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You can pay off your debt ASAP—here’s how

Espresso Logo By Claire Harvey of Espresso | Slide 2 of 21: To get a clear picture of your finances, you’ll want to draw up a financial review of what you have (your assets) and what you owe (your debts or liabilities). You should do this once a year, every year, to track your net worth. List your assets based on their market value. As for your liabilities, be sure to include all your short-term (e.g., credit card, line of credit), medium-term (e.g., car loan, personal loan), and long-term (e.g., mortgage, student loan) debts. After you’ve drawn up both lists, subtract your total debts from your total assets—this is your net worth.

Review your finances

To get a clear picture of your finances, you’ll want to draw up a financial review of what you have (your assets) and what you owe (your debts or liabilities). You should do this once a year, every year, to track your net worth. List your assets based on their market value. As for your liabilities, be sure to include all your short-term (e.g., credit card, line of credit), medium-term (e.g., car loan, personal loan), and long-term (e.g., mortgage, student loan) debts. After you’ve drawn up both lists, subtract your total debts from your total assets—this is your net worth.

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