Articles > Liabilities
Understanding how our financial obligations can be large or small liabilities
What Are My Liabilities?
By Kristi LaMontagne
A liability is a financial obligation or something
that you owe another party. Your ultimate financial
objective is to minimize those obligations, or liabilities,
so that you are not burdened by debt (Romans 13:8).
Financial obligations that occurred in the past (and
have not yet been paid off) make up your list of liabilities.
Some examples of liabilities are the mortgage, car loan,
credit card debt, medical bills, etc. It is prudent
to regularly list your current liabilities (debts) with
the amounts owed on each in order to keep focused on
eliminating them as quickly as you can.
As you eliminate each old debt it will encourage you
to attack each one on the list, so that you will eventually
not only achieve financial freedom, but your life will
have greater options! Therefore if the Son makes you
free, you shall be free indeed. (John 8:36 NKJ).
If you struggle with basic financial terms, like liabilities,
assets, and net worth, you are encouraged to get a copy
of the user friendly workbook: Financial Freedom in
7 Weeks Plus.