ACCOUNTING FOR LIVING 6
I’ve always maintained that accounting is also for business. It’s concepts, relationships among accounts, system of balances are applicable in almost anything in life.
Accounting Solver presents a Balance Sheet for Living:
Keeping up with the Joneses is a great contributor to Stress. It pushes you into Conspicuous Consumption (e.g., a gas-guzzler luxury car instead of a cost-efficient model, designer clothes, etc) –which increases your Bills & Obligations and makes for great Stress.
The Joneses probably have more than $10,000 in unpaid credit card bills for which they are paying as much as 30% in interest & penalties, live in a house too large for them and very expensive to maintain, are behind in their mortgage payments & are about to be foreclosed, and are bankrupt.
image from Microsoft Clipart, graphics by Ren Garcia
Tags: accounting application to life, Balance Sheet for Living, bankruptcy, beyond dollars & cents, conspicuous consumption, Henry David Thoreau, Stress, WaldenRelated Stories
POSTED IN: Accounting Concepts, Accounting for NonAccountants, Credit Standing, Liabilities, Personal / Household Finance, Random Thoughts on Accounting
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