The report card often overlooked and of most importance to our overall health and wellbeing is our financial Statement. It becomes effortless to allow our mind to evade this area of responsibility. The fear and stress associated with finances give pause to the report cards that provide emotions that are acceptable by way of likes, commits, retweets, and the like stimulated by attention-grabbing social media platforms. A personal financial statement is the report card that provides a solid foundation.
A personal income statement, report card, what does it mean, and why should we be concerned about this. Your financial statement is a document or set of documents that outline your financial position at a given point in time. It is usually composed of two sections: a balance sheet section and an income statement section. The balance sheet lists assets and liabilities, while the income statement lists out all flow variables affecting an individual’s financial position. A personal financial statement can be a valuable tool in planning out one’s finances. It is usually goal-oriented and can help an individual reach his or her financial goals. The report card a personal income statement provides is valuable in establishing a foundation to build financial health.
Your financial statement provides a clear picture of your financial health, and everyone needs excellent financial health to eliminate the stresses and challenges life may bring. While we understand that money can't solve all the problems we can stave off problems that come about because of a lack of funds. You have a clear understanding of the numbers on your report card. Now you can work towards life goals and make correct financial decisions as it relates to your report card. Fear and stress over your finances will be less of an issue as you take full control over your financial health and wellbeing for the future of your family.