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Better Business, 5/e
book

Better Business, 5/e

by Michael R. Solomon, Mary Anne Poatsy, Kendall Martin
January 2017
Intermediate to advanced content levelIntermediate to advanced
500 pages
33h 23m
English
Pearson
Content preview from Better Business, 5/e

Creating a Financial Plan

Let’s walk through the steps involved in creating a financial plan.

Step 1: Take a Financial Inventory

The first thing you need to do when beginning a financial plan is to take a ­financial inventory. List everything of value that you own (your assets) and then subtract from that total everything you owe (your debts), including any loans and credit card balances you might have. The remaining amount is your net worth. As Table M5.1 shows, determining your net worth is similar to a company preparing a balance sheet but just arranged somewhat differently. If you’re young and just starting out, there might not be much to write down at first. But it’s still a useful exercise. As time passes, you’ll have more to add to this ...

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Publisher Resources

ISBN: 9780134522746