By Dan Benson
Monetary consultant Dan Benson exposes the twelve largest error humans make with their cash and obviously demonstrates how readers can stream from monetary lack of confidence to monetary freedom. confirmed, sensible aid for negotiating the monetary minefields of existence.
1. Misuse of credit
2. Letting greed take control
three. contemplating at the present time and never tomorrow
four. Motor toys - the most important money drain
five. Failure to deal with the "set aside"
6. no longer realizing what to do with the $
7. now not taking good care of the "temple"
eight. both an excessive amount of or too little insurance
nine. Following fads vs. staying the course
10. Lackadaisical giving
eleven. Letting Junior consume away your nest egg
12. no longer profiting from tax breaks
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Extra resources for 12 Stupid Mistakes People Make with Their Money
WHAT DOES THE BALANCE SHEET TELL YOU? If the profit and loss account tells you about the business's profitability, then the balance sheet tells you about its financial position and in particular the following. Financial stability How risky are the finances? This means looking at its: 50 RAISING FINANCE FOR YOUR BUSINESS liquidity, which can show how much risk the business has of running out of cash in the short term; and gearing, which shows how reliant on, and exposed to, borrowed money the business is.
3%) and if it weren't for that increase in bad debt they would have been bang on target. The result is that despite an increase in turnover, the company's profit has gone down (from £153,000 to £120,000 at operating profit level), largely as a result of a fall in contribution. 38 RAISING FINANCE FOR YOUR BUSINESS The company needs to take a look at what is happening to its sales and margins. This approach can be particularly helpful if you have information from other companies in the same sector against which to compare your performance (benchmarking) to see what this might tell you about your relative levels of efficiency.
The overheads are the general costs that the company incurs by being in business. Many of these, from its audit fees through to its wages and salaries, are obvious items that it is having to pay for. Some overheads are, however, not items that you buy, but are provisions for costs that you may incur. An example of this is a bad debt provision. You obviously don't go out and buy a bad debt, but the cost of suffering one is an expense that the business has to cover if it occurs. Widget Co Ltd has decided to split its overheads into two sections, and can therefore calculate an operating profit designed to see how much the trading activities of the business are generating, before thinking about depreciation which is a non-cash item, and the costs of financing.