Avoid overspending on liabilities from "summary" of Rich Dad Poor Dad by Robert T. Kiyosaki
One of the key principles of financial success is to be mindful of overspending on liabilities. Liabilities are expenses that take money out of your pocket, such as loans, credit card debt, and other financial obligations. It is important to differentiate between assets and liabilities, as assets can generate income and increase in value over time, while liabilities only drain your resources. When people overspend on liabilities, they often find themselves in a cycle of debt and struggle to achieve financial independence. This can lead to a constant feeling of financial stress and limited opportunities for growth. It is crucial to be aware of your spending habits and prioritize investing in assets that can provide long-term financial security. To avoid overs...
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