This category includes assets bought primarily for comforts, like
home, car, furniture, clothing, jewellery, and any other personal articles with a resale
0 Braun & Schm dt
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value. Liabilities are debts that a client currently owes. Liabilities may be charge account
balances, personal loans, auto loans, home mortgages, alimony, child support,
and life insurance policy loans. In general, assets are gathered at their market value,
and debts are gathered at the amount a client would owe if he were to pay the debt
off today.
??? Data.gathering??”income.and.expenses:.Income includes wages and salaries, income
from investments such as bonds, stocks, certificates of deposit, and rental property, and
distributions from retirement accounts. Expenses may be costs for housing, food, and
transportation. Expenses can be grouped by similarity; for example, one can choose
insurance premiums as a general category, and then include life insurance, auto insurance,
health insurance, homeowner??™s or renter??™s insurance, disability insurance, and
any other insurance premiums one pays in this general category.
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