Assets vs. Liabilities

Do you know the difference between assets and liabilities? Or, to rephrase, do you know the difference in how you should view them while building wealth?

For most people, assets are those THINGS that could become money one day. This can include items like your house, your car, or jewelry.

For most people, liabilities are those THINGS that you’re still paying for. This can include things like credit card debt and student loans.

But when accumulating wealth – and really you can view these terms in this way for most of your life – assets bring in money.

Liabilities take away money.

How does that change your financial outlook?

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