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Assets are anything of value that you own that can be converted into cash. Examples include:
Your liabilities represent your debts, such as loans, mortgages, credit card debt, medical bills and student loans.
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Determine your target net worth - where you want to be in the near-term and long-term future.
Your net worth gives an overview of your financial situation at this point. It is the difference between what you own and what you owe.
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