Take a deep breath. It's okay. I'm going to make this easy to understand.
You've got assets. You've got liabilities. Keep reading to see what's the difference!⬇
Almost everything you have has a monetary value. It could be worth hundreds or $2. Everything has a value. \
Assets are a valuable thing, person, or quality.
Liabilities is the state of being responsible for something, especially by law.
Examples of ASSETS ARE
bank & money market accounts
cash on hand
stocks & bonds
whole life insurance
Examples of LIABILITIES ARE
home equity loans
credit card balances
real estate taxes
unpaid bills due
You should always want more assets than liabilities to be financially smart about how you're managing your money. If you'd like to learn more about assets and liabilities, watch this video below!
I hope this was easy to understand and learn about! Stay tuned for the next post!