08171 Economic Inventory

Where justice is denied, where poverty is enforced, where ignorance prevails, and where any one class is made to feel that society is an organized conspiracy to oppress, rob and degrade them, neither persons nor property will be safe. — Frederick Douglass

What is your annual income?

What is your annual cost of living?

Note that this is a different number than income. This is what you spend, or is spent on your behalf, in order for you to live. It may be more or less than your actual income. If more, then you are subsidized by debt, transfer payment, gift, parents, etc.

You get extra bonus points for being able to quantify your expenses by category — food, shelter, transportation, fun and games, mindless shopping, clothes, medical care, donations, etc. If you can’t do this, then start right now keeping track of your expenses.

Do you support people other than yourself? How many?

How much do you owe? Credit cards, student loans, mortgages, etc.

How much money do you have in savings? This is not “money in the stock market or a mutual fund.” Savings consist of cash in hand and money in a bank or credit union account (savings, checking, or certificates of deposit).

How much money do you have in investments? Here is where you list your stocks, bonds, mutual funds, etc. if you have any.

What is your net worth? (Add up all your assets, subtract all your debts.)

If your income stopped, how long before you become homeless or have to move in with someone (parents, friends, etc.)?

If you are in college, what are the actual prospects for getting a job using your four-year degree? Can you make enough money to pay off your student loan and live your life?

What will you need to earn in the future? Do you have student loans that must be repaid? What will you health care cost?

If you out not in school and are working, do you like your job? Do you earn enough from the job to pay your expenses and save money for the future?

Does your household require more than one income to survive?

Do you have areas of expenditure you would like to cut or eliminate?

If you cut or eliminate those expenditures, what will you do with the income that used to be spent on them?

Do you need to increase your income?

Besides your job — or instead of a job — do you operate a business? What are its revenues and expenses? How many employees work for you (if any)?

Do you want to quit working for someone else and start working for yourself by starting a small business or cooperative? If you have developed any detailed thoughts about this, include them with the inventory.

What do you think it would take for you to unplug? Think about resources, systems of support, and cash.