ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -If you’ve got your spending in check and have a little extra money after paying your bills, you could think about paying down some of your existing debts. You could work toward paying off credit card debt, for example. This can help lower your liabilities, which can increase your overall net worth.

Detailed explanation-2: -Net worth is a good way of understanding the true wealth of an individual or business. Looking only at one’s assets can be misleading since this is often offset by some amount of liabilities, such as debt. One’s net worth can be increased, therefore, by increasing assets while reducing debts and other liabilities.

Detailed explanation-3: -Net worth is calculated by subtracting all of your liabilities (what you owe) from your total assets (what you own). If your assets exceed your liabilities you have a positive net worth. If your liabilities are greater than your assets, then you have a negative net worth.

Detailed explanation-4: -Boost your retirement contributions. Trim your expenses. Pay off high-interest debt. Save for emergencies. Renegotiate/consolidate loans. Keep your cars for as long as possible. Increase your salary. More items •24-Feb-2023