Why You, LLC?
Businesses are careful with their money, but regular people? Sometimes not so much.
The idea behind You, LLC is that it has you take a business owner's perspective on money coming in and money going out. It's hard to sustain a business when you don't know if you're operating at a loss or profit. That's how we should look at our finances.
So, how are your operations? Are you operating at a loss? If so, is that really sustainable?
The great thing about this framing is that it helps you cut out the non-essentials and focus on where you should be cutting back.
It also provides you with a credit card debt planner so you can see just how much credit cards are costing you if you're paying interest.
The app is intended to be easy to use and understand. If you have suggestions, please reach out!
Oh yeah, and it's completely private. You create an account to protect your data by password, but that's it. We can't see your data and we don't have backups. If you delete your app, your data is gone. Forever.
How to Use the App
Step 1: Create Income Statement
Enter your revenues (income) and expenses here. Remember:
- Do not include credit card payments
- Include debt payments for car loans, student loans, mortgages, HELOCs, etc.
- These debts are backed by assets so we account for them in the income statement as regular, fixed "expenses"
Step 2: Create Balance Sheet
Enter your assets (what you own) and liabilities (what you owe).
- Assets include cash, vehicles, home, and any other items you own that are valuable
- Liabilities include credit cards, student loans, mortgages, HELOCs, and any other debts
- Credit cards are liabilities. Make sure to enter regular interest rates and any promo terms
Step 3: Create Credit Card Planner
This is the fun part! Here you can:
- See how changing credit card payments affects interest costs
- Allocate excess income to pay down debt
- Create a plan and update your income statement with new credit card payments
Questions? Suggestions?
We'd love to hear from you!
Your feedback helps us improve. Whether you have questions about using the app or ideas for new features, we're all ears.
Thank you for your support!
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