How do I work out my 'net worth' and how much money do I need before a financial planner will see me?
Top answer provided by:
Luke Smith
Net worth is generally total assets – total liabilities but what you do with this information can vary depending on what you are trying to accomplish. Your overall position may impact some of the strategies that you could consider however most things can be tailored to your current situation taking into account existing cash-flow.
I think the important thing to consider is not what you are worth but rather what you are looking to achieve. What is most important to you and how can you use what’s available (asset, cash-flow, savings and time) to do the things you want to do both now and in the future.
A good adviser may be able to provide information on a range of options that you may not be aware of using the resources (income and assets) that you already have at your disposal. An adviser can help select a strategy that is in line with your objectives and help you attain it. It pays to see someone that can help because after all, you don’t know what you don’t know and all too often you are made aware of something after the fact.
If you want to see an adviser, make an appointment because investments will go up and down but the one thing you cannot get back is time.
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Comments2
"you need to see an adviser. especially if you don't know what "net worth" is. But before you do - I have shares in a bridge you might want to look at!"
Lam 15:56 on 28 Oct 16
"Nice answer look - I second that Stephanie. Don't diddle. Get to an adviser asap."
Brett Evans 15:53 on 28 Oct 16