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Income, Debt, and Expenses - Debt Free Millionaire Personal Finance Course (Week 1 - Day 1)
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Simplified Explanation:
Do you know the most basic terms in finance: Income, Debt, and Expense? These are the three most fundamental terms in the financial dictionary, and are essential to learn in order to be successful. We will teach you more about each of these, but let’s give you the basics before we go further:
Income means the amount of money you receive in a given amount of time, through work or investments;
Debt means how much you owe another person or institution(s);
Expense means how much you spend in a given amount of time;
So, what comes in (income), what you owe (debt), and what goes out (expense).
Part #1 – Normal Life: Allow me to simplify your potential financial situation in the future. Think of your ideal financial life. Which of these scenarios would you prefer? Choose and highlight the one you want:
- Low income, no debt, few expenses;
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