Avoid overspending on liabilities from "summary" of Rich Dad Poor Dad - 20th Anniversary Edition (Hindi) by Robert Kiyosaki
The rich do not work for money. They make money work for them. One key principle they follow is to avoid overspending on liabilities. Liabilities are things that take money out of our pocket. They do not generate income. In contrast, assets are things that put money into our pocket. They generate income. Many people fall into the trap of overspending on liabilities. They buy things like expensive cars, designer clothes, and flashy gadgets. These items may give them temporary pleasure, but they do not contribute to their financial well-being. In fact, they end up draining their bank accounts and keeping them trapped in a cycle of debt.
Instead of focusing on liabilities, the rich focus on acquiring assets. They invest in things like real estate, stocks, and businesses that have the potent...
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