"What do you own" is a simple way of asking for assets.
Assets make up half of your Net Worth.
Cash, savings, investments, 401(k), IRAs, home, cars, a business, land, rental property, vacation home are all assets.
"What Do You Owe" are the liabilities owed on the assets you own. Liabilitlies make up the second of your Net Worth.
Mortgage, Business Note,Car Loan, Student Debt, Credit Cards, are all liabiliites.
What
do
YOU
Make
"What do you make" is all of your income sources and makes up half of your Cash Flow statement.
Salary, Wages, Bonus, Social Security, Rental Property, Military Pension, Inheritance, Insurance Proceeds are all common income sources.
What
do
THEY
Take
"What Do They Take" is all of your expenses and makes up the second half of your Cash Flow.
This can be the most difficult fundamental. Without tracking spending and having accountability, expenses can exceed income and create challenges to meeting planning goals.
