Financial Planning in Dubai

Day Two - Balance What You Own and Owe

Written by Damodhar Mata | 09-Jan-2023 05:56:55

Well done on completing Day 1!

Was it easier than you expected? If you had any challenges, feel free to ask — that’s what the group is for.

If you haven’t completed Day 1 yet, no worries.

Just do it today and drop a “Day 1 Done” comment in our  Facebook group to stay on track.

💭 Let’s Begin Day 2

Imagine a company with no accounts department.

❌ No profit & loss statement.
❌ No balance sheet.
❌ No tracking of assets or liabilities.

But…
🚀 They have a great sales team,
⚙️ Strong operations, and
📢 Creative marketing.

🤔 Without numbers, how long do you think that company will last?

⏳ Not for long, I guess...

 

Now flip the question — how different are you from that company?

Whether you're an employee, freelancer, or business owner, you're constantly trading your time, skills, and energy for money.

So if companies need to track their finances, shouldn't you?

📊 Today’s Task: Build Your Personal Balance Sheet

Yesterday, you prepared the income and expense statement and projected your cash flow for the whole year using the EAB.

Today, we take the next step —
Creating your Personal Balance Sheet to find your Net Worth.

💡 What is a Net Worth?

It’s a snapshot of your current financial position.
It answers two simple questions:

  1. What do you own? (Assets)

  2. What do you owe? (Liabilities)

Your net worth = Total Assets – Total Liabilities

It tells you if you’re building wealth or building debt.
And over time, it shows whether you’re moving forward or standing still.

📐 What’s in the Template?

The Net Worth Template has 3 sheets:

  • Dashboard: A read-only summary of your assets, liabilities, and net worth

  • Assets: Record everything you own — categorized under Cash & Investments, Retirement, and Personal Assets

  • Liabilities: Log what you owe — split into Secured (like mortgages) and Unsecured (like credit cards)

Click here to download the Personal balance sheet template.

📌 Today’s Action Steps:

  1. Download the template

  2. Fill in your assets and liabilities

  3. See where you stand — calculate your net worth

  4. Reflect: Is your wealth growing? Is debt holding you back?

  5. Drop a “Day 2 Done” comment in the Facebook group

  6. Share your insights or ask questions (optional but encouraged!

  7. Go ahead and populate this template and share your experience with us on our Facebook group.

Where do you stand?

The average net worth of a resident in UAE is $99000, while the global average is $87,489. 

Let's find out what is yours.

⚠️ Privacy Reminder

Your financial data is personal. Please don’t share screenshots or numbers publicly.

Use the group to discuss your learnings — not your private details.

🏁 Final Thought

Knowing your income is good.
Knowing your net worth is powerful.

Let’s move from monthly survival to long-term financial clarity.

See you tomorrow for Day 3.

 Click here to download the Personal balance sheet template.