What Is Your Net Worth And Is It Good Enough?

Sometimes it is worth knowing if your net worth is good enough or not. But how do you know if it good? And what if you don’t even know how to calculate your net worth? These are some of the questions I am trying to address in this post. Simply put net worth is the sum of all your assets minus the sum of all your liabilities. An asset is something you own and has a value. Your watch, TV, jewelry, car, house etc come under assets. A liability is something that you owe to others. For example if you … Continue reading “What Is Your Net Worth And Is It Good Enough?”

Income Tax Reporting

While the name “income tax reporting” seems to suggest that you only need to report income, it is not really the case. It has been expanded to report investments that you already have, whether they gave you any income or not during the assessment year. After reading a comment on one of my blog posts I became aware of the fact that some people might be misinformed about what is supposed to be reported. Since I am not a tax adviser, I cannot tell what everyone should report, but I will go over what I have been reporting over the … Continue reading “Income Tax Reporting”