What is an asset and a liability? #shorts

Understanding the true definition is the key to getting wealthy

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A lot of people come to me asking how they can get rich quick. That is the one question that disturbs me the most because it’s the wrong question. It tells me that they don't have the foundation of financial intelligence required to use their money well if they get rich.What are Assets and Liabilities?

This is because most people don't understand that, when it comes to being rich, it's not about how much money we make. It's about how much money we keep.

What is an asset?

The simple definition of an asset is something that puts money in our pocket. Many so-called experts on money and accountants will have a much different definition that involves complex mathematics, but the reality is that unless something is putting money in our pocket, it’s not an asset.

There are many things that can be considered assets. These include things like investment real estate, a business, products like books or art, or the dividends from stock and bond investments.

Rich people focus on building their assets in their asset column.

What is a liability?
The simple definition of a liability is something that takes money out of our pocket. Common liabilities include things like cars, vacations, clothes, eating out, unused subscriptions, and more.

If we look at the budget of a poor person, we will see that it is full of liabilities and has no assets.

The interesting thing is that there are some things that people mistake as assets that are really liabilities. This is because they don’t have high financial intelligence and they take at face value the advice of so-called financial experts.

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When it comes to building our asset column we must understand the rules of money inasmuch the history. Because just like anything money changes. Therefore, we must understand the cash flow patterns that exist for the poor, middle, and wealthy.

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EARNINGS DISCLAIMER
This video is for educational and entertainment purposes only. There is no guarantee that you will earn any money using the techniques and ideas mentioned in this video. This is not financial advice. Your level of success in attaining the results claimed in this video will require hard-work, experience, and knowledge. We have taken reasonable steps to ensure that the information on this video is accurate, but we cannot represent that the website(s) mentioned in this video are free from errors. You expressly agree not to rely upon any information contained in this video.

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