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John here is a successful 

businessman who is looking for a 

depository institution to put his 

money in. John has a choice when 

it comes to depository institutions. 

He can choose between a 

commercial bank,credit union, or 

a savings bank. the next thing 

john needs to know is if the 

depository institution is 

guaranteed by the government. 

John also want to get a checking 

and saving account so he must 

make sure that the depository 

institution offers these services. 

John has a friend named jack who is a 

fireman who gets paid by the town though 

taxes. these taxes are from the property tax 

in the town. A property tax is a tax on 

property, such as land, buildings 

(including homes), and motor vehicles. 

Jack always likes to Quote Ben Franklin 

saying “But in the world nothing can be 

said to be certain except death and taxes.”

Being Financial stable is highly important at every age. 

Like John and Jack they are great with their budgets, 

dealing with bills, paying back loans, and staying out of 

debt. To be like John and Jack you must manage your 

money well. Start by creating a statement of financial 

position. A statement of Financial position or Net 

Worth is a measure of financial wealth and indicates 

the monetary value of all possessions that a person or 

house hold owns, minus the total amounts owed to 

others. when calculating you need to know what your 

assets are. and assets are items of monetary value that a 

person or household owns. Assets can be divided into 

three categories: monetary, tangible and investment.

The first step to financial stability is income and 

expense statement. everyone should have an income and 

expense statement. An income and expense statement 

is a financial management tool that summarizes your 

past transactions to determine how you are earning and 

spending your money. It helps you objectively evaluate 

your past financial decisions. This is important 

because it tracks all the money coming in, and all the 

money going out. This will allow you to create a budget 

for you and/or your family to be financial 

successful.

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