Budgets and Financial Records

Money you have left to spend or save after taxes have been paid.

Favorable Financial Position

Items of value that a person owns

Costs you are obligated to pay at a specific time, regardless of events. (Ex. Mortgage)

list of all valuable items you own, along with purchase prices and approximate current values.

Money owed to others

Costs that vary in amount and type depending on the events and choices you make.

Sources of income

Spending and savings plan based on your expected income and expenses.

Poor financial position; you owe more than you own

A set of goals for spending, saving, and investing the money you earn.

The difference between liabilities and assets