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Financial Coaching: Where to Get It and why it's Important to Financial Freedom

Financial Coaching: Where to Get It and why it’s Important to Financial Freedom

Many people crave for financial independence and it makes no different whether you don’t have money or you have. It is very imperative that you have an apparent and better understanding and perspective about your finances. If you want to get rid of your money worries and go on Oahu island tours whenever you want, then financial coaching is the ultimate solution to your problem. Financial coaching will serve as your guide and key to eliminate your money worries.

Where to Get Financial Coaching?

In the present time, there are lots of companies online that offer financial coaching services that come with affordable prices. A financial coach will greatly help you to have a clear and better understanding on how to spend your money wisely. In addition to this, financial coaching will provide you with amazing benefits and these are as follows: Continue reading “Financial Coaching: Where to Get It and why it’s Important to Financial Freedom”

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What is a Balance Sheet?

What is the Balance Sheet?

What is the Balance Sheet and Its Benefits 

Financial statements are explained as being the final result of transactions between a particular entity and other individuals and companies. Transactions take account of purchases, sales, and general cash flows. There are many kinds of financial statements that include an income statement, statement of changes in the equity of the owner, stamen of cash flows and balance sheet. The balance sheet is one of the most significant financial statements.

What is the Balance Sheet?

The balance sheet is a statement which explains an entity’s financial condition at a specific point in time, normally at the end of the accounting period. Balance sheet depicts the assets and liabilities of organizations and owner’s equity. The balance sheet is a statement that describes an entity’s financial position at a certain point in time, usually at the end of an accounting period. It depicts the organization’s assets, liabilities, and owners’ equity. The equation of the balance sheet is Assets=Liabilities Plus Owners Equity. The two sides of the calculation balance out, hereafter why the report is called the balance sheet. Continue reading “What is the Balance Sheet?”

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What is an Income Statement?

What is an Income Statement?

A plumber in Hawaii just asked me this question. It’s surprising how many people, including self employed business owners, do not know the fundamentals of finance.

When you hear the term “income statement”, what is the first thing that comes into your mind? According to some researches, an income statement is a report that gives the management and public a better and apparent understanding of how the business is doing. In addition to this, income statement covers the financial performance in the same period. Apart from this, financial statement is also known as statement of expense and revenue, statement of earnings, operation statement and loss and profit statement.

4 Major Financial Statements

  • Statement of Cash Flows
  • Income Statement
  • Balance Sheet
  • Stockholders’ Equity

Income Statement is sometimes called Profit and Loss statement wherein it answers the fundamental questions when evaluating the performance of a certain business. Aside from this, the income statement reports the costs of selling the products, sales made, costs in providing the service, tax amount and other expenses incurred in running a business during a specific period. Most companies commonly issue income statement every quarter, year and month.

5 Major Areas of Income Statement Continue reading “What is an Income Statement?”

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Rich Dad's Cashflow Quadrant Book Review

Rich Dad’s Cashflow Quadrant Book Review

Rich Dad’s Cashflow Quadrant Book is written as a type of extension of the author’s Rich Dad, Poor Dad book, offering more financial understandings and awareness as well as knowledge from personal experiences of the author himself, still aimed at educating everyone and empowering them to having their funds work for them and not the other way around.

Who Could Buy/ Benefit of this Product?

This book was made for those who would like to change their lives and particularly for people in E and S quadrants. If you are in these quadrants meaning you are a slave to money and want financial freedom.

Rich Dad's Cashflow Quadrant Review

Book Overview

The Rich Dad’s Cashflow Quadrant Book is divided into 3 parts:

  • Part One shows the fundamental disparities between individuals in the 4 quadrants. It will also explain why some people sink towards specific quadrants, and most often they get stuck there without knowing it.
  • Part Two is all about change.  It tackles on who you want to become so as to obtain your objectives.
  • Part Three shows how to change to the best part of the Cashflow quadrant. Rich Dad gives the secrets to become thriving as a B or I and aid you select your way to financial freedom.

Continue reading “Rich Dad’s Cashflow Quadrant Book Review”

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Rich Dad Poor Dad Book Review

Rich Dad Poor Dad Book Review

Rich Dad Poor Dad: What the Rich Teach Their Kids about Money That the Poor and Middle Class Do Not is a published book written by Robert T. Kiyosaki. Since it was released in the market, a lot of people have taken advantage of the insights provided in the book. This is actually a personal finance guide that tells how Kiyosaki together with his father and his best friend’s dad shaped financial ideas regarding money.

A personal-finance lecturer and author, Kiyosaki designed a unique financial perspective to help readers get a grasp of what it feels like to be out in the real world in terms of money. With the thoughts shared by his highly educated father and the multi-millionaire dad of his best friend, the book offers helpful tips in making informed financial decisions. The book was completed with the expertise of Sharon L. Lechter, a CPA and financial consultant.

Why Read the Book

By reading the book, it simply advocates the importance of financial literacy to people especially to the middle class and poor families. According to his principles, income-generating assets significantly provide better results unlike traditional jobs. It also demonstrates how assets are obtained in order to level with the income generated from getting a job. With 274 pages published by Plata Publishing on the 16th of August, 2011, Rich Dad Poor Dad is an all-time personal finances guide that people are guaranteed to take advantage of. Continue reading “Rich Dad Poor Dad Book Review”

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How Important Is Financial Education?

How Important Is Financial Education?

Perhaps, you’ve come across the question of how important it is to become financially educated. Financial literacy is essential in so many ways. For instance, your life will not be complete without bank transactions since it helps you deposit and withdraw funds. You cannot survive without money because it’s the only way to acquire food, shelter, clothing, and other necessities you need.

Today, banks along with other financial institutions are overwhelming consumers with greater financial opportunities via credit cards. When you have credit, you can purchase goods without providing cash to grocery stores. However, if you’re not completely aware of how a credit card works, you will surely get into pecuniary trouble. To avoid this, you need to learn the fundamentals of finances including credit cards in order to make sure that you are taking the economical path correctly.

What Do We Mean by Financial Education

Financial education involves the management of Continue reading “How Important Is Financial Education?”

Take Accountability For Your Finances

Take accountability for your finances.

Finances was a rare subject in school, if ever taught. Other than being a hypothetical mathematic problem to solve in math class, there was little to no education on finances.

It’s no wonder majority of the people make up the poor and middle class in this country. Finance education was never a part of our public school’s curriculum. Some speculate that this is purposefully done to create such an economic class structure.

But aside from the conspiracies, what is known is that you can take control of your finances by taking accountability for it. Stop pointing your finger and blaming it on the school’s curriculum, the government, taxes, your parents, work (or lack there of), etc. Take accountability of your own finances. And I’ll tell you this: once you do, you will begin to take control of it and not have it control you!

This is Fundamental Auditing, a knowledge based resource to audit your own personal and/or business finances.

Come back here soon and we’ll have more financial knowledge for you!