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    Personal Cash Flow Statement: Goals

    Uploaded by

    William Reece
    This document provides instructions for building a personal financial plan, including determining goals, analyzing cash flows and assets/liabilities with a cash flow statement and balance sheet, and reevaluating goals based on the analysis. The analysis involves preparing a cash flow statement to ensure income exceeds expenses, a balance sheet to assess assets and liabilities, and setting savings goals to achieve short, intermediate, and long-term financial objectives.

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    © All Rights Reserved
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    Personal Cash Flow Statement: Goals

    Uploaded by

    William Reece
    245 views3 pages
    This document provides instructions for building a personal financial plan, including determining goals, analyzing cash flows and assets/liabilities with a cash flow statement and balance sheet, and reevaluating goals based on the analysis. The analysis involves preparing a cash flow statement to ensure income exceeds expenses, a balance sheet to assess assets and liabilities, and setting savings goals to achieve short, intermediate, and long-term financial objectives.

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    BuildingYourOwnFinancialPlan.docx

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    This document provides instructions for building a personal financial plan, including determining goals, analyzing cash flows and assets/liabilities with a cash flow statement and balance sheet, and reevaluating goals based on the analysis. The analysis involves preparing a cash flow statement to ensure income exceeds expenses, a balance sheet to assess assets and liabilities, and setting savings goals to achieve short, intermediate, and long-term financial objectives.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    245 views3 pages

    Personal Cash Flow Statement: Goals

    Uploaded by

    William Reece
    This document provides instructions for building a personal financial plan, including determining goals, analyzing cash flows and assets/liabilities with a cash flow statement and balance sheet, and reevaluating goals based on the analysis. The analysis involves preparing a cash flow statement to ensure income exceeds expenses, a balance sheet to assess assets and liabilities, and setting savings goals to achieve short, intermediate, and long-term financial objectives.

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    Building Your Own Financial Plan

    Goals
    1. Determine how to increase net cash flows in the near future.
    2. Determine how to increase net cash flows in the distant future.

    Analysis
    1. Prepare your personal cash flow statement.

    Personal Cash Flow Statement


    Cash Inflows This Month
    Disposable (after-tax) income $
    Interest on deposits $
    Dividend payments $
    Other $
    Total Cash Inflows $

    Cash Outflows
    Rent/Mortgage $
    Cable TV $
    Electricity and water $
    Telephone $
    Groceries $
    Health care insurance and expenses $
    Clothing $
    Car expenses (insurance, maintenance, and gas) $
    Recreation $
    Other $
    Total Cash Outflows $
    Net Cash Flows (Total Cash Inflows minus Total Cash Outflows)

    Note: You must build a positive cash flow. Your income should exceed your expenses and if not
    you must find a way to reduce expenses.

    2. Prepare your personal balance sheet.

    Personal Balance Sheet

    Assets
    Liquid Assets
    Cash $
    Checking account $
    Savings account $
    Other liquid assets $
    Total liquid assets $

    This instructional aid was prepared by the Tallahassee Community College Learning Commons.
    Household Assets
    Home $
    Car $
    Furniture $
    Other household assets $
    Total household assets $

    Investment Assets
    Stocks $
    Bonds $
    Mutual Funds $
    Other investments $
    Total investment assets $

    Real Estate
    Residence $
    Vacation home $
    Other $
    Total real estate $

    Total Assets

    Liabilities and Net Worth

    Current Liabilities
    Loans $
    Credit card balance $
    Other current liabilities $
    Total current liabilities $

    Long-Term Liabilities
    Mortgage $
    Car loan $
    Other long-term liabilities $
    Total long-term liabilities $

    Total Liabilities $

    Net Worth (Total Assets minus Total Liabilities) $


    3. Reevaluate the goals you set. Based on your personal cash flow
    statement, indicate how much you can save each year to reach the goals
    you set.

    Personal Financial Goals


    Dollar Savings Number
    Financial Goal Amount per Year of Years
    Short-Term Goals
    1. Goal 1 $ $ $
    2. Goal 2 $ $ $
    3. Goal 3 $ $ $

    Intermediate-Term Goals
    1. Goal 1 $ $ $
    2. Goal 2 $ $ $
    3. Goal 3 $ $ $

    Long-Term Goals
    1. Goal 1 $ $ $
    2. Goal 2 $ $ $
    3. Goal 3 $ $ $

    Decisions
    1. Describe the actions you will take to increase your net cash flows in the
    near future.

    2. Detail your plans to increase your net cash flows in the distant future.

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