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Accounting/Personal Finance

Understand the importance of income statements over a time period and balance statements as a snapshot in time for personal finance management. Learn about essential concepts like emergency funds, retirement contributions, building net worth, the Rule of 72, IRA, 401K, stocks, bonds, mutual funds, insurance, annuities, tax brackets, and 529 accounts/UGMA.

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Accounting/Personal Finance

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  1. Accounting/Personal Finance • Income Statement • Over a time period • Balance Statement • Snapshot in time • Personal Finance

  2. Accounting Statements • Income Statements (over time period) • Balance Statement (snapshot in time) • Handouts

  3. Personal Finance • Six months of income (emergencies) • 15% of gross income (minimum) towards retirement (includes company match) • Build up net worth • Rule of 72 • F=P(1+i)n (time matters)

  4. Personal Finance • Roth/Regular IRA’s (Individual Retirement Accounts) • 401K/403B • Stocks/bonds/mutual funds • Insurance (car/home/health/disability, etc) • Annuities • Tax bracket • 529 Accounts/UGMA

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