Monthly Archives: July 2021

Two Types of Personal Financial Statement Template

Whether you are thinking of starting your own business or you want to loan money from the bank or a lender, it is important that you know your current financial standing. You will know how you are doing financially by filling out a personal financial statement template. Filling out correct data into the template will result in accurate financial information.

There are two basic types of personal financial statement template that you can make or you can download from the internet—balance sheet and income statement. You are probably familiar with these documents but whether you are familiar or not, you still have to know what these documents are all about.

Balance Sheet. This financial document includes information such as your assets and liabilities. Your assets are anything that you own such as real estate properties, cars, and your bank savings. The liabilities are your loans and debts such as credit card debts, payments for the car, mortgages, and so on. You have to deduct your liabilities from your assets and the amount that you will get is your net worth. This will give you an idea about where you are currently standing.

Income Statement. This document includes your sources of income such as salary or business and your expenses like food, transportation, utility bills, etc. Deducting your expenses from your income gives you your net income. The net income gives you an idea about your financial situation at a particular period of time. It is important to include even the small details to make sure that you can get accurate results.…

Are You Lacking the Personal Finance Education You Need to Become Rich?

What do you personally consider wealth to be?

Naturally, ‘wealth’ can mean a lot of different things to different people. In addition to referring to one’s financial situation, some people place great emphasis on being spiritually wealthy, which might mean simply to feel fulfilled in life.

Others place an even greater emphasis on health.

It’s certainly true that financial wealth, no matter how great it may be, is of little value if you do not enjoy good health (consider Steve Jobs and his relatively recent health scare), but let us reserve wisdom and health for another article.

We will focus here on how you can become wealthy by obtaining a personal finance education and learning wealth-building strategies.

First, why should we aspire to attain great wealth?

They say money makes the world go round and it certainly opens doors and makes life’s journey easier! In the “Science of Getting Rich,” Wallace Wattles considers that it should be everybody’s goal to become financially wealthy because only a wealthy man is able to fulfill his true potential in life in exploring all that the world has to offer.

Others say that you should become wealthy because without money you are powerless to help others and have a positive impact on the world and those you care about most.

It is certainly easy to come up with a dozen reasons why personal financial wealth should be our priority. So how is it that there is such a lack of personal finance education?

Millions of young people around the world leave school without a personal finance education and knowledge of wealth-building strategies, fundamentally unequipped to take care of their own personal finances.

Why do so many leave school and even University without receiving a single class on the banking system and fractional banking, the role of the Federal reserve, currency devaluation, how mortgage interest is calculated, the power of compounding, and why taking on excessive debt through credit cards or other debt instruments is tantamount to personal enslavement?

How many people consider ‘opportunity cost’ when they make a purchase?

What good is all the specialized knowledge that students acquire in a traditional college or University without a thorough understanding of how they can create, protect and grow their money toward a stable financial future?

How is it that many people cannot tie their own financial shoe laces? And how is it that, in obtaining an in-depth knowledge of world geography, algebra, foreign cultures, or even obscure topics such as Greek mythology, there are no classes providing students with a personal finance education?

The result? So many people spend their whole life working a job they do not enjoy with the dream of some day paying off a huge mortgage and even worse additional credit card debt.

You might also ask why the education system appears to prepare people for a job rather than entrepreneurship, why we are constantly enticed with new attractive credit card offers and interest-free loans, and how it is that in the 21st century both spouses usually have to work to make ends meet when decades ago large families were supported by just the one parent?

Most of us have the idea that something is fundamentally wrong with the system but believe we have no choice but to go along with the status quo as the fate of our money as tax-payers is determined behind closed doors.

Bailouts favour the banks and the rich, while the Average Joe loses his job and/or is presented with ever-larger grocery bills.

There is some good news, however! By obtaining a personal finance education right now and aligning yourself with a company that is blowing the whistle on the bailouts, coming hyperinflation, and exactly why the gold price is skyrocketing, it will be possible for you also to turn your financial life around and set yourself free financially.

There is a unique company that was formed with the vision of giving ordinary people access to the financial knowledge and wealth-building strategies normally reserved for the rich and famous.

This company has already helped many marketers not only obtain a personal finance education and dramatically turn their finances around but also help those they care about!…