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Exercise 4: What are your liabilities?

The opposite of assets are liabilities. A liability is something you are bound by law to repay or to be responsible for. This exercise is a major buzzkill for some (namely, me!).

It's very important to have all of this information collected on one piece of paper.

Be sure to list ALL of the following data for each item:

  • Total owed
  • Monthly payment
  • Interest rate/payments left
  • Account number
  • Creditor address (payments)
  • Creditor address (inquiries)
  • Creditor phone
Liabilities Notes_____________________________ __ __ __ __ __
Car loan(s) .
  .
College/education loan(s) .
  .
Credit card balance(s) .
  .
Debt owed to other(s) .
  .
Home equity loan(s) .
  .
Home mortgage(s) .
  .
Installment loan(s) (appliances, etc.) .
  .
Loan(s) against insurance policies .
  .
Margin loan(s) on investments .
  .
Personal loan(s) .
  .
Pledge(s) to charity .
  .
Second/third mortgage .
  .
Small business debt(s) .
  .
Taxes/bills due in a week .
  .
Total liabilities .

OK, hold your breath...

Total assets . ___$___........_________
Total liabilities (minus) -   $
Net worth equals =  $

Ta-daah! You are here. Don't fret if you have a negative net worth (more liabilities than assets)-- it's quite common, especially for those just out of school or those who bought a home. Now, let's find out how you got here by looking at your cash flow.

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