Mind Your Assets and Liabilities
Buy assets (things that put money in your pocket) and avoid liabilities (things that take money out). Example: A house is often a liability, not an asset.
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Rich Dad Poor Dad by Robert Kiyosaki teaches how to think like the wealthy. It highlights building assets, creating passive income, and understanding money. These ten ideas summarize the key lessons to help you achieve financial freedom.
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Similar ideas to Mind Your Assets and 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...
Grow your assets
Understand the difference between an asset and a liability; and grow your income-generating assets' column.
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....
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