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Income statement rich but balance sheet poor People are so accustomed to boasting about how much they make but I think that is irrelevant. What is more important is how much of what you make do you get to keep. In other words, you could be income statement rich but balance sheet poor. Income statement The income statement is the financial statement that tells you what is left over after

After a successful career in marketing, April John decided to start a shoe retail business. The retail store will sell specialty shoes specifically made to increase the activity level of seniors by reducing the stress on their feet. The business became so successful that April within the span of a year opened three other stores. April took loans to finance the opening of these three stores. April could not believe

Money has 4 functions: to survive, to invest, to give and to enjoy. Managing wealth means managing these four functions so we can maximize our happiness. When we overcompensate in one function and neglect the other three, we often feel a tension. To really get the most of wealth, your money should be performing all 4 functions. The 4 phases of building your wealth are survival, accumulation, investing, financial sophistication/ freedom. Survival This

As an entrepreneur it is important you understand financial statements. Numbers paint a picture of what is going on in your business: You cannot truly attain financial freedom from your business if you do not understand your numbers. This is true if you choose to keep your business as part of your investment portfolio. It becomes easier for your staff to run down your business because you fail to see

Financial freedom for business owners never happens by chance. It is something that needs to be planned. Keeping track of how your assets grow over time is essential for your financial freedom. Assets accumulate over time and the goal of the entrepreneur is to accumulate enough assets so cash is pumped into the business without little effort by the entrepreneur. This is where financial freedom happens. Financial freedom for business