This is going to be the very, very basics of making your own personal financial statement. Reading Rich Dad, Poor Dad inspired me to do this, and though it is an extremely simplified version of the common financial statement prepared by an accountant, it is a simple reminder of your goals and how to get there.
There are only four simple categories that you should absolutely list in your first financial statement: Income, Expenses, Assets, and Liabilities.
Income: List all income that you receive monthly from your work.
Expenses: List all of your monthly expenses. These are the things that you must pay money for each month like rent, utilities, food, alcohol (if you are the average college student), cell phone bill, etc.
Assets: Things that put money into your pocket. Should be forms of passive income that are secure. Example: Poor Student No More.
Liabilities: Things that take money out of your pocket. A mortgage or rent, credit card bills, fruit of the month club.
These are EXTREMELY simplified definitions, but they certainly keep it simple and get the job done. I've found that keeping it simple keeps me focused on my ultimate goal: grow my assets larger than my liabilities (in monetary value) and make my passive income greater than my expenses.
So, put these into four columns and start listing your items with descriptions and amount ($). Total up the values for each column.
Next, make a prospective financial statement for exactly 1 year after. What do you want this sheet to look like? Be sure to keep it realistic though! Work with what you have, but don't sell yourself short either!
Post both of these statements somewhere where you can see them every day - your wall, mirror, in your closet, on the fridge - and every month make updates on your progress. As you go along, you'll find out what works, what doesn't, and how to optimize your progress.
Don't freak out if you don't reach your goals in 12 months! Keep working and figure out why you didn't hit that goal.
After you reach your 12 month financial plan goals, start setting longer term goals - 3 years, 5 years, and 10 years. These will be less detailed, but very worth it in the long run!
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