year end financial review

[Goldy1]

Me and my husband did this a few weeks ago.
I said "Honey, I want you to make me a list of all our assets"
He wrote down the money in savings and checking account, 401K, two roth ira's we have each, bonds,and I think that's all we have.

We really didn't have more or less money than I thought. It was right on target to my expectorations, but I wasn't sure.

However, it sort of made it real to me seeing it on paper.
I have been considering taking an more mortgage to buy a house in a pricier neighborhood.
After seeing the numbers, I decided it really was a big financial risk if my husband got laid off, and that we were doing ok financially(no high rolling though) partly because of staying in our affordable home.

This was our first financial review, and I think we'll do it again.

[autoxer]

Did you list all of your debts also? Net worth = Assets - Liabilities

[scfr]

Me and my husband did this a few weeks ago.
I said "Honey, I want you to make me a list of all our assets"
He wrote down the money in savings and checking account, 401K, two roth ira's we have each, bonds,and I think that's all we have.

Glad to hear that you did this. It's important to know where you stand financially. If you are not sure if you have other assets or debts, looking at the incoming mail and reviewing your tax return are good ways to look for items that may have accidentally been left off the list. For example, if you see interest income from "Big Bank X" on your Schedule B, then you'll know that an account at "Big Bank X" should have been included on the list of assets.

It's always a delight to hear about spouses sharing information and reviewing their financial situation together.