October 20, 2006, Newsletter Issue #80: Liabilities
Tip of the Week
Many people get the wrong impression of an asset. A liability is an obligation to pay money. If you still pay a mortgage on your house, it is not an asset, it is a liability.
In your company, company cars, desks and other items may not be assets. If you are still paying payments on them, these are considered liabilities. If you are confusing your assets and liabilities, be aware of this and change your prospective. You could be saving yourself some trouble later by being very clear on what is making you money.
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