How Do You Evaluate Your Financial Situation?
If you do not know your financial situation, you cannot make a plan to move forward. You need to evaluate your financial situation to see where you are right now.
First, you have to know your net worth. Subtract your total liabilities from your total assets, and you will get your net worth. You need to check out your debt level. What's your present situation in savings? Do you have an emergency fund? You should pay attention to your investment. How is your portfolio doing? When you evaluate your financial situation, you will have a clear picture and you can make your next move effectively.
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That's a good way to look at things, but I tend to just focus on what comes in and out. I have enough set aside for an emergency fund and I don't see any point in making it more complicated.
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If someone can focus on what comes in and out, that's enough. That's the transaction and that will give you all information. As a matter of fact, from transactions, we get journals, ledger, income statement, and that links to the financial statement.
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