The Money Education
Assets
The things which increase your money.
Liabilities
The things which reduce your money.
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Assets And Liabilities
A liability takes money out of your pocket.
An asset increases the value of your money.
The cash flow patterns of poor, middle-class, and rich people differ based on their assets and liabilities.
Income Sheet:
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Maintain a personal balance sheet
It’s a statement wherein you can jot down your assets and liabilities.
- Pull together your bank statements and other proofs of the liabilities
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Assets vs. Liabilities:
Kiyosaki introduces the concept of assets and liabilities, emphasizing the significance of building assets (such as real estate, stocks, and businesses) that generate income, rather than accumulating liabilities (such as consumer debt and luxury items).
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