Acquire Assets, not Liablities.

Assets are any useful or valuable thing that helps in the getting some additional money for you. Assets are source of income and asset acquiring is one of the initial process if you want to be financially free or independent.

Liabilities in simple terms is a thing that you spend more on and earns you nothing.

 

Common asset categories include cash and cash equivalents; accounts receivable; inventory; prepaid expenses; and property and equipment. Although physical assets commonly come to mind when one thinks of assets, not all assets are tangible. Trademarks and patents are examples of intangible assets. Even shares, bonds etc. are included in assets.

Common Liability include Accounts payable. Invoiced liabilities payable to suppliers, Accrued liabilities, Accrued wages, Customer deposits, Current portion of debt payable, Deferred revenue, Income taxes payable, Interest payable. The loans, things you buy which losses its value over time (like mobiles, laptops, TVs) comes under this category.

Everything you buy or buy is either an asset or a liability. Many people get confused between these these terms. 

Let us take example of house you live in. What you think it is an Asset or a Liability? Many of you will have a thinking that your house is your biggest asset. But you are wrong my friend, your house is your biggest liability (unless you have acquired it to sell or rent in the near future). You will spent lot of money on it like the electricity bills, water bills and many other bills. So, it ends being a liability.

So, friends get you facts straight between what is an asset and what is not?

and try your best to acquire as many assets as you can to be financially free and happy.

Thank You

And

Aim for Financial Freedom

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