Preparing a Statement that Will Reflect your Income and Expenses

In this statement there has to appear all the income and expenses of money. According to the profession that you have and of the number of family members that have jobs, you will find more or less difficulty in calculating your income and expenses. However, if you can obtain an approximately reasonable estimation, you will have an idea of your real financial situation. If you are as most of the people, you surely didn’t have a clue of the real value of your assets until you calculated them, and neither had you any knowledge of as to how they where distributor or of what were the components of your liabilities. For this reason, you must calculate your net assets before beginning to invest on financial products such as shares, debentures, mutual funds and others alike, or before you decide on increasing the volume of investing that you already have.

It is not absolutely about a useless exercise. Among other things, it makes you to valuate the composition of your assets and it puts you in the condition of being centered on your future needs and of valuing the grade of risk that you will have to achieve to obtain your objectives.

First Comes First
After analyzing your income and expenses statement you will have a better idea of how much you can invest. Now, everything is all right, but wouldn’t it be convenient to make provision for unexpected events that could happen while working to obtain your objectives?

Preparing a Testament
An obliged step in every financial program is to make a will. Now a days, there are still much people that are unwilling to do a testament as a provisory measure due that it produces them an unpleasant sensation of getting older or that death is near by.

However, a testament is a “living document”, a way of planning and administrating its assets as a way of carrying for our dear ones and also to reduce possible tax obligations. For these reasons, if you were calculating your net assets with the intention of acquiring financial goods, it wouldn’t be so bad if you should go to a lawyer to write the rough draft of your testament in case it would be necessary to do some changes.

A warning: it is always better to ask for the services of a lawyer to give a legal character to your last will, than to buy those testaments already made and that are so publicized. A lawyer is perfectly capable of advising you about your personal situation and even on taxing and trust issues.