Use the basic financial equation for individual:
Assets minus Liabilities = Net Worth
This is your personal Balance Sheet and your monthly
budget annualized is largely your Income Statement
if you add back your gains and losses.
We had a real EUREKA moment this morning when the
brillant students at my alma mater got it!!!
Wealth creation is being true to your budget month
over month, taking manageable risk in investments,
not spending more than you budget for (considering
a very conservative budget) and always looking for
new ways to save.
I am sooo proud of them!!!!
The presentation consisted of budgeting, saving,
understanding the uses of credit, good and bad credit
and guarding your identity. These are the topics
specifically requested by the school.
Sheila McKinney
