Understanding Your Personal Balance Sheet

Understanding Your Personal Balance Sheet

A personal financial balance sheet shows you a snapshot of your financial health: how much money and assets you have, how much debt and liabilities you have, and what your net worth is when you subtract your liabilities from your assets.

Unlike a budget where you track how much money is coming in as income and how much money is going out as expenses, a balance sheet tracks how much you have at a fixed point in time. Even businesses, the government, and non-profits use a balance sheet to measure their financial strength. (more…)

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