Consultants often toss around the term “per diem rate”, but the odd term does make some people wonder what it means. This Latin phrase’s definition is fairly straight forward. Per diem simply means “by the day” — the amount the consultant expects to be paid for a day of work. Some consultants only use a per diem rate. Others charge out by the hour and multiply by eight hours to get their daily rate — some discount that a little. And, of course, consultants use many other ways and means of setting consulting fee rates, as I’ve mentioned before.

Financial independence is one of the most important goals for most people.

Yet people sometimes miss the opportunity to become financially independent because they avoid making decisions and taking action to influence their financial well being.

Sometimes they may not know what action to take. At other times, they simply procrastinate.

Understanding and evaluating where you stand today in terms of your finances is the first step in taking action and developing any sound investment plan.

You have to determine your net worth (your assets minus your liabilities) and what percentage of your resources you can apply to meeting your financial goals.

Net worth is the main measurement of your wealth. The best ways to increase your net worth are to increase your assets and to reduce your debts.

The other number to look at in evaluating your financial situation is your net income (your gross income minus your expenses).

Try tracking all of your expenses and gross income for several months. The results will help you to determine where your current income comes from and where it goes.

This information can help you better budget your spending and decide how much money you can set aside for meeting future needs and goals.

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