What information do you have in the personal budget, personal balance sheet, and personal statement of cash flows?
In my personal budget, I show my salary and then I show all my expenditures, such as rent, utilities, car payment, repairs, gifts, grocery store, medical costs, gas, clothing and entertainment. This also shows how much I can save each month or the surplus available to repay the credit cards. In my personal ...
The discussion is 315 words and describes an actual personal budget and balance sheet.
Setting finanacial goals: a personal achievement plan for financial security
A. Develop a list of two financial goals that you would like to achieve over the next ten years. They might include a major vacation, a car purchase, a home improvement, or a college education for one of your children. Once your goals are written, develop a three-column table showing the goals, the future date for each, and the amount that will be required to achieve it. Calculate the required annual savings required for each goal. Then prepare a ten-year savings plan. The plan must include columns showing year, amount deposited, the interest earned each year (except the first), expected withdrawals, and ending balance. Calculations must be accurate.
b. Develop a balance sheet showing your assets, liabilities, and net worth. Use the balance sheet shown in the course materials as a guide.
c. Prepare an income statement for the last calendar year. Use your tax return to list your income and cancelled checks and credit card statements to classify and determine your expenses. Estimate expenses for which you paid cash.
d. Develop a master budget for the next calendar year using the format shown in the course materials.
My goals are: (1) Plan for an early retirement; Be financial independently after retirement
(2) Have my own profitable business