Here is All About the Personal Financial Statement
That’s where a personal financial statement comes in.
By keeping tabs on your finances, you can create a secure and fulfilling future.
At its core, a personal financial statement offers an overview of where you stand financially at any point in time.
It can help you succeed in various aspects of your life.
How a Personal Financial Statement Can Change Your Money Habits
A personal financial statement can be instrumental in the way you think about your money and manage it. Here’s why:
When you see your net worth, you’ll realize that many of your previous and future behaviors affect that figure.
It informs you of whether or not you’re on track to meet your financial goals.
Low or negative net worth can give you a wake-up call.
It may be just what you need to change your behaviors and be more cautious with the way you spend your money.
What’s Included in a Personal Financial Statement
Your balance sheet is an overview of your personal net worth and will list all of your assets and liabilities.
Your income statement will consist of your salary, bonuses, and commissions. If you have other income, you’ll include this information as well.
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