Examples of Assets, Liabilities and Equity
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A debit card
asset
Car that's fully paid off
asset
Emergency savings
asset
House fully paid off
asset
Pre-paid Credit Card
asset
Stock in a company
asset
cash
asset
college savings plan
asset
retirement account
asset
Car insurance
liability
College tuition you owe
liability
bank fees because account is overdrawn
liability
cell phone bill
liability
internet bill
liability
mortgage on house
liability
owing money on a credit card
liability
paying for lunch daily at school
liability
Liability
The portion of the car the bank owns
Equity
The portion of the car you have paid
The amount you have paid on your house
equity