About Financial Statements

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Financial statements are an important set of documents in that they show a snapshot of a financial situation at any given time. Find out why it's important to keep track of financial statements with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser, Patrick Munro talking about financial statements. Financial statements are a very important set of documents that everyone should keep be they a regular consumer or of course a business. Financial statements will show a snapshot in any given time of what your financial situation is. You have an asset column showing all the different assets that you have and of course you have a liability column which shows the debt that you owe against those assets. The difference is your net worth, it is called your net worth. Constantly try to keep your liabilities down and grow your assets and that is the name of the game to get a higher net work and when you do that in a timely basis your net work will grow, your credit viability will grow along with that and you will be able to acquire more and more assets and therefore that is the key to a successful life. So it is all about your financial statements and how you handle your finances, make sure you write everything down and keep good records. This is Patrick Munro talking about financial statements.

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