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Tag Archives: lowering interest payments

Boosting Your Net Worth: What You Should Know About Life’s Common Liabilities

Your net worth is pretty simple to calculate, but there’s more to your finances than just a dollar amount. Even if you have a high net worth, the nature of your liabilities could be holding you back from your maximum potential. Your net worth changes frequently in response to your earnings, saving, and spending habits. If you want to increase your net worth from where it is now, you basically have three options. You can reduce your liabilities, increase your assets, or do a combination of both. Your Mortgage Your mortgage is probably your largest or most valuable asset. It serves a dual purpose – giving you a place to lay your head at night and building up a savings in the form of home equity. As your equity value increases, your net worth increases. But how do you increase the equity value of your home? Well, there are a few ways. You can wait for market forces to push up the total value of your home while you continue to pay down your mortgage. You can also do renovations to the home if you want to take a more proactive approach. In general, renovations like updated kitchens and bathrooms ...

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