Financial Freedom 101 – Class 2 of 4 Summary – What’s your Current Financial Status?

James Justin Financial Health Leave a Comment

“Before you can improve your financial status, you must first identify where you are now, develop a plan to achieve your goal, and follow the plan.” — James Justin

Identify Your Current Financial Status

Once you adopt a positive mindset to achieve your financial goals, the next step is to commit to learning what wealthy people learn. One of the subjects wealthy people study is accounting. They use basic accounting and book-keeping principles to identify their current financial net-worth and go to work to improve it.

According to Investopedia.com, Accounting is the process of recording financial transactions pertaining to a person or a business. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a person or a company’s operations, financial position, and cash flows.

Unless you want to, you don’t have to become an accountant to keep track of your money and manage your wealth. You simply need to learn and understand the basic accounting principles. You can always hire an accountant for the advanced accounting pillars. To track your money, you can use tools and technology such as paper and pencil, Excel Spreadsheet, Mint.com, or Quickbooks software.

In this class, we reviewed the basic accounting concepts such as…

  • Profit and Loss: Incomes and Expenses
  • Balance Sheet: Assets and Liabilities

We also discussed the importance of identifying your current financial status and keeping track of your Financial Networth and FICO Score.

To identify your current financial status, use the personal financial statement worksheet provided in the class or use one of the tools listed above.

Watch the video below to review today’s lessons…

Choose to be rich by thinking about it, learning it, and doing it consistently. As your financial coach, I’m dedicated to helping you achieve lasting results. I created this course to help you succeed in your finances and in life. This course will offer you the foundational knowledge you need to get started. This class will cover the mindset for success.
It doesn’t matter who you are, where you are from, or what financial mistakes you have made. You can still choose to become financially free! You can choose to master your money. You can choose to make your money work hard for you instead of you working hard for it. Financial freedom is available to you and this class will give you the foundations to create it.
DISCLAIMER: The content of this class is for educational purposes only. I’m a success coach. I’m NOT a financial advisor, accountant, tax expert, or lawyer. If you need a financial advisor, please consult a licensed professional in your city. Investing of any kind involves risk. While it’s possible to minimize risk, your investments are solely your responsibility. It’s imperative that you conduct your own research before investing. I’m merely sharing my opinion with no guarantee of gains or losses on investments.
Tags: #FinancialStatus #FinancialFreedom #Investment #Wealthy #Rich #Money #AbundantLife

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