Business

“An Asset Puts Money in Your Pocket And a Liability Takes Money Out”

suitandcoffee

This was the message I got from the first book that changed me. It’s called Rich Dad, Poor Dad by Robert Kiyosaki and I was 18 years old when I read it. It changed me so much that I paid my younger brother to read it if he could pass my quiz.

I’m far from an investing expert but that one message served me well.

Money isn’t something that is openly discussed. It’s not taught in school and it’s sort of taboo even for adults to talk about. Yet when money is poorly managed it can ruin so many lives. Sending people into a whirlwind of debt that takes years to pay back.

After I read that book, every time I was going to spend money on something I questioned if it was an asset or a liability. It got me to think about ways to create more assets and ways to get rid of liabilities.

Starting a business. Starting a newsletter. Hiring people. These were all assets if done right. It also helped me think of how I can turn liabilities into assets. Like my Mercedes SUV that was clearly a liability until I wrapped it with a cool business decal that ended up paying off.

If I could only give one lesson about money to my daughter, the asset/liability lesson would be the one.



You Might Also Like

No Comments

Leave a Reply