Generate assets
- Pay well to the people generating your assets, than people giving you liabilities.
- Trade properties with bigger properties.
- Use money to make more money by generating more assets.
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Net Worth = Assets - Liabilities
Your net worth gives an overview of your financial situation at this point. It is the difference between what you own and what you owe.
Your net worth is positive if your assets exceed your liabilities.
A negative net worth is when your liabilities are greater than your assets....
Protecting your assets
Once you've acquired some wealth, you want to protect that from external factors.
You want to keep your assets safe from legal institutions and ensure you don't pay more tax than required. You will have lawyers and accountants to take care of these items.
Maintain a personal balance sheet
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