Know what you own

KNOW WHAT YOU OWN and WHAT YOU OWE

This seems like a simple statement. You can make a list of your possessions.

Balance Sheets Tell You What You Own, What You Owe, and What You Have Left.

Accounting systems, if you have entered all your money transactions, can tell you how much you own and owe at any point in time. The difference between what you own and what you owe is your net worth. This report is called a Balance Sheet.

Your accounting data base can also tell you how you did financially over a period or time.