Asset Vs Liability
- Assets is something which puts money in your pocket.
- Liability is something which takes money out of your pocket
- Rich people focus on building thier asset colum and minimizing their liabilities
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Key lessons for becoming a "Rich Dad"
According to Kiyosaki in his book "Poor Dad, Rich Dad", rich people do certain things poor people don't:
- The rich buy assets (things that generate revenue like bonds), not liabilities (things that cost money like rent).
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Rich Vs Wealthy
- Being rich is having the ability to spend lots of money now;
- Being wealthy is accumulating assets that allow to you preserve your money for use in the future.
Accumulated Wealth
Being rich is, at its very core, about being patient with your money and the accumulation of knowledge, experience and your net worth. If you are investing in appreciating assets instead of spending it on liabilities (like a fancy car), you will experience true wealth.
If we curb our resta...
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