How much is your networth?

Saturday, June 12, 2010

I read an article in online magazine about individual financial health, looked very sensible hence sharing the same with the readers

Keep also in mind, some amount of money need to be kept as contigency for emergency. The amount of money kept aside as contigency can vary according to age, if you are at the start of the your career and employed, then probably 2~3 month should be enough, as you are bound to be flexible and adaptable. If you are in 40's 6~12 month of expenses have to kept aside and if you are in 50's 1~3 years. However, there is no specific formula on contigency, only thought is that when you are young, not much of responsibilities and hence can roam the world but as we get more mature adaptability & learning skills diminishes though we might gain wisdom over the years.

Further, this amount need to be kept on the liabilities side for better calculation of the net worth.

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