{"id":1362,"date":"2017-09-22T03:00:50","date_gmt":"2017-09-22T08:00:50","guid":{"rendered":"http:\/\/kerryaclark.com\/?p=1362"},"modified":"2017-09-21T18:00:54","modified_gmt":"2017-09-21T23:00:54","slug":"the-red","status":"publish","type":"post","link":"https:\/\/www.kerryaclark.com\/blog\/the-red\/","title":{"rendered":"Stop Living in “The Red”"},"content":{"rendered":"

It took us a long time to get here, but we’re here, the last installment of “banking actions<\/a>“. \u00a0This post’s purpose is to bring banking terms, such as assets, debts, and net-worth, to simple terms. \u00a0\u00a0Pamela and I are strong believers that when people give you words and share how they are used, you have to decide how those words are used and applied to your life. For example, net-worth doesn’t have to be a term you hear in company financial settings or when you apply for a mortgage or some other large purchase. \u00a0These terms have simple meanings that we’ve allowed others to make complex. \u00a0<\/span>
\n<\/span>
\n<\/span>Let’s start with getting to know your financial value. \u00a0What are you worth according to the numbers?<\/span><\/p>\n

Your Value (Assets-debts=Net Worth)<\/strong>
\n<\/span>Can we first agree that value can be assessed in a number of ways? \u00a0Here are two: 1) the value you believe something is worth and 2) the value that others believe something is worth. \u00a0My goal here is to give you a way to assess your own value by the numbers, that is. \u00a0Why is this important? \u00a0You’ll need this for the conclusion I’d like to make at the end of this post.<\/span><\/p>\n

Assets:<\/strong>
\n<\/span>Assets are all the things of value that you possess-can put your hands own. \u00a0The majority of us are less familiar with this term as we don’t have many assets. \u00a0<\/span><\/p>\n

\"\"<\/p>\n

This fact is what led to this post and my desire to change this for my readers. \u00a0Assets include, but are not limited to, such things as: \u00a0\u00a0\u00a0<\/span><\/p>\n

Your home
\n<\/span>Your vehicles
\n<\/span>Your savings
\n<\/span>Your money<\/p>\n

When you add your possessions up, it provides you with the amount of your assets. \u00a0Do you know what you have in your possession? \u00a0These are the things that have value and can be used as leverage to make your life, your business better. \u00a0The more assets you have the better your life, your business will be. \u00a0If you’ve been following me for any time, you’ll want to add “increasing your assets” to your family plan<\/a>.<\/span>
\n<\/span>
\n<\/span>Debts:<\/strong>
\n<\/span>We are all too familiar with debts; this is a huge problem. \u00a0If I were to ask you to name, your assets you’d struggle, but when asked to name your debts, you can go on and on. We know debts very well; they’re anything that we owe to someone else. \u00a0Debts include, but are not limited to, the following:<\/span><\/p>\n

Credit cards
\n<\/span>Bills (i.e. Utility services)
\n<\/span>Loans (auto, bank, mortgage, etc.)
\n<\/span>Student loans<\/span><\/p>\n

The fewer of these we have, the better. \u00a0If you have debts, they will require our greatest attention if you desire to make your life, your business the best it can be.\u00a0<\/span><\/p>\n

Net Worth: Assets – Debt<\/b>
\n<\/span>Now that you have the terms and their simple meanings, you can do the math. \u00a0Your assets minus your debts will give you your worth. \u00a0Let’s say your’s looks like this:<\/span>
\n<\/span>1000 (assets) – <\/span>
\n<\/span>5000 (debts)<\/span>
\n<\/span>———————<\/span>
\n<\/span>= – 4000 (Net Worth)<\/span><\/p>\n

When your debts are greater than your assets, you’re normal. \u00a0In corporate America, they refer to this as being in “The Red”. \u00a0You’ve heard that phrase before; haven’t you? \u00a0Normal people live life in “The Red”. \u00a0\u00a0Normal people owe more money than they have in \u00a0their possession.<\/span>
\n<\/span><\/p>\n

The Family Plan Binder<\/a>\"\"<\/a> is available now!

<\/p>\nOur team has worked very hard putting it together. We designed it to help you and your family move the needle forward in making your life your business. \nFind out more about the Family plan here.<\/a><\/div><\/div><\/div><\/div>\n

“The Red” versus “The Black”<\/strong>
\n<\/span>I said all that to get to this part. \u00a0For the majority of our lives , Pamela and I spent it living in “The Red” because that was normal. \u00a0It wasn’t until we decided to be uncommon<\/a>\u00a0that we realized that there was another way to do life, our business. \u00a0After we began applying the principles that we share here at kerryaclark.com<\/a>, we began to see our “Net Worth” shift. \u00a0I remember the day that Pamela, showed me that we were finally in “the black” with our power bill. \u00a0I had to ask her what did that mean? \u00a0In “the black”? \u00a0We learned about that in college, but I hadn’t heard those words in a decade or better. \u00a0We had finally moved from owing the power company to having the power company owe us. \u00a0(BTW – I can’t wait to share with you how we did that, but I’m going to need you to invite your friends<\/a> to join us for that journey.) \u00a0What we learned was that there’s a way of doing life, running your business that’s been hidden and at kerryaclark.com<\/a> we’re going to expose as much of those hidden practices as we possibly can.<\/span>
\n<\/span>
\n<\/span>Today is Friday!<\/span>
\n<\/span>Your life is your business. \u00a0What if you’ve been living in “the red” only because you didn’t know any other way to live? \u00a0That was our story, but we have learned a few secrets. \u00a0Begin with measuring your assets against your debts.<\/span>
\n<\/span>
\n<\/span>Question:<\/strong> Do your debts outweigh your assets? \u00a0If so and you’re ready to do something about it, leave a comment below or\u00a0click here<\/a>\u00a0to email me.\u00a0<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

It took us a long time to get here, but we’re here, the last installment of “banking actions“. \u00a0This post’s purpose is to bring banking terms, such as assets, debts, and net-worth, to simple terms. \u00a0\u00a0Pamela and I are strong believers that when people give you words and share how they are used, you have […]<\/p>\n","protected":false},"author":2,"featured_media":1363,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,12],"tags":[],"class_list":{"0":"post-1362","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accounting","8":"category-the-family-plan","9":"entry"},"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.kerryaclark.com\/blog\/wp-content\/uploads\/2017\/09\/20170922-TIF-Blog-Stop-Living-in-The-Red.png?fit=760%2C360&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4jb7V-lY","_links":{"self":[{"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/posts\/1362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/comments?post=1362"}],"version-history":[{"count":10,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/posts\/1362\/revisions"}],"predecessor-version":[{"id":1374,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/posts\/1362\/revisions\/1374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/media\/1363"}],"wp:attachment":[{"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/media?parent=1362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/categories?post=1362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kerryaclark.com\/blog\/wp-json\/wp\/v2\/tags?post=1362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}