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LIFE'S ESSENTIAL NEEDS (LENs)

#8 LIABILITIES

Too many people enter retirement with burdensome mortgages, car payments and credit-card debt that they’ve amassed during their working years.

Proper management of these liabilities is fundamental to your current and future financial viability. When you reduce and eliminate liabilities and monthly payments, you’ll reward yourself with an increase in disposable and investable income. Picture a personal balance sheet in which assets shift sides and leave zeroes in the liability column. You’ll see obligations disappear and new possibilities arise. The equity of the family home is often your primary and most substantial asset, and its management requires careful considerations in terms of cash flow and ways to increase income. Besides financial rewards, thoughtful management of liabilities can help reduce stress, increase longevity and simplify retirement. A healthy balance sheet can contribute to your own personal wellness and contribute to a longer more prosperous phase of life.

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