Other than the Balance Sheet, the other important financial statement for every individual is the Income Statement. For more information on balance sheet creation, see Creating Your Balance Sheet With Dr Wealth. The Income Statement is basically made up of Income and Expenses, with the Savings as the final figure. Tracking and categorizing individual Income and Expenses item requires a lot of time and effort. Fortunately, Dr Wealth is able to provide a systematic manner to budget your income and expenses according to the 50/30/20 rule.

Income Statement Summary Using Dr Wealth

Income Income items are basically inflows which add to your net worth. The Income items include Active Income which is Basic Salary and Bonus. Other Income items include Dividends, Rental and Interest Income. They are basically income payments from Stock, Property and Bond investments respectively.   By keying all the Income items, you will be able to ......