How did the case study impact your thoughts about your own financ

1. How did the case study impact your thoughts about your own finances?

2. What were your thoughts and observations as you created your own balance sheet?

3. How might the balance sheet help you in future financial planning?

4. How close to reality do you think your estimated personal cash flow statement will be if you track your actual income and expenses for a month?

1. It gave me the desire to track my finances more closely and objectively. I liked how we can determine our net worth through some simple calculations and our inflows and outflows per month. Generally, I rely on simple finance apps like Mint to track my finances. Currently, I do not create monthly budgets, but I now believe such action could be helpful.

2. I know that I have more assets than I am counting in the excel sheet. Therefore, my net worth is potentially higher. I also have a variety of streaming platforms.

I would benefit from switching from one platform to another month by month to save money. Streaming platforms are not a significant expense. Currently, my most considerable expense is transportation. Since gas prices are falling, this will help increase my surplus.

3. Accounting is math: it either works or doesn’t. Each can be traced from its inception (a sale, an expense, a money transfer) to the line on the financial statement. Since I don’t have much experience with financials, I try to seek out a mentor who is a family member. A balance sheet will ensure that I am not spending foolishly and ensure I am making appropriate purchases within the limits I set for myself. Proper planning will ensure I maximize my net worth.

4. It is important to consider cash flow when planning for the future . It is important to save money every month in order to be able to make better financial decisions in the future. I hope to use some investing approaches for beginners to purchase funds without getting into debt. Most people underestimate how much they truly spend in a month. Therefore, I am underestimating how much I spend as well. I eat out quite a bit with friends and family, so my restaurant bill for the holidays might be higher than anticipated.

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