's assignment.

Caution: BE HONEST-Don't overvalue your assets (state the market value not your sentimental value), and list ALL your debts so you can have a true net worth!

Remember, MARRIAGE IS A TEAM EFFORT-COMMON PURPOSE!

Don't be discouraged if she doesn't receive it at first or perhaps question your motive. Just do it- Get it Together First! Watch God in the next 28 days!

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Taking the risk-training to enhance your marriage and give the next generation a change to emulate.

God Bless you and Keep the Faith!

Virtuous Jewel