Business finances can be scary Let me break down the most important report (The Income Statement) so a second-grader could understand it: The Income Statement tells you whether or not you’ve made a profit over X period of time. It also shows why or why not. The formula: Revenue - Expenses = Profit Expenses are then broken down into 2 broad categories: 1. Cost of Goods Sold (COGS): these are costs related directly to the sale 2. Operating expenses: These are the overhead costs to run the business, but not directly related to revenue The income statement will help you tweak high-leverage variables: - Identify how much revenue/profit you bring in - Identify the leading causes of your situation - Understand your products margins and where you can cut costs or raise prices Boom, simple as that

My two rules for an abundant life: 1. Give more than you take 2. Spend less than you make Here are some other honorable mentions though: - Avoid consumer debt - Spend money for knowledge - Spend money to keep your time free (time gets more important as you make more money) - Avoid paying full cost for anything (and always try to negotiate) - Try not to borrow money at all if you can avoid it, but if you do, ONLY borrow money to make money - Learn skills that earn money - Use the skills to generate one killer income stream that produces you more than your time is worth - Use the extra money you make to then buy multiple streams of income - Track your finances, it creates awareness

RULES: 1. The first rule about fight club... 2. This group is NOT for solicitation purposes. No shilling products & services. (use tools/services review channel for honest evaluation of useful items there) 3. Engage and be respectful Here are some benefits you can expect: - Connect with people who care about their finances - Community calls to teach the actionable stuff - Weekly finance lessons & concept breakdowns - Financial tracking & money management techniques - Guest teachers who are experts on different topics - Safe spaces to discuss your money situation & seek group guidance - Open & honest reviews of financial tools & services