If you have a topic you are interested in, post your request in the comments or email me at steven. Rather obviously, the Statement of Income measures net income while the Statement of Cash Flows measures cash flows. Net income represents the flow of wealth to an entity and consists of revenue, gains, expenses and losses. Importantly, these two flows occur at different times.
Airlines collect cash when they sell tickets to customers, but do not earn wealth record sales revenue and earnings on the income statement until perhaps months later, when customers fly. Cash flow precedes wealth flow in these instances. Other entities sell goods and services to customers thus recording sales revenue and earnings on the income statement but then do not collect cash from these customers until months later. Wealth flow precedes cash flow in these instances. Automobile manufacturers will readily sell you a car today and finance it over the next three to five years.
Sales revenue and net income are recorded today, when you buy the car, but cash flows occur over the next three to five years. Boeing collects cash as a deposit long before it builds an airplane for a customer. Online registrations are currently closed, please call for additional registration options.
Gain an understanding of how tax return analysis is used to determine an individual's and company's cash flow position. Review tax code updates including the Tax Cuts and Jobs Act and its impact on personal and business cash flow. Begin by concentrating on personal tax return analysis including reviewing "true" cash flow derived from the federal tax return including the various schedules and K-1 forms.
Then focus on the analysis of various business tax returns, including the LLC and S and C corp structure; analyze business federal tax returns; and prepare cash flows for these entities. This section will also assess the company's risk factors using business tax returns and review real estate tax issues; retirement plans and HSAs; estate planning techniques; and year-end tax strategies. Calculate personal cash flow using tax return including schedules and K-1s.
Identify risk factors using the returns Recognize tax code updates and ways to use the tax returns to market the CPA practice. I have to disagree. I have my flat, and I am very content in it. I also have 3 other flats across 2 countries, and they are all rented by myself no real estate agents involved , the other flat I have in another country I am lucky enough to have my mom help me with it. JP — thanks for this thoughtful reply.
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As a something that left the corporate world to work at a startup, I may have a biased perspective on the education point. I think that in most cases the debt load that you take on in pursuing that higher education dictates the direction of your life for at least a decade. You will miss out on the opportunity to take smaller risks for some of the most productive years of your life if you wait that long to disconnect.
Also — with regards to diversification, there are many schools of thought on this.
I choose to focus heavily on one type of real estate in my specific, local market. I think an MBA is a lot more than just 2 years of debt and expecting a higher salary. I agree that taking on loans to go to a no name university does not make much sense but might for someone else. However, you are buying a network and some skills that will be of value for the rest of your life. Even if you want to start your own empire building, having this brand recognition will be the difference between raising USD K and USD 10mln. A few of my friends finished HBS, and are now running their own show, except they are able to do this because they are able to get financing thanks to the stamp on their CV.
Regarding diversification I agree with you that knowing one market makes sense, but the problem with that is that you are not protected from any external macro forces. At the more micro level, you could be in the same market looking at buying different flats, the idea of having all my equity in one building is quite scary. What happens if they decide to open a KFC right in front of the building. Or what happens if the structure or the construction is particularly weak?
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You can get a lot of unknown and not having diversified can really hurt you. What stops you from buying a few flats in a 1km perimeter? Same market, but at least you have some form of diversification. Walker Hinshaw from Denver, Colorado Replied over 4 years ago. I think your point about obtaining a financed degree is a great one. By adding a ton of debt to your personal balance sheet you have backed yourself into a corner — you now have to take that high paying job in order to pay off your debt.
What happens if you end up not liking your job? Too bad, you are stuck. Thanks for the comment Walker! I agree completely with this.
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If you have the mentality to take control of your own financial situation as rapidly as possible, then a financed degree is absolutely a liability in the sense that it limits options for a significant period of time. I loved this article. Housing is the biggest expense so attack that one first.
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Nicholas — thanks for the support! I absolutely agree with this. I will say that I see that quite a few people seem to think that I support paying cash for a house. Recognizing this is a key part in the decision making process. Jacob Sanders from Douglasville, Georgia Replied over 4 years ago. The truth is that if we finance our purchases, we become a slave to money instead of a master of our money. Thanks Jacob — this is exactly right. That line of thinking is dangerous to your pocketbook and can cloud judgement.
Ken P. Scott, great advice all around.
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The only comment I would make regarding education and advanced degrees is that there are lot of other reasons besides financial that people pursue particular career paths, and in some areas such as medicine and law, the system is stacked such that it is extremely difficult to avoid debt.
Police officers, teachers, and doctors are often used as examples of people whose careers can be immensely impactful, meaningful, and fulfilling. As an engineer, I derive great satisfaction knowing that the products my team designs employ thousands of people in their production and are used by millions every day. A programmer or product designer at Apple or Google, or Microsoft or Pixar, can make his or her mark on the lives of literally more than a billion people through their work. These are all really great points thank you so much for this thoughtful comment. With regards to higher education, I think you are exactly right.
If you have a strong non-financial reason for getting higher education, THAT is the perfect reason for pursuing that. Do it. Follow your passion and take on the world. But if you are just bored with your current job and want to make more money, pursuing an MBA or a law degree is in my view a terrible choice.
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