Long Term Liabilities
(Approximately Age 20’s-30’s 40%-72%, Age 40’s-50’s 16%-48%, Age 60’s-70’s 8%-24% of your liabilities & net worth)
Obligations and debt that will take longer than 12 months to pay off. Typically these are large purchases.
- Mortgages (primary or vacation homes)
- Auto loans
- Student loans
- Long term note or loan
Why does it matter?
Debt management is vital to financial success. If you have debt (most people have at least a mortgage or car loan) it’s important for it to be efficient. There are two components when reviewing long-term debt.
1.) The first is ensuring you have a relatively low-interest rate.
2.) The second is to ensure the value of the asset will outlast the cost of the debt.
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