I prepare a personal income statement for the past year and analyze my financial situation. Here's what my income statement looks like:

INCOME
Salary and wages	1,162,000.00
Investment income	1,200,000.00
TOTAL INCOME		2,362,000.00
EXPENSES
Housing	180,000.00
Water bill	12,000.00
Electricity	66,000.00
Credit Card	360,000.00
Food & Dinning	120,000.00
Car loan	336,000.00
Insurance	240,000.00
Clothing & personal care	180,000.00
Travel	200,000.00
Other expenses	120,000.00
TOTAL EXPENSES		1,814,000.00
NET INCOME		548,000.00

Kindly answer the following individual questions:

1. What does your income statement tell you about your current financial situation? For example, where does your income come from, and where does it go?
2. Do you have a surplus of income over expenses? If, so what are you doing with the surplus?
3. Do you have a deficit? What can you do about that?
4. Which of your expenses has the greatest effect on your bottom line?
5. What is the biggest expense?
6. Which expenses would be easiest to reduce or eliminate?
7. How else could you reduce expenses?
8. Realistically, how could you increase your income?
9. How would you like your income statement for the next year to look?