Hello there millennials! I'm here again, the Money Guru to teach you how to become more financially savvy and attain financial freedom! First of all, the most important thing to do right now is to learn how to account your expenses. You don't need to be a Certified Public Accountant (CPA) to do this. All you need is a pen and paper or even an application like Money Lover to do this. I will be teaching you a simplified version of the financial statements, tailored to personal finances. First, the income statement is basically Income - Expenses = Net Income. Second, the debts section is Debt - Debt Payments = Net Debt or if you are the one loaning, Loans - Loan payments = Net Loans. The income statement is divided into Income and Expenses. For income, it's sub-sections can include the following: 1. Gifts - This is a tribute to you in the form of money. This can be from parents or relatives who gave you money instead of a physical gift for the holidays. 2. A
Hi everyone! I am the Money Guru, your mentor in becoming a financially savvy millennial who sticks to his financial goals in a world where the motto is "You only live once" or YOLO for short. Who are millennials? To understand this generation more, lets us compare and contrast the millennials with the other generations. The Baby Boomers are the generation born from 1940s to the mid-1960s. They value hard work, commitment and practicality. They are not wasteful of resources and are very respectful of authority. Generation X are people born from the mid-1960s to the 1980s. They are peer-oriented, entrepreneurial and a bit cynical. They needed less adult supervision during their childhood therefore they are more independent. They grew up with the makings of the computer and music videos which played a big influence in their lives. Millenials are the generation born from 1982-2000. They, the ME Generation, are often spited for being narcissistic, entitl