Liquidity Management Core Concepts Cash Flow Forecasting Project income and expenses monthly for 12+ months: - Income sources : salary, business income, investment income, rental income, side gigs - Fixed expenses : mortgage/rent, insurance, subscriptions, loan payments - Variable expenses : food, utilities, discretionary spending - Periodic lumpy expenses : property taxes, insurance premiums, tuition, estimated taxes - Net cash flow : income - expenses per period → identifies surplus/deficit months Income Smoothing (Variable Earners) For commission, freelance, seasonal, or bonus-heavy income…