The writer seems to be talking only about financial liabilities.Does the writer consider "Liabilities" as a broader concept than "debt"? Even if you buy something and keep it, that's not a debt. I can't get the underlined easily. Maybe he thinks as the title implies, whatever causes money out of your pocket is called liabilities.
3) Liabilities = Money out of Your Pocket
Liabilities are the opposite of assets. That is, they take money out of your pocket. Lots of things mentioned earlier, such as TV or a computer in your room, are liabilities because you took money out of your wallet when you bought them. Even though you sell them later for cash, they are still liabilities because you will get much less money than what you paid to buy them. Liabilities also include whatever you owe. If you borrow money from a friend or a family member, for example, it is a liability called debt. Did your parents use their credit card to buy you a new cell phone? Then they just created another liability. Also, if your brother or sister took out a loan from a bank to pay for college
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