After four years on the job, you are finally making a significant move up the career ladder. Your hard work and determination have now paid off with a more prestigious position and your first significant raise. With a larger paycheck, you are suddenly faced with questions about how to best manage your money. To help you better understand how to manage these extra funds responsibly, a favorite family friend guides you and discusses various financial management products. Together, you and she will prepare a personal financial statement and cash flow analysis. Taking these steps will help you better understand how your money is spent each month and better prepare you to plan for a couple of more significant purchases in the future: a new car, your first home, or perhaps a return to school.
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