In my example, the total of the assets I own is less than the total debt I have.
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wrote last edited by [email protected]
In my example, the total of the assets I own is less than the total debt I have. That means my net worth is negative. By any definition, that means I’m in debt.
Again, being broke means not having money to spend. I can be in debt and I can be broke, or any combination of the two, or neither.