Back to Basics – Liabilities

Last week we started a new series where we’ll cover everyday concepts we need to understand to have a simpler, healthier financial life. We started with assets and now we’re talking about the other side of the equation: liabilities.

The simplest definition of a liability is anything that you owe, or what most people call a debt. They are the opposite of assets. If you don’t remember anything else, remember assets are what you own, liabilities are what you owe.

There’s more detail on liabilities here and as always, if you have a money term or concept you’d like explained let us know at ask@brightdime.com!