In Robert Kiyosaki's view:
• Assets: things that put money in your pocket.
• Liabilities: things that take money out of your pocket.
The traditional accounting definitions, as an asset is a thing you own and a liability is a thing you owe.
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• Assets: things that put money in your pocket.
• Liabilities: things that take money out of your pocket.
The traditional accounting definitions, as an asset is a thing you own and a liability is a thing you owe.
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Comments
A house is considered an asset.
But Kiyosaki argues that if you live in the house, it's actually a liability because it costs you money in the form of mortgage payments, property taxes, and maintenance.
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This concept is important because Kiyosaki argues that to become wealthy, you need to focus on acquiring assets, not liabilities.
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