Assets and Liabilities
I will admit that for most of you, this subject is boring. How about this. Wealth and Riches! Is that more exciting? How many of you would like to be rich? Come on Victor, I’m not some greedy person that just lives to be rich some day. Ok….but if someone handed you five million dollars, would you turn it down? If you won the lottery, would you give it all up? I didn’t think so. Look folks, what I’m talking about is true financial prosperity in your life. Not having to worrying about money ever again and living life on your terms. How about that? That’s being rich, isn’t it? Well…understanding assets and liabilities will get you there.
I don’ want you to look at me like the “guru” on this subject. Below is a video from the ultimate guru, Robert Kiyosaki. I will let him tell you about assets and liabilities in his own words. I’ve included a little introduction from yours truly…me. What most people think is an asset really isn’t. You need to understand this concept so you can start putting your financial priorities in order. You need to spend your financial life acquiring assets. Not liabilities (debt). If you don’t, you may end up as a Walmart greeter some day.
Now, there is such a thing as good debt. That is debt you leverage to buy assets. However, these assets pay for the debt by providing income you use to pay off that debt and create passive income you can later use to acquire more assets. Unfortunately most of us spend our lives acquiring liabilities, so we never create real wealth.
Robert Kiyosaki talks about the cash flow quadrants in the video. He wrote a great book on it. Buy it on Amazon. He encourages all of us to be business owners, or at least professional investors. That’s difficult for most of us because we don’t tend to be good savers. When we do save, it’s in 401Ks or IRAs. Those are not necessarily the best places to save your money. You will see that in the video. So how can we save enough money to be a business owner or become a true investor?
Folks, by creating your own family bank, you can get out of debt, create wealth, and have a true asset that continues to grow for a lifetime tax free. Your own family bank IS an asset that can be leveraged to buy a business or invest in other assets that pay you an income, such as real estate, or oil and gas wells, or Real Estate Investment Trusts (REITS) that throw off income at a very tax favorable basis. This is why it is so important to know about assets and liabilities.
Here is the good news. Practically anyone can create their own bank using the money they already earn, and or, assets they already possess…no extra money out of your budget! This is such a powerful concept that you must learn. It will change your financial future in a huge way. I encourage you to let me prove it to you.
Here’s some more good news. Business owners can create their own bank using the cash flow from their business. You put your business on steroids. By doing this, you can remove the uncertainty of what’s going to happen to your business when you get ready to retire. Whether you can sell your business or not, you will still have more than enough money in your bank to pay you a very comfortable tax free income for life. Selling your business will just be icing on the cake. You will have more options available to you for transitioning your business because your retirement income will be in place through your bank. Isn’t that exciting?
Assets and Liabilities Video
What Are You Waiting For?
It’s up to you. So much in this world is out of our control. Banking, the stock market, politics, you name it. And it can affect us financially. But you can do something about it. Get out of debt with your family bank and make your choice…Assets or Liabilities.
If you enjoyed this, please comment, like and share this page.
Work With Me Personally –Click here
If you enjoyed this post about Assets and Liabilities, The Robert Kiyosaki Way, please comment below.