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Assets directly feed into calculation of net worth: more assets means more wealth. Assets tend to go hand-in-hand with debts (e.g., purchasing a house often involves taking out a mortgage). Assets also affect and are affected by income and expenses: some assets produce income, while a higher income-to-expenses ratio allows for greater ability to purchase assets.
Debts directly feed into calculation of net worth: more debts means less wealth. Debts sometimes (but not always) indicate an investment in an asset or future income (e.g., a mortgage for a house, or education debt for higher future income). Debts also affect and are affected by income and expenses: debts typically have ongoing expenses to pay them off, while a higher income-to-expenses ratio allows for greater ability to pay them off.
Income indirectly feeds into net worth via assets and debts: typically, a higher income translates to more wealth. A higher income-to-expense ratio allows for greater ability to purchase assets and pay off debt. Income might also be affected by assets and debts: some assets produce income, while some debts indicate an investment in income (e.g., education debt).
Expenses indirectly feed into net worth via assets and debts: typically, higher expenses translates to less wealth. A higher income-to-expense ratio allows for greater ability to purchase assets and pay off debt. Expenses are also often affected by debts via required monthly payments.