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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"Rich Dad Poor Dad" by Robert Kiyosaki is a must-read bestseller that offers invaluable insights into achieving financial success and independence. If you truly wanna become rich then this is for you! Don't miss bonus points at the end! 🤍
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Similar ideas to Assets vs. Liabilities:
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...
Calculating your assets and liabilities
Assets are anything of value that you own that can be converted into cash. Examples include:
- Investments
- Bank and brokerage accounts
- Retirement funds
- Real estate
- Personal property: vehicles, jewellery and collectables.
- Cash
Your...
How to calculate net worth
- Add up the total valued of your cash and other assets. Items could be cash, stocks, bonds, DCs, 401(k), real estate, the money you're owed. Your goal is to determine how much these assets would be worth if you were to convert them into cash.
- Then subtract all...
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