An Introduction to the Cash Flow Statement: The One-Page Document That Shows Whether You Will be Rich or Poor in the Long Run RPF0026

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 23 July 2014

⏱️ 36 minutes

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Summary

The Cash Flow Statement is the one document that you can create which will definitively show whether you can expect your wealth to increase or decrease in the long run. There are only three variables we can manipulate in any financial plan that will affect long-term wealth: The amount of inflows The amount of outflows […]

Transcript

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0:00.0	Radical Personal Finance, Episode 26.
0:05.0	Welcome to the show.
0:06.5	No fancy music today because I am podcasting from the road and I don't have the equipment
0:10.5	so we're just gonna get right into it.
0:12.2	Today is episode 26 for Wednesday, July 23.
0:16.0	And in today's show, we are going to continue our conversation on financial statements.
0:21.0	And before you groan and say, Joshua, why do we have to talk about financial statements?
0:27.0	Let me take a moment and try to sell you on the concept of preparing financial statements.
0:32.0	Today we're going to focus on the statement of cash
0:35.2	flows and this will be a continuation from episode 22 in which I introduced the statement of
0:41.8	financial condition or the balance sheet.
0:44.0	And a statement of cash flows basically says here's where the cash is coming from and here's where
0:47.6	it's going and we track it.
0:49.4	Now most people, when they come to talking about financial statements, most people are usually thinking
0:54.9	more about creating a budget or something along those lines.
0:59.4	But I promise you that building financial statements and proper financial statements
1:03.5	especially statement of financial condition and also a cash flow
1:07.3	statement are this is this is where you have to start so whether you're doing it for
1:11.2	yourself and you're coaching yourself through your
1:14.1	financial situation or whether you're doing it for a client, whether you're a financial
1:18.8	planner of some kind, this is where everything starts. Once you become skilled with understanding how to read financial statements,
1:26.0	you will have the skills that you need to be able to look at any situation
	...

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