Today begins week 2 of the 12 week program. The order of the first two exercises switches up. You start of with the incline bench press then switch over to the regular bench.
Week 2 includes the following:
Incline Bench: 175 at 7 reps. 165 at 6 reps. 155 at 6 reps.
Bench Press: 195 at 6 reps. 185 at 6 reps. 155 at 6 reps.
Bar Dips: 11 reps. 6 reps.
Dumbbell Flyes. 60 at 4 reps. 45 at 6 reps. 30 at 10 reps.
I found this routine off of bodybuilding.com.
Week 2 is still pretty easy since I'm used to benching 225 and up. Compared to the last week, I'm adding one more set to the bench press. On week one, I was doing 5 sets on bench press, now it is six. Because of the increased sets, I was feeling tired after the bench press and I was really feeling some pain while doing the bar dips. I'm thinking it will be easier on Tuesday.
Today, I'd like to talk about how important it is for everyone to create a net worth statement and make sure to update it on a regular basis. A net worth statement is just a document that lists out your total assets as well as your debts. At the bottom of the statement, your debts are subtracted from your assets and what is left is your net worth.
I update my sheet in excel and I like to start out with the assets. There, I have all my bank accounts listed. In this section, I like to just put the liquid assets because I like to calculate a liquid net worth as well. Here you could put down your stocks, bonds, cd's, and other things that can be easily turned to cash.
Right under it, I'll list all my debts. I only have credit card debt that I pay off month to month. Most people would list there mortgages here as well as student loans, car loans, or any debt that you are obligated to pay. Here, I would recommend only putting down stuff that you owe. I do not recommend putting any recurring monthly expenses like utility bills or grocery bills.
From that point, you can subtract your total debts from your liquid assets to get your liquid net worth. I like to have this number in case of emergencies. If you happen to occur some sort of disastrous unexpected expense, this number will show you how much money you have access to to pay for such a disaster. For example, if you have an unexpected medical bill of $20,000 and you have a liquid net worth of $40,000, you can use liquid cash to pay off the bill without having to borrow the money on credit or sell your stuff to pay for it.
Below my total debts, I like listing out all my personal property. I have my car, some electronics, other tangible items. If you own your own house you can list it here. This section is the non liquid asset section. This is stuff that you would have to sell to get cash. Electronics could be sold relatively quickly and real property would take a long time to sell.
At the very bottom, I'll total up my total assets, subtract total debt, and get my net worth. The total net worth is more useful when thinking over the long term. It accounts for having the time to sell your non liquid assets to get the most money from them.
I think it is very important for everyone to have an update a net worth statement for the pure reason that the statement will tell you where you are in life and updating the statement will tell you if you are making progress forward in life or regressing into bankruptcy.
A net worth statement is just like when you are playing Final Fantasy 8 and you press the start button to bring up your stats, total experience points, and skills. With that information, you can make decisions on which skills to work for and what magic can give your stats the best effect.
With the balance sheet, you can see your bank accounts and your debts either increase or decrease in value. Ideally, you want to get that debt down to zero and maximize the amount of assets you can accumulate. You also want to keep a certain amount of your wealth liquid in the case of emergencies.
Monitor your net worth. If it decreases, make sure to identify the reason for it. Your net worth can decrease for good or bad reasons. If you net worth is decreasing because you took a loan to get an engineering degree, make sure you have the plans to pay back those loans when you start making the salary to pay for it.
If you net worth is decreasing because you spent all your money by partying and buying expensive electronics, make sure to stop doing that.
The net worth statement is useful for getting you to your goals in life mostly because to get where you want to go, you have to know where you are now.
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