Now that we understand income, expense and net income–which we arrive at by subtracting expenses from income in any given period–we are now ready to look at the balance sheet, which few understand, but is essential when trying to get a truer understanding of one’s net worth. Everyone’s fiscal interactions with others, which happens everyday…
Tag: Net Income
Prudent Fiscal Planning (Part 4): To Save, Or Not To Save That Is The Question
Previous posts in this series on prudent fiscal planning, focused on the need for fiscal planning, as well as both the income and expense elements of the profit and loss (income and expense) statement. Today, we will look at net income–which is the total after subtracting expenses from income in any given period–and, yes, it…