anyhow stop
Do you have a balance sheet of your personal assets and liabilities? Did you prepare your income statement for the year just ended?
I am not referring to the returns that you prepare for Inland Revenue Authority of Singapore. That generally reflect your gross income but not expenses. How many of us actually track your expenditures too? My dear friends, it is important and I am doing it albeit not in as much details as before.
I watched a documentary of a Malay divorcee talking about her greater awareness and therefore control over her finances as she starts to keep track of her income and expenses. That would be the first step.
Next, we need you to work towards a balance sheet. Lorna Tan, the senior correspondent of ST, talked about her neglect in tracking her gains and losses of $300,000 worth of stocks in her portfolio. I have a portfolio too but definitely not of that magnitude. As I have been tracking my own portfolio, I simplified my holdings based on my new investment strategy after more than 20 years mugging around my money.
My simple advice to you my dear friends, get to know your finances soon with your very own balance sheet and P&L!!!!! Share with me your experience once you have done them!!
2 comments:
Dear Edgar,
Recently I just tried to track my expenses. During the first few days, I managed to track it, but after that I had forgotten about it entirely so it was not consistent. I think I have to try harder to track it. It was quite difficult.
i've been updating my expenses over the years since i've starting working.
however when this year started, lotsa of things were not in place and the expenditures i've been tracking daily/weekly has stopped.
after reading your post, i think i've to try and continue to update/track it as it's not easy to maintain...
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