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I am just a musician, but I find it useful to learn the strategies to managing finances.
After reading this book, I feel inspired to look up templates thag turn my cash flow from something ambiguous into something tangible so I can forcast my spending decisions and side investments for the future.
I hope that after reading this book, I will be more aware of my current financial health, and that this increased awareness will influence my decision to dump my hard earned cash at the local strip club; I know it sounds crazy, but I think having a vision about how you want to use your finances with the help of a balance sheet will dictacte how you will spend it, that is, as long as you are looking to multiply and grow your finances.
As a looser in the stock market and a big spender in counterproductive services (to say the least), I have made it a habit of not monitering my funds. This habit makes me spend more and not feel the pain of destroying my finances. Through the lessons from this book, It is interesting seeing how big businesses fail to moniter their finances, and consequently end up missing payroll, which is the bottom lone for a business to function. So it is good to see that I am not the only one with money mismanagement problems.
I look forwars to using balance sheet concept, which is traditionally intended for business, to manage my peraonal finances.
I guess the big question is this: are you, yourself, just a person with money to spend, or are you a business entity with money to manage and grow over time. Ask yourself, what are your overhead costs? what is your personal annual P & L? What are your current retail cash equivalents and collateral on hand? What are your assets and liabilities? What strategies do you have on hand that will grow your profit and decrees loss? Is it time for a personal 6th sigma overhaul?
These are questions that a typical business would ask, but the question for you is: do you think these concepts can apply to your personal financial health? - Come up with three ways you can apply the balance sheet concept to your personal finances.
Very good outline of a business program that points to accounting cash flow balance sheet and business plan.