Source

What are Liabilities?

Liabilities in short are those items or purchases made by a person which either depreciates in value each day or is not worth the money paid for it. For example, a Car would be considered a Liability for me as it depreciates in value from the moment you buy it.

Whether we like it or not almost everyone buys some liabilities in their life even though they don't want to. A good example of a liability that almost everyone owns is a Smartphone or more accurately a Flagship Smartphone. Almost everyone owns a smartphone even though it is pretty clear that it is almost the biggest liability in our lives but we do have to consider the fact that we also use the smartphone pretty much every single day.

Speaking about Liabilities I have to say that even though I am all about not having Liabilities I do have a couple of them. First of all, I do have a Smartphone and I frequently buy New Smartphones every couple of years plus I also have to buy smartphones for my Mom and Dad, and even though I know this is a liability there is also the part where Smartphones are kind of a necessity as well so yeah there are different versions of this. The second one would be my personal Computer which costs around 2000 USD for me and if I were to buy the same specs right now it will cost me more than 3000 USD as the PC Parts price has shot up quite a lot. But still getting a 2000 USD PC was kinda overkill and I know I do work and other stuff on it but still that could have been done in a 1000 USD PC or a 500 USD Laptop.

So these are my Liabilities that even though I know they are Liabilities I still paid for them. So what are some Liabilities that you guys have please do let me know in the comments?