“Before you can improve your financial status, you must first identify where you are now, develop a S.M.A.R.T. plan for improvement, and follow the plan consistently.” –James Justin
Financial statements (or financial reports) are formal records of the financial activities and position of a person or a business.
Do you know what your current financial status is? By that I mean can you readily answer the following financial statement questions:
- What is your financial net worth?
- How much do I earn per month?
- How much do I spend per month?
- What is the total value of your assets?
- What are your liabilities and their current payoff amount?
Can you get the answers to these questions? If you have the answers to the questions above, congratulations! You are well on your way to Financial Freedom! I recommend keeping or compiling these documents in a central place. Store your financial documents (both electronic and paper) in a safe place where you can quickly find them.
If you don’t know your financial net worth, it’s never too late. You can get started today.
There are many accounting and book-keeping software and websites that you can use to keep track of your financial activities and calculate your financial net worth. For example, I’ve used Intuit Quickbooks for business, Mint.com, and Quicken for personal finance.
To help you get started in identifying your financial net worth, click on the link below to complete the personal financial statement worksheet below…
Use the worksheet above or tools such as Mint.com or Quicken.
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