Understanding the difference between assets and liabilities is crucial for making smart financial decisions from "summary" of Cashflow Quadrant: Rich dad poor dad by Robert T. Kiyosaki
In the world of money and finances, there exists a fundamental concept that separates the financially savvy from the financially ignorant. This concept revolves around understanding the distinction between assets and liabilities. To put it simply, assets are things that put money in your pocket, while liabilities are things that take money out of your pocket.
Assets, as my rich dad always emphasized, are the key to building wealth and achieving financial independence. They are income-generating vehicles that work for you, such as real estate, stocks, bonds, and businesses. By acquiring and growing your assets, you can create streams of passive income that allow you to enjoy financial freedom and security.
On the other hand, liabilities a...
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