Turn Liabilities into Assets: Key Lessons for Financial Freedom | Rich Dad Poor Dad Audiobook #1

Grand Father's Wisdom: Key Lessons To Turn Liabilities into Assets for Financial Freedom from "Rich Dad Poor Dad"
One day, Rich Dad asked me, ‘Do you know the difference between asset and liability?’ I thought I did, but he showed me otherwise. He said, ‘An asset puts money into your pocket. A liability takes money out of it.’
Here’s an example:
If you buy a house to live in, it’s a liability because you’re paying the mortgage, taxes, and maintenance.
If you buy a house to rent out, it’s an asset because the rent pays for the expenses and puts extra money in your pocket.
Another example is a car. A fancy car may look like success, but it’s a liability if it costs you gas, maintenance, and insurance every month. However, if you own a fleet of delivery vehicles that generate income, they’re assets.
Rich Dad taught me to think differently. He said, ‘Don’t just work for money. Use your money to buy assets that will make more money for you.’ That’s the path to financial freedom.
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