FINA 260 Lecture Notes - Lecture 2: Financial Planner, Market Liquidity, Current Liability

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28 Sep 2016
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Calculate your level of net worth or wealth using a balance sheet. Analyze where your money comes from and where it goes using an income statement. Use ratios to identify your financial strengths and weaknesses. Set up a record-keeping system to track your income and expenditures. Implement a financial plan or budget that will provide for the level of savings needed to. Decide if a professional financial planner will play a role in your financial affairs. Using a balance sheet to measure your wealth. A snapshot of your financial status at a particular time. Assets are your possessions even if you owe money on them. Monetary assets - cash or liquid asset. Liability - debt that must be repaid in the future. Current liabilities must be paid off within the next year ocurrent bills -- utility bills, insurance premiums, credit card balances.

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