Determine Your Net Worth - Page 12 - Net Worth Calculator
Now, let's take a look at your Session Four results.
X & Y Both Positive Values
Race Car Driver
X Positive & Y Negative
X Negative & Y Negative
X Negative & Y Positive
Credit Score & Report
You have indicated that you do have a copy of your credit report.
You have indicated that you do NOT have a copy of your credit report. Please visit www.annualcreditreport.com
for more information.
Thank you for completing session four. Your recommendations are below.
System Generated - Umbrella: Contact a local insurance agent and discuss whether you would benefit from an umbrella policy to help you protect your assets.
System Generated - Benefit Plan: Highly recommend that you take advantage of Health Savings Account if you pay your health premiums to a provider outside of your employer for tax benefits. In addition, if you have access to a flexible spending account, take full advantage of it if you have out of pocket medical expenses.
System Generated - Refund Amount: Refund too large. Fill out a W-4 from your HR department and re-calculate your withholdings so you can get more money in each paycheck instead of a lump sum in your tax return.
System Generated - 401-K Account: Contribute up to the match on your 401-K account. A 401-K is a great way to save for retirement. Many plans offer matching contributions and there are excellent tax advantages to saving in a 401-k plan. Once you have $1,000 saved in a liquid account, we recommend you sign up for your company's plan.
System Generated - Dependent Care: Review your dependent care coverage with your HR department. Sign up for this if you have dependent care expenses and you can receive a tax benefit.
System Generated - Flexible Spending Plan: We recommend that you consider signing up for a flexible spending account if you are planning on out-of-pocket medical expenses of a few hundred dollars or more.
System Generated - Own A Business: Contact a local accountant or CPA to ensure you are getting all the small business tax benefits you are entitled to.
System Generated - Auto Insurance: Auto bodily coverage not at least 100/300. Please bring your current policy and dec page to a licensed insurance agent for a review of your coverage and premium.
System Generated - Will, Living Will, POA: It is important for you to protect your family with a will, a living will, trust, or medical power of attorney. Please contact a local attorney to get information on these documents.
System Generated - Will, Living Will, POA: Home deductible might be too low. Please talk with your home insurance agent to see if a higher deductible might be right for you and save you money by lowering your monthly home insurance payment.
System Generated - Life Insurance: Review your current cash value life insurance with a licensed insurance agent to ensure that you are fully protected at an economical premium.
System Generated - Liquid Assets: Liquid Assets less than $1,000. You need to increase your safety net to at least $1,000 as soon as possible. It is critical that you save this amount in a safety net so that small emergencies do not find their way onto your credit cards.
System Generated - Cruise Director: Pay off debt with lowest balance first and CELEBRATE your success whenever you pay off a debt.
System Generated - Race Car Driver: Pay off your debt with the lowest balance first, CELEBRATE your success whenever you pay off a debt, and stick to your plan.
System Generated - Litigator: Pay off your debt with the highest interest rate or highest balance first. Consider those around you and take their personalities into account when coming up with your debt repayment plan.
System Generated - Statesman: Pay off your debt with the highest interest rate or highest balance first and push yourself to stay aggressive with your debt payoff.
System Generated - Cruise Director: You owe money to an individual. As you are a cruise director, we suggest you make this a high priority. While there may be no interest, your personality style suggests that this may be a real concern in leaving it outstanding.
System Generated - Credit Report: Go to creditkarma.com
to get a FREE credit score. Please note that this score is just an estimate and may differ somewhat from one you would get from an insurance agent or bank.
System Generated - Credit Score: Credit scores of 751 and up are considered excellent; scores from 721 to 750 are very good; those from 691 to 720 are considered good; and borrowers with scores from 620 to 690 are fair credit risks. A credit score below 620 is considered poor.
System Generated - Credit Info: Here is how credit scores are determined: Payment history (35%), Amounts owed (30%), Length of credit history (15%), Taking on more debt (10%), and Types of credit used (10%).
How you can improve your credit score: 1. Pay all obligations timely. 2. Keep most or all of your credit balances to 30% or less of the total credit on that card or loan. 3. Avoid taking on more debt.
Consider closing dormant accounts, reducing or moving debt from cards or loans that are close to "maxing out" pay obligations on time; and be cautious about taking on new debt.
You have over $50,000 in liquid and investment funds (not including your 401-k). You should contact a trusted financial planner to set a long term plan.
One or more interest rates on debt is higher than 14%. Contact the creditor and ask if they will agree to lower the interest rate below 10%.