How to Create a Life Balance Sheet and Increase Your Life Net Worth

A life balance sheet will give you a snapshot of how you’re doing in life.

We all know what a financial balance sheet looks like. You have two columns, one containing your assets and the other containing your liabilities. Assets are items that can provide a future value or benefit. Liabilities, on the other hand, are those things which will create an obligation in the future.
Financial assets include items such as the following:

• Cash on Hand
• Bank Accounts
• Stocks
• Bonds

Here are some examples of financial liabilities:

• Credit Card Debt
• Unpaid bills
• Mortgage
• Car Loan

If you subtract liabilities from assets, you get your financial net worth. When your assets are equal to your liabilities, you have a net worth of zero. If your assets are less than your liabilities, you have a negative net worth. Lastly, if your assets are greater than your liabilities, you have a positive net worth.

Life Balance Sheet – Assets

Your life assets include all those things which add value to your life and which will allow you to build a brighter future for yourself and your loved ones. The categories which I recommend you use for the “Life Assets” column of your life balance sheet include the following:

• Credentials – the degrees, licenses, permits, or memberships in professional associations which you need in order to achieve your work and business goals.

• Knowledge – knowledge gained from books, online courses, experience, talking to others, and so on, is a huge asset.

• Positive Relationships – friendships, positive familial relationships, a strong professional network, and other life affirming relationships are assets.

• Skills – everything that you have the ability to do well—whether it be public speaking, creating videos, writing persuasively, etc.–is an asset.

• Positive Character Traits – positive character traits–such as grit, confidence, and integrity—are highly valuable assets.

• Positive Emotions – positive emotions such as gratitude, cheerfulness, and serenity can be added to your life balance sheet as wealth.

• Good Health – good health will result in high ability to focus, physical stamina, and endurance, all of which will allow you to build the kind of life you want for yourself.

• Purpose – setting empowering goals, having work that you find meaningful, and giving back to society will increase the “Assets” column of your life balance sheet.

Sources: https://daringtolivefully.com