The Basics of a Financial Statement – Part 2

The financial statement has two parts: The income statement, which lists the income and expenses, and the balance sheet which lists the assets and liabilities. These will give you the big picture of how you are doing financially by showing you if your liabilities outweigh your assets or your expenses outpace your income. . . . → Read More: The Basics of a Financial Statement – Part 2

The Basics of a Financial Statement – A Visual Guide

Below is a flowchart introducing the basics of a financial statement. A financial statement is a useful tool to see where your money stands and where it will be in the future. Making a financial statement is absolutely necessary if you want to increase your wealth. This is part 1 of the basics of financial statements. . . . → Read More: The Basics of a Financial Statement – A Visual Guide

Budgeting: Planning or Punishment?

Do you set up your budget to limit your spending (Punishment) OR do you set up your budget to receive more income (Planning)?

In your thoughts lies your reality. If you think “I can’t afford it”, you won’t be able to come up with the funds to ever get “it”. If you think “I can . . . → Read More: Budgeting: Planning or Punishment?