Simplified:
Assets cashflow money into your pocket [income]
Liability takes money out from your pocket [expense]
Eg. A house you own can be both an Asset or a Liability depending on the key word CASHFLOW. If you are renting out your property and it is bringing CASHFLOW into your pocket every month, then it's an ASSET. If you are living in your property and have expenses related to the ownership of this property, flowing out each month, then it's a liability. This is an important differentiation and to be RICH you need to understand this.
The Rich understand money and how to use it. Capital is literally a seed; learn how to plant it to produce the best harvest.
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