Episode Description
Understanding Liabilities and Calculating Net Worth
In this episode, Mark continues the financial literacy miniseries by focusing on liabilities and how to calculate net worth. He explains various short-term and long-term liabilities, including credit cards, student loans, auto loans, and home mortgages.
Mark emphasizes the importance of managing credit card debt and understanding the implications of student loans. Additionally, he discusses the structure of auto loans and mortgages and their impact on financial health.
The episode concludes with a step-by-step guide on calculating net worth.
Episode Links:
Mark’s Money Mind YouTube Channel
Timestamps:
- 00:25 Recap and Today's Focus: Liabilities
- 01:14 Understanding Liabilities: Short-term vs Long-term
- 01:53 Managing Credit Card Debt
- 08:44 Student Loans
- 15:03 Auto Loans and Mortgages
- 21:20 Organizing Liabilities on the Net Worth Statement
- 21:57 Calculating and Understanding Net Worth
- 25:15 Conclusion and Next Episode Preview