Monthly Archives - March 2013

How to Create Your Personal Income Statement

A personal income statement is much like an income statement businesses use in their financial reporting practices. Before we tell you how to create your personal income statement, let us first define the term income statement. An income statement is a financial statement used to calculate the profitability of a company or entity for a specific period. Whether it be monthly, quarterly or annually. A company’s profitability is calculated using the following equation: Net Income = Income – Expenses If a company’s expenses are [...]

How to Create Your Personal Income Statement

A personal income statement is much like an income statement businesses use in their financial reporting practices. Before we tell you how to create your personal income statement, let us first define the term income statement. An income statement is a financial statement used to calculate the profitability of a company or entity for a specific period. Whether it be monthly, quarterly or annually. A company’s profitability is calculated using the following equation: Net Income = Income – Expenses If a company’s expenses are [...]

Setting Up Your Financial Management System

Have you thought of setting up your financial management system? Not sure where to start? Well look no further, because we’ll tell you how you can accomplish this. First, let’s define the term system: A system is a set of processes working cohesively to achieve an objective. In this case, your objective would be manage your money well. Below are a couple components you could implement in your financial management system: A list of financial goals – Before you embark your journey to financial soundness [...]

Setting Up Your Financial Management System

Have you thought of setting up your financial management system? Not sure where to start? Well look no further, because we’ll tell you how you can accomplish this. First, let’s define the term system: A system is a set of processes working cohesively to achieve an objective. In this case, your objective would be manage your money well. Below are a couple components you could implement in your financial management system: A list of financial goals – Before you embark your journey to financial soundness [...]

Steps to Financial Soundness

According to dictionary.com, the word “financial” means anything pertaining or relating to money matters. Also, “soundness” means a state or condition free from damage or decay. Hence, financial soundness brings to mind the following: Peace of mind Stability Freedom Here’s a question we always like to ask – Would you like to become financially sound? Wait. Before you answer, read these following steps and see if you’ll be willing to get there: Step 1 Make A Plan –  Know your destination. Create a route to get there. Step 2  Be [...]

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