Household CFO · Episode 02 · Written guide
Build the household balance sheet you can actually use
Your 401(k) balance is valuable. It isn't your entire financial position.
Illustrative examples. These guides explain decisions; they do not give personalized financial, tax, or legal advice.
A balance sheet is simply a dated list of what a household owns and owes. It does not require accounting software. One page is enough to begin. The point is to stop making decisions from the balance of whichever account you looked at last.
Use four asset rows: cash and near-cash; retirement and investment accounts; home and other property; and other meaningful assets. Use three liability rows: mortgage and property debt; vehicle, student, or other installment loans; and revolving or short-term debt. Add the assets, add the debts, and subtract the second total from the first.
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Seven connected numbers, a liquidity map, retirement stress test, decision queue, family file, and annual review. One practical Excel workbook.
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