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What Financial Metrics Should You Be Tracking?
Do you know what your net worth is? In this episode, Gabe explains the personal financial planning metrics that we need to know. First, Gabe goes over some financial news that could affect our financial planning. The Feds cut interest rates a quarter of a point, but the market is showing that it expects more policy support. Investors largely expect the Feds will follow this rate cut with another one in a meeting coming up this September.
Industry experts have created hundreds of different metrics, some better than others. If you can think of a financial concept or goal, someone has made a formal metric. Gabe is cutting down the clutter and tell us the ten most useful types of personal finance metrics:
1. Income – How much money are you bringing in every month?
2. Expenses – Be aware of what you are spending your money on.
3. Savings Rate – Percentage of disposable income.
4. Net Worth – The difference between all of your assets and debts.
5. Passive Income – Creating passive income is the holy grail of personal finance.
6. Investment Returns and Risk – Are you tracking your risk against the benchmark?
7. Investment Fees – How many fees are you paying?
8. Taxes – Optimize your taxes in the legal framework where you reside.
9. Debt Interest Cost – Should not represent a high proportion of your disposable income.
10. Credit Score – Monitor your credit to avoid identity theft.
Stay tuned to hear Gabe explain why we need a time tracker and this week’s trivia questions.
Enjoy the show!
Timestamps:
[02:15] Financial news this week
[03:40] What are financial planning metrics?
[04:30] The ten most useful types of personal finance metrics
[12:55] View your financial health holistically
[13:40] Get yourself a time tracker
[14:20] Trivia time!
Resources:
Website: https://moneybagel.com
Trivia: http://moneybagel.com/trivia/
Quotes:
• “The easiest way to decrease your expenses is by tracking them.”
• “Once you have paid all your taxes, there are only two things you can do with your money: spend it or save it.”
• “Everything passive first takes active energy.”
• “Defer your income, so you pay taxes much later.”
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By Gabriel Kaplan
5
99 ratings
Do you know what your net worth is? In this episode, Gabe explains the personal financial planning metrics that we need to know. First, Gabe goes over some financial news that could affect our financial planning. The Feds cut interest rates a quarter of a point, but the market is showing that it expects more policy support. Investors largely expect the Feds will follow this rate cut with another one in a meeting coming up this September.
Industry experts have created hundreds of different metrics, some better than others. If you can think of a financial concept or goal, someone has made a formal metric. Gabe is cutting down the clutter and tell us the ten most useful types of personal finance metrics:
1. Income – How much money are you bringing in every month?
2. Expenses – Be aware of what you are spending your money on.
3. Savings Rate – Percentage of disposable income.
4. Net Worth – The difference between all of your assets and debts.
5. Passive Income – Creating passive income is the holy grail of personal finance.
6. Investment Returns and Risk – Are you tracking your risk against the benchmark?
7. Investment Fees – How many fees are you paying?
8. Taxes – Optimize your taxes in the legal framework where you reside.
9. Debt Interest Cost – Should not represent a high proportion of your disposable income.
10. Credit Score – Monitor your credit to avoid identity theft.
Stay tuned to hear Gabe explain why we need a time tracker and this week’s trivia questions.
Enjoy the show!
Timestamps:
[02:15] Financial news this week
[03:40] What are financial planning metrics?
[04:30] The ten most useful types of personal finance metrics
[12:55] View your financial health holistically
[13:40] Get yourself a time tracker
[14:20] Trivia time!
Resources:
Website: https://moneybagel.com
Trivia: http://moneybagel.com/trivia/
Quotes:
• “The easiest way to decrease your expenses is by tracking them.”
• “Once you have paid all your taxes, there are only two things you can do with your money: spend it or save it.”
• “Everything passive first takes active energy.”
• “Defer your income, so you pay taxes much later.”