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Basic Financial Planning for Newlyweds

 
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Example of a Completed "Ow-Ow" Statement

(Click Here for a Blank template for your "Ow-Ow" statement)

 

WHAT YOU OWN (ASSETS)

Bank accounts, money market accounts, and CDs:

Combination checking/savings account

$6,000

Certificate of deposit

 4,000

Money market account

  15,000

     Sub-total

 $ 25,000

Non-retirement investment accounts:

Brokerage account    

50,000

 Mutual fund account 

35,000

     Sub-total

 85,000

Retirement accounts:

 401(k) account at work 

75,000

403(b) account at previous job

50,000

Roth IRA 

5,000

     Sub-total

130,000

Real estate:

Principal residence 

 250,000

     Sub-total

 250,000

Tax-deferred annuities and life insurance cash value:

Cash value - life insurance policy

5,000

     Sub-total

5,000

Other assets:

None

     Sub-total

0

TOTAL ASSETS

  $495,000

WHAT YOU OWE (LIABILITIES)

Real estate mortgages and equity loans:

 Mortgage on principal residence 

$175,000

Equity loan for home improvements 

25,000

     Sub-total

$200,000

Auto loans, credit cards, other consumer debt:

 Due on Credit Card  

5,000

     Sub-total

5,000

Student loans

Sallie Mae

35,000

     Sub-total

35,000

Other liabilities:

None

     Sub-total

0

TOTAL LIABILITIES

$240,000

CALCULATE NET WORTH

Total assets (from above)

$495,000

Total liabilities (from above)

240,000

NET WORTH (assets - liabilities)

$255,000

                                                                 

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