General Interest Evangeline Giron
Personal financial statements are the roadmap that guides us from where we are today, to where we want to be tomorrow. They also provide fixed points of reference from which we can measure our progress over time.
Personal Financial Statements
There are two basic personal financial statements that everyone should prepare, or have a financial advisor prepare, at least once each year; the cash flow statement and the balance sheet.
Saving for college isn’t easy, but the earlier you start the better off you’ll be. For example if you save $60 a month for 17 years earning 8% per year, you will have over $25,000 by the time college begins!
There are several savings and investment strategies that can help you accrue money for college.
Budgeting is the systematic allocation of one's limited resources (income) to a potentially unlimited number of needs and wants (expenses). Budgeting your income, though oftentimes tedious and difficult to maintain, can help you better control how your income is being spent.
Some form of budgeting is a necessity if you hope to meet long-term financial goals. One’s ability to control debt is often a good measure of the success of their budgeting methods. For some, a budget is a detailed process of tracking each source and use of their money. For others, it is as simple as setting aside their savings first, then using the remainder for day-to-day living expenses.
The best financial decisions are made with the benefit of time, thoughtful consideration and trusted professional advice. As tax time once again approaches, there are many things you can do to give you the flexibility to make the best long term financial decisions and prepare to minimize expenses, taxes and the headache of organizing your finances at the last minute.
Organize your tax records early
In preparing for this year’s tax filing you should begin to organize tax records including year end investment statements, capital gains and losses from asset sales, transaction records from real estate transactions, interest and dividend records for the year (1099s), payroll and withholding statements (W-2s), records corresponding with deductible expenses such as property taxes and insurance, business income and expense records, etc.
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