KXLY
Posted:
Updated:
March 12, 2021 4:10 AM
Liabilities are financial obligations and responsibilities you need to pay off using your assets. Though they might seem like a drag and they certainly can be, if you aren’t careful liabilities help people and businesses accomplish their financial goals.
What Are Liabilities?
Broadly speaking, liabilities are things like credit card debts, mortgages and personal loans. A liability is a debt you must pay off, now or in the future.
“A liability is something you are responsible for,” says Katharine Perry, certified financial planner (CFP) at Fort Pitt Capital Group. “In this case, it’s something you owe a debt or financial obligation to.”
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KXLY
Posted:
Updated:
March 11, 2021 5:04 AM
If you thought that only the wealthy have assets, you’re about to become wealthy. Practically everybody owns assets they’re nothing more or less than a thing of value that can be sold for cash.
What Is an Asset?
An asset is a possession that can be exchanged for cash. Your car is an asset, just like the money you hold in your checking account. That furniture in your living room? Even though your partner’s couch might not be your favorite, it’s still an asset.
“An asset is a thing that you own outright that holds value,” says Katharine Perry, certified financial planner (CFP) and financial advisor at Fort Pitt Capital Group. You can own an asset as an individual or jointly with someone else, like a parent, partner or spouse.
MASSENA — A food distribution program similar to one held over the summer will be taking place on Feb. 17 at First United Methodist Church, 189 Main St., Massena., and