Taking control of your personal financial situation is the first step toward building wealth. To set foot on the ladder of financial freedom, you have to know where you stand and how much further you'll need to climb to reach your destination.

A daily glance at your investment portfolio isn't enough, though it certainly plays a part. Investment tracking is fun, but there's a lot more involved in taking a true snapshot of your current financial situation.

To eventually succeed in the world of investing, you have to start with the basics. This includes things like creating and sticking to a budget, balancing your checkbook, and determining your net worth. Taking charge of your everyday household finances and understanding your real financial picture are the actions that make up the solid base from which you grow your nest egg.

These simple starting points also give you the insights you'll need to make well-informed choices when you're ready to enter the more complex world of investing. You wouldn't enter a black-belt competition knowing nothing about karate, and jumping into the intricate world of high finance is no different. You need to master the fundamentals before you can develop a winning game plan.