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Understand your current financial situation from "summary" of Start Over, Finish Rich by David Bach
To truly take control of your financial future, you must first have a clear understanding of your current financial situation. This means taking a close look at your income, expenses, assets, and liabilities. You need to know exactly how much money is coming in each month and where it is going. Are you living within your means, or are you spending more than you earn? Understanding your cash flow is essential to making informed financial decisions. In addition to your income and expenses, you also need to take stock of your assets and liabilities. What do you own, and what do you owe? Your assets may include things like your home, cars, savings accounts, retirement accounts, and investments. On the other hand, your liabilities could be credit card debt, student loans, mortgage, or any other outstanding debts. By knowing your net worth, you can see the big picture ...
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