Assets & Liabilities Worksheet - Lucien, Stirling & Gray Advisory Group

The Assets & Liabilities Worksheet is a tool used by the Lucien, Stirling & Gray Advisory Group to help individuals and households assess and track their financial assets (such as savings, investments, and real estate) and liabilities (such as debts and loans). It provides a snapshot of one's financial situation and can aid in financial planning and decision-making.

FAQ

Q: What is an assets and liabilities worksheet?
A: An assets and liabilities worksheet is a document that helps individuals or businesses track their financial position by listing their assets and liabilities.

Q: Why is it important to use an assets and liabilities worksheet?
A: Using an assets and liabilities worksheet allows you to have a clear understanding of your financial situation and helps in making informed decisions regarding your finances.

Q: What are assets?
A: Assets are items or properties that have value and can be owned by an individual or business. Examples include cash, real estate, investments, and vehicles.

Q: What are liabilities?
A: Liabilities are financial obligations or debts that an individual or business owes to others. Examples include loans, credit card debt, and mortgages.

Q: What should be included in the assets section of the worksheet?
A: The assets section of the worksheet should include all your owned properties, such as cash, savings, investments, real estate, and valuable possessions.

Q: What should be included in the liabilities section of the worksheet?
A: The liabilities section of the worksheet should include all your outstanding debts, such as loans, credit card balances, mortgages, and any other financial obligations.

Q: How do I calculate my net worth using an assets and liabilities worksheet?
A: To calculate your net worth, subtract the total value of your liabilities from the total value of your assets listed on the worksheet.

Q: Can I update my assets and liabilities worksheet regularly?
A: Yes, it is recommended to update your assets and liabilities worksheet regularly to reflect any changes in your financial status or new acquisitions or debts.