Updating your personal balance sheet should be an important annual ritual

Published 5:12 pm Friday, January 6, 2017

From Staff Reports

The Post-Searchlight

Richard Horn, Chief Credit Officer at Southwest Georgia Farm Credit, has been updating his personal balance sheet for more than 30 years. He says it’s allowed him and his wife to understand how to better manage their money. And, Horn says, you don’t need a degree in accounting to get it done—just a little time and a commitment to better understand your finances.

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Don’t have a personal balance sheet of your own?  We can get you started!

“A personal balance sheet is really nothing more than a detailed list of your assets and liabilities as of year-end 2016,” Horn explained. “And by making it a yearly ritual, you can begin to see how your assets are helping you achieve your financial goals.”

Horn says completing the personal sheet takes about an hour of your time. “The idea,” said Horn, “is that once you know where you ended the year, you also know where you’re starting from, which allows you to better manage investments and savings over time.”

For those who would like to complete a personal balance sheet but don’t know how to get started, email Southwest Georgia Farm Credit at landfinancing@SWGAFarmCredit.com, and you’ll receive a form you can use to enter your information.

“This is a great way for a young couple starting out to truly understand how they are doing financially, and over time, it becomes an hour well-spent for anybody who wants to maintain a history of their finances,” Horn said.