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Understanding The difference Between Assets & Liabilities
The Four Steps To Financial Freedom - Sean Toh
Step1 - The road to financial freedom is to have great health so that you are in good shape to learn.

 

Step 2 - An open mindset to start learning and practicing what you have learned.
Step 3 - Investing your time in your financial & health education so that you are in control of your life to create wealth to enjoy a better life.

 
Step 4 - Enjoy the wealth that you have created because you have been taking care of your health.

 

Choose To Be Rich

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 
 

Assets - something that puts money into your pocket

Liabilities - something that takes money out of your pocket

Is the home in which you live an asset or a liability?

In Rich Dad's world, your house is a liability. Even if you own the property with no mortgage, you still pay property taxes, utilities, maintenance, etc. Therefore: money is being taken out of your pocket. It is not until you sell that property – at a profit and realize capital gains – that it becomes an asset.

Types of Asset Classes

There are three types of assets:

PAPER ASSETS

This includes stocks, bonds, mutual funds, insurance

They create PORTFOLIO INCOME.

REAL ESTATE

This includes residential properties you don't live in and commercial properties

They create PASSIVE INCOME.

BUSINESSES

They create PASSIVE INCOME.


By Robert T. Kiyosaki
   

2006 (c) creditplushealth.org

Credit Plus Health By Sean Toh All rights reserved.