When it comes to managing your finances, it's crucial to understand the difference between liabilities and assets. Liabilities are obligations you owe, like a mortgage or a loan, while assets are things that have value and can be sold, like property. It's important to have a good balance between both to secure your financial future. Liabilities decrease your net worth while assets increase it. By keeping track of your liabilities and assets, you can make informed decisions to grow your wealth. D
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