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Understand the difference between assets and liabilities from "summary" of Rich Dad's Guide to Investing by Robert T. Kiyosaki,Sharon L. Lechter
Assets put money in your pocket. Liabilities take money out of your pocket. This simple concept is crucial to understand if you want to become a successful investor. Assets can include things like real estate, stocks, businesses, or intellectual property that generate income for you. On the other hand, liabilities are things that cost you money, such as a car loan, credit card debt, or a mortgage on your house. The key to building wealth is to acquire more assets than liabilities. This means focusing on investments that will increase your cash flow and grow your net worth over time. Many people mistakenly believe that their house is an asset, but this is not always the case. If your house is costing you more money than it is making ...
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