It’s the start of a new year, a time when people make resolutions and set goals. 2020 was chaotic and created difficulties, especially financially, for many people. This has prompted many to reevaluate their finances and attempt to gain a little more financial security, some for the first time. This has forced many to ask, “Where do I start?”

The short answer- at the bottom. When building anything, be it a physical structure, a business, or a financial platform you need a strong foundation.

Your number one task is to get organized. Build a personal balance sheet containing a summary of your assets and your liabilities. Subtract your liabilities from your assets to determine your net worth.

Your net worth is the bottom line-foundation number. This is the number you want to grow. It’s that simple.

Next you want to protect yourself, your family, and your assets. This includes proper insurance and an estate plan.

Now that you have a base you can work on developing your cash reserves. You should be putting money into a savings account every month. He who saves early saves the most. The bigger your savings grow the more you can invest and build a sound financial future.

“Compound interest is the eighth wonder of the world. He who understands it, earns it...He who doesn’t...pays it.” -Albert Einstein