ASK THE NAKED ACCOUNTANT...

http://www.youtube.com/watch?v=4eS9Ui-9K6c

 

Send $$ questions and I'll answer them...please don't be shy....

 

Dear Naked Accountant,

I am 25 years old, just graduated from UT, have a decent job & want to avoid stupid financial mistakes.  Can you offer any

guidelines?

Hyde Park

Retro Guy

Dear Retro Guy: 

Good question.  I’ll pass along my three Golden Rules. Although they sound easy, many people find them difficult to follow especially as they get older and have more responsibilities like spouse, children, pets, etc.

1. Always live below your means.

2. Always have three to six months of living expenses in an account that is easy to access (liquid)

3. Always, always, always have cash…to invest in the next lucrative opportunity!

 

DON'T LEAVE YOURSELF NAKED TO A RECESSION.

WATCH THIS VIDEO:

http://www.youtube.com/watch?v=4eS9Ui-9K6c

Comments

[Accounting Noob]

Hey Naked Accountant,
Im in college and in accounting 201. My teacher is not very responsive. I learn online so.. I have a question that im stumped on. Please help.

At December 31 of the current year, a company reported the following: Totals sales for the current year: 780,000 includes 160.000 in cash sales. Accounts received balance at Dec 31, current year: 190,000. Bad debts written off during the current year: 6800. Balance of allowance for doubtful accounts at jan 1, current year:8,300. Prepare the necessary entries to record bad debts expense assuming this company's bad debts are estimated
A. 1.5% of credit sales
B. 5% of accounts receivable

Thanks
Accounting noob

[michal farrell]

My husband and I own an ice cream shop for 8 years and just bought a Sandwich Shop 3 months ago because the ice cream business does not support us. We are 60 years old and in the coming months will not make any money. In fact more money will go out the door than comes in until March. We need to borrow money to stay afloat until the business's start making money again. My husband wants to borrow $275,ooo against a commercial property that we own to remodel our house. He doesn't know how much the sandwich shop will make in the future. Here is my question. Since we are not making that much and we never seem to have anything left over after a summer season, is it to risky to borrow so much? Worried in CA

[The naked accountant]

Here's my question - if money is tight and the ice cream shop is not supporting you and you just boughtba sandwich shop that will take several months to get going, why is he looking at borrowing money against a commercial property to remodel your house?
Seems like if money is tight with all these other things going on, the last thing you should spend money on is remodeling the house.
What am I missing?
The Naked Accountant

[chanel J12 watches]

if money is tight and the ice cream shop is not supporting you and you just boughtba sandwich shop that will take several months to get going, why is he looking at borrowing money against a commercial property to remodel your house?

[[email protected]]

Hi NA,
I have about $200,ooo to invest. Do you have an idea about an investment? Thanks michal

[[email protected]]

Well, I just posted that I have some $ but have no idea what to do with it. It is scary as I have always been poor. I don't want to be the person that blows the money unwisely.