Financials

Anyone who has run a business knows there is a big difference between profit and cash. Profit is an accounting term while cash is what you can actually spend. You need cash to run your business, however without profits you cannot get excess cash. While the two terms are related, they do not always happen at the same time. After all, it is not unheard of to see broke profitable

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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