The Importance of Income Statements and Balance Sheets

My guest today on the show argues that in order to get a big picture view of your finances, you need to start looking at your family as a business and yourself as the Chief Financial Officer of Family Inc. His name is Doug McCormick and he’s a professional investor and the author of "Family Inc.: Using Business Principles to Maximize Your Family’s Wealth."
Today on the show, Doug and I discuss the two types of assets you’re managing as the CFO of your family, and the business principles you can apply in your family "enterprise" to help them grow. We also discuss the metrics that corporate CFOs use to determine the health of a company and how you can use the same ones to measure the health of your family’s finances.