Lesson 2 - Deepstash
Lesson 2

Lesson 2

The key to success is to understand the difference between assets and liabilities.

An asset is something that puts money in your pocket. A liability is something that takes money out of your pocket. If you want to be rich, you need to focus on acquiring assets and getting rid of liabilities.

156

1.61K reads

CURATED FROM

IDEAS CURATED BY

10 lessons from Second Chance: for Your Money, Your Life and Our World by Robert. Kiyosaki and Tim Wheeler.

Similar ideas to Lesson 2

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:

Income: Money earned from various sources.

Expenses: Mone...

Buy assets not liabilities See

We all love to buy cool gadgets, but Billionaire and Millionaire see it as a waste of money. Here is why? your 20 lakh watch can show the same time a 250  Rs watch can do.

And that is why? We must educate ourself  the difference between assets and lialibities.Assets-bring money- you're land...

Day 2

Day 2

  • Gold is an investment, while jewelry typically is not.
  • Asset is not defined by how expensive it is.
  • Your salary has nothing to do with the wealth you can make. Your net worth is not defined by how much you earn.
  • Once you get rich, give money to t...

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Personalized microlearning

100+ Learning Journeys

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates