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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.