The personal Financial Statement (Financial Report) App handles Cash Flow (Income minus Expenses) and Net Worth (Assets minus Liabilities). Net Worth is also known as Balance Sheet or Owners Equity. This is a must-have Retirement tool. This App takes the mystery out of creating your own Financial Statement.
There may be no more important thing that you can do than completing a Financial Statement yearly. How do you know if your financial situation is improving without one? Compare previous years Cash Flow or Net Worth to this years, or any other Line Item for that matter. Will you be able to retire when you want to with financial security? If you don't know where you are, how can you get to where you want to go?
Once you have created a Financial Statement for the current year, create a best guess Financial Statement for the year you intend to retire. Your Income will be different and your expenses will likely be similar to what they are today. Compare them. How will you make up for the lost Income? How much Income will you have to make up to meet your Retirement Expenses? When will you start? How much time do you have left to fix it?
The Financial Statement App makes this easy and possible. Just follow the prompts and input the data, save a PDF and Print a copy for you or your lender.
Everyone needs to complete a Financial Statement. If you do not know if your Cash Flow is positive or negative, or whether your Net Worth is positive or negative, how will you know if, over time, it is getting better or worse? How can you plan for Retirement? This is the most important step you can take to prepare for Retirement. And, the earlier you start preparing your Financial Statement, the earlier you can start making improvements to your retirement position. This app will allow you to prepare a Financial Statement as often as you like. The best time to do one is as of the first of the year. Do it while you are preparing your taxes. Do it every year, and compare prior year to the current year to see if your Cash Flow is getting more positive and if your Net Worth is becoming more positive. If not, you need to make changes to your spending and investing habits to improve your position.
How many years do you have left to prepare for a secure retirement? Shouldn't you start today?
See our Website www.myfinancialapps.com for more information.
