Black Millionaires Term of the Week (BMTW) -11/15/17

BLACK MILLIONAIRE TERMS of the WEEK:
To best enable you to engage your children in this discussion, we’re going to start with some basics.

This week’s terms of the week is CURRENT ASSET.

Investopedia.com says that “Current assets are short-term economic resources that are expected to be converted into cash within one year. Current assets include cash and cash equivalents, accounts receivable, inventory, and various prepaid expenses. While cash is easy to value, accountants periodically reassess the recoverability of inventory and accounts receivable. If there is persuasive evidence that collectability of accounts receivable is impaired or that inventory becomes obsolete, companies may write off these assets.”

Businessdirectory.com defines it as “receivables, inventory, work in process, or cash, that is constantly flowing in and out of an organization in the normal course of its business, as cash is converted into goods and then back into cash. In accounting, any asset expected to last or be in use for less than one year is considered a current asset. Also called circulating asset.”

It’s important to note that there will always be layers to the terms we will discuss in our weekly sessions, so it’s always a good idea to do a little more independent study on these topics. Nonetheless, my job is to bring you closer in familiarity with these concepts to lessen our intimidation levels and give our children the financial education and advantages they’re not getting at school.

Be sure to tune into the Raising Black Millionaires Podcast every Monday and checkout our weekly blog posts, where we will discuss these terms in far more depth, providing you far more leverage to utilize them to aid you in your journeys of #RaisingBlackMillionaires!
Don’t forget to signup to get it sent right to your inbox at, RaisingBlackMillionaires.com; and share with your friends and family.

In the next few weeks, we’re going to cover other types of assets to better enable us to become familiar with the different ways we may build assets, and ultimately, additional revenue streams through those different assets.

Until next Wednesday, PEACE!