A method of bookkeeping that focuses on recording transactions as someone earns income/is obliged to pay expenses.
Budget:
A tool used to measure financial health.
Cash Method of accounting:
A method of bookkeeping that focuses on recording transactions as someone receives/pays out cash.
Rule of 72:
A quick calculation that shows how long and/or at what rate of return is needed to double the value of an investment. Rate of return X Time in years = 72 to double. For instance, at an average rate of return at 6%, it'll take 12 years for the investment to double.
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