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"The state of being born bankrupt occurs at the precise moment you enter the world and the clock starts ticking for your century of life. The clock also begins to tick for your life’s liabilities—the costs of all the obligations that your presence in this world requires of you over the next 100 years. These life liabilities grow day-after-day-after-day non-stop throughout your century of life.


Life’s liabilities consist of two types: present day liabilities also referred to as pay-as-you-go liabilities. These are the daily payments you make as you live out your century of life. Often times these liabilities come with payment terms such as a mortgage, car loan and other contractual obligations; the second type, which coexists with present day liabilities, is future life liabilities. Most of life’s future liabilities occur at birth—retirement and providing for your long-term care are two examples. This liability type does not come with payment terms but they do have a definite due date. The future values of these liabilities grow every day of your life starting at birth.


How do individuals start to fix being born bankrupt? By doing a full accounting of the assets and liabilities they and their families need to manage over their century of life. However, many of you do not do this accounting. Perhaps you are reluctant to see the results, or perhaps you do not know how to do such an accounting. For whatever reason, not knowing what your liabilities are in today’s economic climate will keep you in a state of bankruptcy for your entire century of life.

A Century of Life Balance Sheet™ is different from a conventional balance sheet. In addition to containing current tangible assets and liabilities, it also has the present value of future assets and liabilities. This will give you a more complete picture of your financial health as both the present and the future are accounted for."

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