Newspapers / State Port Pilot (Southport, … / Oct. 6, 1999, edition 1 / Page 40
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The State Port Pilot Business Money Management How to determine your ‘net worth’ Let’s say you have a destination in mind. And, as luck would have it, you also happen to have the best map in the world right there in the palm of your hand. Unfortunately, without also knowing your starting point, you just can't get where you want to go. Financial planning works exactly the same way, says the North Carolina Association of CPAs. You need to start at “Ground Zero" — with your current net worth — before you can chart a viable course toward meeting your financial goals. Take a few moments now to find out how you can calculate your net worth. What is net worth? Your net worth is the total value of everything you own reduced by any out-. standing liabilities. Or. to put it another way, net worth is the difference between what you own and what you owe. How do I calculate it? To calculate your net worth, add up the market value of all your assets. List what you have in savings and checking accounts and don’t forget to include cer tificates of deposit (CDs). Also, if you have a bank safe-deposit box that you haven't opened in years, now is the time to take an inventory of the contents. You may find hidden sources of cash in savings bonds, life insurance policies, corpo rate bonds, stock certificates and other documents you put away for safe keeping. If you own a house, list its current market value, referring to prevailing sales ■ figures in y our neighborhood as a guideline. Include the value of your car, the cash surrender value of life insurance policies, personal property such as jewelry, artwork, antiques and collectibles. Estimate the total market value of your securi ties and investments as of the date the balance sheet is compiled. Include stocks and bonds, as well as mutual fund shares, treasury issues and money market investments. Refer to the newspaper or check with your banker and stock broker to help you assess the current market value. If you have IRAs and other retire ment plans. Ire sure to add in the cash value of each account. Pension funds also should be included in your list of assets, but only if they have a present value. If you are not vested and the funds have no current measur able worth, you should not view them as assets. The same is true of any other resource that you can access only by satisfying certain requirements, such as working a minimum number of years at one firm or reaching a specified age. After you determine the total value of your assets, total your liabilities. At the top of the list for most families is money owed on a mortgage. Other common lia bilities are outstanding home equity loans, student loans, car loaas, credit card bal ances, furniture or other items being paid on installment and taxes owed. Also, be sure to include balances owed to doctors, dentists and other professionals whose services you use. Now, subtract your total liabilities from your total assets. The resulting number is your net worth, a baseline from which to measure your financial well-being going forward. Now you can take charge By itself, a net worth statement is a way to take the “pulse” of your financial standing at one particular point in time. But don’t underestimate the importance of this measurement — it’s a benchmark against which all future readings will be evaluated, a means of putting your finger on the health of your financial progress. In other words, if you are striving to reduce consumer debt and accumulate assets, a semi-annual or annual net-worth checkup will provide you with a concrete and measurable account of how close, or how far, you are to obtaining your goal. If your net worth this year turns out to be negative, don’t despair. A net worth in the red doesn’t mean that disaster is a heartbeat away. Instead, it simply means some belt-tightening and sound financial planning may be in order. Again, rather than panicking, focus on the valuable information you’ve just gained; knowing whafs “broken” not only allows you to fix it, but the insights you've picked up along the way will help ensure that this situation won’t ever happen again. CPAs recommend that you make an annual ritual out of refiguring your net worth. Not only will it be gratifying to see your financial picture improve, but the resulting knowledge can help you budget, devise an investment strategy and even plan for retirement. Money Management is a weekly column ofpersonal finance prepared and distributed by the North Carolina Association of Certified Public Accountants. Setzer receives new home title Sheila Setzer of Century 21 Dorothy Essey and Associates Inc. has complet industry’s most comprehensive new home sales course" to earn her national des ignation as Certi lieu new nome Specialist. SETZER The course was created and presented by Dennis Walsh, recognized interna tionally as a leading authority in all aspects of new home sales and market ing. Setzer has been active in real estate sales for two years and works in the Southport, Oak Island and Boiling Spring Lakes areas. Rupp appointed at First Citizens First Citizens Bank has named Dr. Gregory P. Rupp to its local board of directors in Brunswick County. Rupp is a Shallotte dentist and also is president of Riverview Professional Centre. He earned his bachelor’s de gree from the University of Michigan (1981) and his doctorate of dental surgery from Northwest ern University (1985). Rupp is a mem UCl U1 V^dlllJJ - “ — United Methodist RUPP Church, where he serves on the Pastor Parish Relations Committee. Tomlinson joins Ingersoll Dresser Southport native Watson Tomlinson has joined Ingersoll Dresser, a division of Ingersoll Rand Corp., as a pump improvement engineer assigned to the Charlotte service center. Tomlinson was senior engineer in the Duke Power Nuclear Generation Group responsible for overseeing rotat ing equipment for three nuclear power generation stations. He also has sup ported reliability improvement pro grams at CP&L’s Brunswick Nuclear Project and South Texas Project with the Duke Engineering Services Group. He earned his mechanical engineering degree from North Carolina State University and is a licensed profession al engineer. He is the son of Mr. and Mrs. Eugene Tomlinson of Southport. He and his wife Anne and children Ray and Camie reside in Mount Holly. Southport-Oak Island The chamber report By Karen Sphar Executive Vice-President Thank you to Rick Zawadzki, Bruns wick County Partnership for Children, and Mike Baldwin, Brunswick County Partnership for Children Fatherhood Project, for representing the chamber at the Brunswick County Literacy Coun cil Adult Spelling Bee. 'Ihe chamber's Tourism Committee has been busy working on getting the good news put about our area — and there is plenty of good news to talk about. Letting folks out of the area know that, while we have and continue to have some difficulty from the storm, we are not down and out. There is still plenty to do and many reasons to come to the Southport-Oak Island area. The Small Business Center at Bruns wick Community College will host a teleconference for small business own ers to get information about disaster business loans and more today (Wed nesday) from 6 to 7:30 p.m. in the library at Brunswick Community College at Supply. Registration is required and can be done by calling 253-3088. The teleconference will be Beach & Inland Mortgage Co. ^ 762-5375 I downlinked to Brunswick, Edgecombe and Pitt counties. If you can’t attend, don’t worry. The Brunswick Commun ity College Small Business Center will supply a copy of the seminar to the chamber. So what else is the chamber working on? The 2000 Vacation and Residents Guide (ad deadline is October 15), a candidate survey and a grand opening for Dan’s Fan City on Thursday, October 14, from 3 to 5 p.m. Dan’s Fan City is located at 3296 Southport Supply Road, Bolivia. I don’t know about you, but last Friday’s weather lifted my spirits. I don’t think I was alone either. Every where 1 went — made lots of excuses to run errands — there were lots of people and everyone was in good humor. We are looking forward to seeing everyone at Celebration of Oak Island this week end. Make sure you stop by the cham ber’s booth and say “hey." COMPUTER SOLUTIONS FOR BUSINESS, HOME & INDUSTRY SUN DIGITAL 910-278-6884 (office) 910-278-7263 MICROSYSTEMS www.sundigital.com 6402 E. Oak Island Dr.. Oak Island, NC 28465 .torO-^ecWl re^-t kloV<15 *•• m RIGHT DEALER IGHT NOW! MOUNTAINEER 98 EXPLORER XLT 97 EXPEDITION XLT 4X4, V-6, cruise, tilt, auto power everything, P820 $23,490 4x4,4 dr, V-6, auto, air, stereo with CD, cruise, power everything. #P874 $23,890 Leather, 3rd seat, V-8, dual air, fully loaded, 24K. P867 $28.995 97 EXPLORER SPORT, 2dr, 4x4, 24k, V-6, auto, air, cassette, cruise, all power., #P870 $21,490 97 EXPLORER 4 dr., 22K, V-6, auto, air, leather, power moonroof, all power #P883 $22,995 98 MOUNTAINEER 4X4, V-8, all wheel drive, power everything, cass. w/CD. #P866 $24,800 97 EXPLORER XLT V-6, auto, air, cass., cruise, power everything. P877 $21,490 97 EXPEDITION XLT V-8, auto, dual air. 2<jK. 3rd seat, power everything. P880 $26,995 $24,995 98 TAURUS WAGON SE 98 MYSTIQUE 98 CONTOUR everything, cass., cruise, 12K, AliS P831. WAS $18,995 $17,390 I 1UIW, Oil, VMOOtllt, nUUy all power, P834 Was $13,990 $12,890 Auto, air, cass., Reduced to P® $11,990 98 CROWN VICTORIA 98 GRAND MARQUIS 98 TOWN CAR V-8, rear wheel drive> power everything. 6431A $16,995 Leather, V-8, rear wheel drive, 18K, power everything. P852 $21,890 V-8, rear wheel drive, leather, all power, warranty to 50K, P815 WAS $27,995 $26,995 98 Vindstar, 7»pass., dual air. V-6, auto, fully loaded. 21K. KP850. Was $19,995, 98 Mustang Convertible, V-6, auto, air, cass., CD, cruise, all power. #P87J„. 99 Ford Contour, Auto, anti-lock brakes, air, cass,, cruise, all power. #P87S_ 99 Sable, 7K, V-6, auto, air, cas;., cruise, ABS, all power. #P885„... 98 Caravan, V-6, dual air, 7-passcngcr, 4-dr„ power everything. #6346a. Nu,m„siu,nu,tuuiu»a,whvUiumua',u 98 F150 XLT Supercab, V-8, auto, dual air, cass. cruise, all power. #64J$A_ 98 TaurUS SB, 200 HP V-6, sport package, power evetylhing. #P872 94 Continental, Signature Series, V-6, leather, power everything, 50K. #P887A„, .$18,990 —$18,995 _$13,890 —$16,995 .$19,890 ..$21,990 —$16,995 .$13,400 ^ADDITIONAL $500 REBATE Hurricane Floyd savings on all 1999 & 2000 veh $500 bonus rebate available to Brunswick and neighboring counties. 11 9 9 f-~ / £50 S^LLpescc&h $1250 AND 3.9% America’s#1 Selling Truck $2500 Rebate or get both $500 & 0.9% $1500 or $1000 & 0.9% #1 SELLING SPORT UTILITY Com/est&votc [/cue Keoate or get both $1500 & 0.9% WCttd&tc&t, t-X $1500 Rebate or get both 0.9% & £ $1000 i Rebate \ FIVE STAR GOVERNMENT SAFETY RATING $2000 & 0.9% FIVE STAR GOVERNMENT SAFETY RATING to Myrtle Beach Hwy 17 to Wilmington Thank you for shopping at Jones Ford. WE do not add for documentation fee, dealer prep or other padded charges. All vehicles to qualified buyers plus tax & tags. All rebates included. A8 trade-ins accepted at ACV. Finance rate varies as depending on credit worthiness as determined by Ford Credit At Jones Ford, no doc fees or any unnecessary charges that other dealers force you to pay. "3^3»I • I-800-85**5328 • SALES: Mon. - Fri. 8 am - 7 pm. Sat. 9 am • 4 pm • SERVICE: Mon.-fri. 7:30 am - S:30pm
State Port Pilot (Southport, N.C.)
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Oct. 6, 1999, edition 1
40
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