Hello Wine Ebers, my name is Jesse Meakum, and this is podcast number 490 for Wine Ebers

where we teach you four rules to help you stop even paycheck to paycheck, get out of

debt and save more money.

Some people just starting out on their budgeting journey, especially here with Wine Ebers,

might run into words whether it's on our glorious subreddit or on one of the amazing Facebook

groups that we have, they'll find that there are a lot of words being slung around and

they don't really know what they mean, so I thought today that I would go over just

a few.

We'll do some basics, some that are just kind of personal finance 101, that everyone

has to learn at some point, and then we'll dive into some that are Wine Ebers specific

as well.

So one is a lot of the time, people aren't really certain what we're talking about when

we say an asset, and you know they'll say, well what about your asset account or the

option of that is a liability, so I'll dive into both of those right now and asset

is something that is of value, it would make what you are worth, and you know I mean money

not inherent, it would make it go up, so it could be a house, it obviously could be cash,

it could even be Bitcoin at this point, it would be your 401k, it could also be something

like an education or a network, it's just something that is of value, that is an asset.

Traditionally you would list your assets on what is called a net worth sheet or a balanced

sheet, and that's the positive side of that equation.

The negative side of that equation, and I mean negative in so many ways, is what is called

a liability, so the liability would be money that you owe.

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