Wednesday, October 10, 2007
Frightening Financial Agenda
Over the past couple of weeks I've been researching to find out what our financial picture looks like. Today, since my husband and I are having a financial meeting, I put the complete picture together!
Using a newsletter template, I compiled and printed our volume one, issue one of "Jewel Financial'. We'll be putting together our mission statement by going through the team section at www.franklincovey.com/fc/library_and_resources/mission_statement_builder.Then we'll move into our agenda which we determined a couple of days ago. The agenda consists of reviewing October's buget, reviewing insurance coverages on auto, home, condo, and reviewing our banking selections.
In addition to the above, I've listed what we currently have in each of our accounts, as I've said in the past, we have a LOT of accounts between our two businesses and our household.
Next to our assets I've listed our long term expenses and our pending monthly expenses. This is the part that I wish I hadn't done though. I believe its too much information for a first meeting. I actually felt physically sick when I saw the bottom line numbers.
I ended up calling a prayer line for support because I was so frightened.
I still need to perform these same tasks for my business so I can see what's going on there. I know I have outstanding debts, but I don't know how much. I can think of several thousand off the top of my head though.
Currently we have access to $1,515. Our Credit and Loans total $37,000. Our Mortgage balance is $462,342. For a total of $499,342! (Later: Oops, I forgot to add in a $46,000 loan that we pay $1000 on per month. Next day later. . . . another $3000 construction debt past due to add to the bottome line. )
We owe 1/2 a million dollars!