I will try to make another change to My Doubling Adventure. I will make a shift of my focus from capital to wealth or net worth. Net Worth is calculated by the following formula:
Assets – Liabilities = Net Worth
Therefore, I will pay attention to Assets and Liabilities of My Doubling Adventure project in order to track Net Worth of the Project. The goal is to double Net Worth or Wealth in each Step of the Plan.
So, here is the first balance sheet for My Doubling Adventure....
| Assets | |
| Cash | 351.95 |
| Incoming Checks | 3,834.19 |
| Business Loan | 1,608.00 |
| Inventory | 267.63 |
| Accounts receivable | 25.00 |
| Total assets | 6,086.77 |
| Liabilities | |
| Total liabilities | 0.00 |
| Net worth | 6,086.77 |
Net Worth is 6,086.77 HRK. I counted incoming checks from my casino ventures as my assets. Also, I added to my assets 4 books that are currently on auction. I counted them as 10 HRK per book, even my starting bid at the auction is 25 HRK. If I don't sell them on auction I will try to sell them to used books dealer. I also added accounts receivable as form of asset. I manage to sell one of the initial 5 books on the auction for 25 HRK. Still didn't completed transaction with the buyer, but will do in the next few days, and it seems to me it's correct to include that fact in balance sheet under accounts receivable.
So, to sum up.... the new mission of My Doubling Adventure is to Build Wealth. And Wealth = Net Worth.
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