From the course: Start Young for Your Best Retirement
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Setting your baseline/starting point
From the course: Start Young for Your Best Retirement
Setting your baseline/starting point
- When it comes to retirement planning, sometimes it's hard to sort out where you are and what you need to do. But if you'll take a few steps to assess where you are right now, it will help you chart a path towards retirement. Now, no matter where you are in your life, you have two key financial issues to deal with. Net worth and cash flow. Let's look at each of these separately. The net worth is the value of all of your assets minus all of your debts. Now, don't get freaked out if you're looking at a huge negative number. Most of us live our whole lives with a negative net worth. By the time you retire, however, you need to have a positive net worth. And to get there, you need to have a plan to pay off your debt. Start by making sure you can manage your student debt if you have it and have a plan to pay it off. In the U.S., student debt cannot be forgiven, so you can't run away from it. For your mortgage, set a date that you'll have it paid off by and think twice before you take out…
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