Understand the difference between assets and liabilities from "summary" of Rich Dad Poor Dad - What the Rich Teach Their Kids About Money by Robert T. Kiyosaki
In the world of finance, understanding the difference between assets and liabilities is crucial. Assets are things that put money in your pocket, while liabilities are things that take money out of your pocket. This simple concept is the key to building wealth and financial independence.
For many people, their primary source of income is their job. However, a job is not an asset because it takes time and effort to earn money from it. In fact, a job can be considered a liability because it ties you down and limits your ability to generate income in other ways.
On the other hand, assets are things like real estate, stocks, bonds, businesses, and intellectual property that have the potential to generate passive income. These assets work for you, putting money in your pocket without requiring you to ...
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