After completing this module, you are on your way to personal wealth! You determined where you are now—your personal net worth. Although you may not own a lot now, you know how to calculate net worth by subtracting total liabilities from total assets. Having a positive net worth, or owning more than you owe, is important for obtaining credit and being financially secure.

You also learned about setting financial goals—short-term, mid-term, and long-term. Your financial goals point you in the direction you want to go so you can achieve those goals. Then you created a budget, which is a tool to see how you spend and save your money. By figuring out how much money you receive and subtracting what you spend, you figured out whether or not you spend more than you earn. A balanced budget is vital to building personal wealth. You can’t get control of your spending if you don’t know where it is going.

Finally, you learned the importance of maintaining your financial records in a filing system. By keeping neat, accurate records, you are able to have the most up-to-date information for your budget. Wow! Now, hopefully you can answer the questions asked at the beginning of the module:

• How much money is in your wallet right now?
• Do you have a savings account or a checking account?
• How much is in those accounts?
• How much do you spend every week?
• Do you own anything of value?