You know how companies have balance sheets? Well, it's time for you to have one. Think of it as a project. I guarantee that if you find the time and the will to prepare one, your balance sheet will cheer you up and show you that you are already on the path to being rich.

You will need: a few sheets of paper, a pencil, an eraser and a calculator, if you have one.

A balance sheet is a listing of the monetary value of things you have, minus whatever you owe. What's left is your net worth. Yes, you have one, and this exercise is about helping you to see that you are already managing your finances, whether you know it or not.

Let's start with what you have. Do you have a car or a bike? What is it worth, if you had to sell it? You can make a guess, or, if the spirit moves you, you can check the classified ads in this paper, or online at www.e-moo.com. Once you know what it's worth, write down: Car or bike and its value.

Do you have a bank account? A savings account? Any kind of bank account, savings, time deposit, certificate of deposit, passbook savings? If you do, see if you can find out the balance at September 30, or thereabouts. For each account, add its name (i.e. Butterfield Chequing, Bank of Bermuda savings) and its value to the list. By account balance, I mean what's left after all the cheques you've written have gone through. You've spent the money, even if that fact hasn't shown up on your bank statement yet.

If you own a house, put down your estimate of its worth. You'll have some idea. If not, ask a realtor, or a neigbour, or look at the classifieds and see what you think it might sell for.

If you have shares, mutual funds, bonds or any other kinds of direct investments, find out the balance at September 30, and add them to the list, with their value.

Since you're not a public company listed on the New York Stock Exchange, we can be a little flexible about some things. If you have jewellery, or are connected (say by marriage) to someone who does, and you think that you could one day sell it, put that on the list.

Do you have a private pension? I'm pretty sure you will have received a statement every now and then. Find the most recent one, and add to your list whatever its value was at the date of the last statement. The government pension is not included on this list, because if you tried to sell you share of it today, or any other day, you'd receive nothing.

Does anyone owe you money, and if do, do you honestly think they're going to pay you back any time soon? Only if you can answer yes to both questions should you add the details to your list.

Do you own anything else of real value, that you would consider selling some time? If you're a stamp collector, but would never part with your prized collection, omit it from the list. Your collection of beermats, which you would happily sell to the first fool who came by with cash, may not have great value. Be realistic.

Whatever else you may own, put on the list, with its value.

Now start a second list. This is money you owe. To friends, to your employer, to banks, to loan sharks. Car loans, overdrafts, mortgages, credit cards, student loans, you name it: if you owe it, list it.

Finally, subtract the total of your debts from your assets, and the result is your net worth. If the figure is a minus, it is what no one except me calls a net worthless.

This is the starting point of measuring how rich you are going to be. Like IBM, XL Capital, the Bermuda Government and Disneyland (to name but a few), you now have a balance sheet. Keep the pieces of paper somewhere safe. In six months' time, we're going to do this exercise again, and learn good things.

What have we learned already? I'll bet you're richer than you thought, for one thing. You now have a number that is the basis for all that will follow. Don't dwell on whether the number is big or small. It is merely, at this stage, an indicator of where you are. It is a snapshot of your financial affairs at a certain date, based on some assumptions. You might not be able to put that much on the table tomorrow, but you have gained an idea of how you stand in regard to the cost of a house, for example, or that trip you've been wanting to take, or what have you.

I sometimes think about how my number relates to my salary. I'm trying to work out how long I might be able to survive if I stopped work and sat on a wall, which has always been one of my keenest ambitions.

Consider making your net worth number your base, below which you will not fall. Make a vow to increase that number every year, half-year, month or week, or what have you. Half-yearly is a good place to start, because it evens out the swings and roundabouts, and you only have to do the measurement every six months, which cuts down on the work.

What remains to be learned from what we know? Look at the numbers. Is your car just about the only thing you have of any value? Have you sunk all your life savings into a boat? It doesn't matter, necessarily, if you have, so long as you are happy that you have.

If, after some thought, you realise you are not happy with any aspect of your balance sheet, change it. If the total is not big enough, increase it as time goes by. If you don't have enough investments, save some money and buy some investments. If you owe a bunch of money and that doesn't make you happy, reduce what you owe.

It takes time, but we're getting rich slowly here. Identify what you want and then set your antennae in that direction. I can't promise that you will be fabulously wealthy, but common sense dictates that if you're thinking about accumulating some wealth, you're likelier to do it than if the idea never crosses your mind.

Like I said save the pieces of paper. In about six months, we're going to revisit your balance sheet, and then you will have what's called comparative numbers, then and now. And, boy, will you learn things then.

A couple of people have asked what else they might read to augment what I'm saying. A world of material exists online, and several print magazines, such as Money and Smart Money, address the same subjects. Try Motley Fool, online, and start with the most basic stuff. Don't be put off by technical terms. Read. Learn. And stand up straight.