Financial Literacy-- The basics

TERMS

• Assets= Things of value you own= house(real estate, cars or other vehicles, stocks bonds, 401k investments, jewelry, art, business ownership and cash on hand
• Liabilities= debt you owe (what you owe on your assets)= home mortgage balance, car loans and leases, lines of credit, cc balances, ...and personal loans
• Assets= stuff
• Liabilities= debt

stuff-debt= net worth...

In a nutshell; if your stuff is < your debt you have negative "net worth".

Just like any exercise program will direct you - in order to trim the fat you must do the cardio-
the fat in Financial fitness is your debt- Trim you debt to increase your net worth. By doing this you are more likely to improve your overal...l financial health for the future.

Whats the cardio? Well in finances it is the leg work required to do such things as reduce interest rates on cc, creating a budget, liquidating some assets to payoff debt, negotiating and disputing adverse collections with creditors and eliminate bad or unnecessary debt.

The benefit--- cutting the fat can move you from the "red' or negative net worth to the "black" or positive net worth which will increass your financial health so that better long term financial decisions can be made

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