Is my car an asset or liability?
I get often confused whether my car is really an asset or just another liability given how much it costs me to maintain it.
While some argue that cars are assets because they can put a decent amount of money back into your pocket once sold, others say the hidden costs of owning a car makes it a liability despite it being a liquefiable investment.
These expenses include fuel costs, repair and maintenance, registration, sales tax, insurance and toll fees.
I am torn between both arguments and would like a logical advice on whether to consider my car an asset and if it features in my net worth. I would also like to know how to calculate the worth of my car if I eventually deem it fit to be an asset.
Should I have a joint account with my husband?
One of the main conversations I have avoided so far with my husband is whether as a couple we should have a joint account.
While some couples feel that marriage is a partnership in which everything should be shared, including bank accounts, others value autonomy more highly.
What are the advantages and disadvantages of having joint accounts, and there are any fast rules about the best type of account?
My main fear has always been that if things turn bad in our relationship, my spouse has the ability to clean out the account and take all the money, even if it was deposited by me.
I would like to know the thoughts of financial experts.