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Listen "Financial Literacy Miniseries – Part 2 | Episode 056"
Episode Synopsis
Understanding Your Net Worth Statement: Assets Unveiled
In this episode Mark guides listeners through the asset side of the net worth statement. Building on the last episode's discussion on tracking income and expenses with a money journal, Mark explains the importance of categorizing assets into cash and cash equivalents, investments, and use assets.
He delves into the specifics of each category, offering practical advice on how to compile and assess these assets for your financial snapshot. From understanding different types of accounts to recognizing the value of personal property and investments, this episode serves as a comprehensive guide to mastering the asset side of your net worth statement.
Tune in next time for the next part of the mini-series, where liabilities and calculating net worth will be discussed.
Episode Links:
Mark’s Money Mind YouTube Channel
Timestamps:
01:19 Recap of Money Journal and Introduction to Net Worth Statement
03:21 Cash and Cash Equivalents
04:45 Investments Overview
06:40 Use Assets Explained
08:23 Deep Dive into Cash and Cash Equivalents
12:04 Understanding Bonds
16:43 Stocks and Their Returns
22:09 Investment Accounts: Taxable, Tax-Deferred, and Tax-Free
25:16 Conclusion and Next Steps
In this episode Mark guides listeners through the asset side of the net worth statement. Building on the last episode's discussion on tracking income and expenses with a money journal, Mark explains the importance of categorizing assets into cash and cash equivalents, investments, and use assets.
He delves into the specifics of each category, offering practical advice on how to compile and assess these assets for your financial snapshot. From understanding different types of accounts to recognizing the value of personal property and investments, this episode serves as a comprehensive guide to mastering the asset side of your net worth statement.
Tune in next time for the next part of the mini-series, where liabilities and calculating net worth will be discussed.
Episode Links:
Mark’s Money Mind YouTube Channel
Timestamps:
01:19 Recap of Money Journal and Introduction to Net Worth Statement
03:21 Cash and Cash Equivalents
04:45 Investments Overview
06:40 Use Assets Explained
08:23 Deep Dive into Cash and Cash Equivalents
12:04 Understanding Bonds
16:43 Stocks and Their Returns
22:09 Investment Accounts: Taxable, Tax-Deferred, and Tax-Free
25:16 Conclusion and Next Steps
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