Personal Financial Statements: Balance Sheet

Personal Financial Statements: Balance Sheet

Personal Balance Sheet

When we work hard to earn more and spend less, we are not just doing it for our health. The idea of accumulating wealth is an important part of your finances, but it can feel elusive over time. When we do the right things financially, our net worth increases. My favorite way to track that is with a tool I call the personal balance sheet. … [Read more...]

Holiday Giveaway: Win A Copy of My eBook

Win a copy of the Personal Finance Arsenal eBook, a $27 value. Just use the awesome signup tools below to enter. That's it! Consider it a Chanukah or (insert holiday here) give from me! If you don't win, you could buy a copy for yourself. It also makes a great present. … [Read more...]

Make a Bills Calendar to See What Owns You

Make a Bills Calendar to See What Owns You

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In Fight Club, Tyler Durden famously said that “the things you own end up owning you.”  I have written about how hard you have to work for your possessions once before, but I decided to take it a step further and find out how much time I have to work every month to pay bills.It turns out that I spend nearly 75% of my time at work for recurring bills, including rent, student … [Read more...]

A Look Back at Personal Financial Statements

A Look Back at Personal Financial Statements

wallstreet

About a year ago, I wrote about the importance of having a personal income statement, personal balance sheet, and personal cash flow statement.  I then tied it all up with a look at what personal financial statements mean.To recap what I said in that post, here is a brief rundown of what each statement means from last year's post: The Personal Balance Sheet gives us our … [Read more...]

August Net Worth Update

August Net Worth Update

augnetworth

Surprisingly, spending $5,000 on a class/trip in New York lowers your cash and net worth! [sarcasm]  But seriously, $1,000 per credit hour is expensive tuition for anyone.  I am only two quarters from graduation!  That means I also have two quarters left to pay for.  About half of my tuition goes to student loans, I pay for the rest. Just remember, your net worth is your … [Read more...]

What Do Personal Financial Statements Mean?

What Do Personal Financial Statements Mean?

bullish

To wrap up the series on Personal Financial Statements, we are going to explore what the results really mean and recap the findings.The Personal Balance Sheet gives us our liquidity position.  To analyze the information here, take a look at the quick ratio and acid test.  If your current assets do not meat or exceed your current liabilities you need to make a quick change … [Read more...]

Personal Financial Statements: Statement of Cash Flow

Personal Financial Statements: Statement of Cash Flow

cashflow

We all have cash come in (hopefully) and cash go out. At the end of the day, the accrual system shows us what assets we have and what liabilities we owe, but not our cash position. That is what the statement of cash flow is for. Anytime you use cash, write a check, or use your debit card (not credit), cash changes hands. The following template helps you sort out the details of … [Read more...]

Personal Financial Statements: Income Statement

Personal Financial Statements: Income Statement

RIM%2BIS

Continuing the series on the personal financial statements, we are going to look at the Income Statement. A corporate income statement is laid out with these major figures. The statement on the right is from Google Finance's view of Research in Motion, maker of the Blackberry.Revenue/Gross Profit - Cash brought in and direct costsOperating Income - Income after expensesNet … [Read more...]