Financial Focus: Your financial " heart", how's it ticking?

By Professor Anthony Rivieccio MBA PFA

How much are you worth? While you’re alive? When you’re dead?

In financial terms , that is called your Net Worth. It is a mathamatical formula that goes :

Assets

Income

Liabilities
Expenses

= Net Worth

Assets include things that you own: including; personal property, cash, savings, investment, Real Property, Life Insurance & Retirement plans

Income includes all of the cash flow you are receiving, including: work salary, self employed income, retirement, pension, social security,

Liabilities are things that you owe. Items like: mortgage, short & loan loans

Finally, expenses are your monthly bills. All of them, from the rent to the toothpaste to the mortgage to the garbage bags.

So , as a medical doctor checks you for an examination, Net Worth ,is, considered to be the heart of your wallet. The heart to your financial goals, dreams and future.

If your immediate Net Worth is positive, then of course , your financial heart is ticking normally and you want to start the path to find smart ways to: accumulate, distribute, preserve and transfer your Net Worth or what is truly call wealth.

At this point understanding financial planning methods of : budgeting, debt management, investment , taxes and retirement planning become key. These are subtle ways of achieving both, more wealth and your short & long term goals. There are also more stringent and complex ways . In medical terms, we would consider these ” preventive” ways to keep your heart healthier. But consider these strategies to be long ( not too long) term.

For the moment right now, if your positive, your on your way. If your negative, get some help immediately! You might need a financial doctor at this moment. If you don’t get one now, especially in our economic environment, long term, you might truly need your medical doctor

Professor Anthony Rivieccio, MBA PFA, is the founder of The Financial Advisors Group, celebrating its 25th year as a full service financial planning & investment firm . Anthony is also owner of Rivieccio Financial Advisors, a virtual only financial advisory firm, opened in 2021. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Co-Op City News, The Bronx News, thisisthebronX.info and The Bronx Chronicle. Mr. Rivieccio also pens a financial article called “Money Talk”. Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. For financial assistance, Anthony can be reached at (347) 575-5045. Have Facebook? My personal page is www.facebook.com/anthonyfromthebronx