Whenever you begin any new venture, whether it's losing 5 pounds or running a marathon, you need to have a starting point, a point of reference, which lets you know how far you've come and how far you have to go. This is true with your financial situation as well. If you want to become wealthier than you are, you need to have current financial statements to have a tracking system.

Personal financial statements are used by individuals to answer questions like: Did I make enough income to cover my expenses this month? What am I spending money on and should I try to reduce/increase any of those areas? Is my net worth increasing? Am I taking on good debt (such as loans to buy houses that pay me each month) as opposed to bad debt (car payment, boats, vacation homes, etc which cost me money each month)? Once a personal financial statement is compiled, these statements can be used to plan for retirement, secure loans and invest.

Building wealth takes a different mindset, one that presents a view that YOU are a business. You have Accounts Receivable (money in) and you have Accounts Payable (money out), you have Assets (things that you own) and Liabilities (things that you owe). And, like a business you need a way to measure progress and compare what is working for you and what is not. Fredrick James has a solution to help you keep more of the money that you make and turn those dollars saved into assets! We will help you implement a system designed to measure your results as well as help you understand the reports and what they mean to you.

If you aren't checking your financials once a month and are interested in learning more about how the Associates at Fredrick James can assist you with compiling personal financial statements please call 727-474-0922 or contact us today to schedule your free consultation to discover the benefits of having personal financial statements at your fingertips.

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