Thank Robert because I recently turned my house from a liability to an asset. You are making a difference in my life even in a Third World I'm trying like mine
Yes a house still cost you insurance, up keep, maintenance, taxes, repairs when something breaks which is different then up keep and maintenance, it's beyond that. I have a PHD friend (Poor, Hopeless and Desperate), who has a nice big house on the gulf course, which the indoor jacuzzi broke and sprung a leak and flooded the entire first floor! He was very upset to say the least, it cost ten's of thousands of dollars to repair the house properly. Even with top notch insurance (I believe if not mistaken). It took over a month to repair everything right. So yes that was a liability $$$$$.
How are you going to tell people that they need to understand financial statements, but then go ahead and teach them incorrectly how to understand financial statements?
Absolutely true, I dont understand it myself. A House will always be an asset, even though it costs money. It is a liability, because it costs you Money, the house itself is still an asset though
What if Im paying to rent a house I'm living it. If I buy my house without mortgage instead of renting someone else's house - isn't this an asset? I have to live somewhere, right?
take a basic accounting class and you’ll know what assets and liabilities are. a house is always an asset and usually it appreciates in value. a car is usually a depreciating asset.
So yes a house can be an asset or a liability. Depending on how the cash flow goes, either into your asset column or your liability column. Asset column is better.....
I have one of my closest cousin's who has/had a few to several millions of dollars. He has/had a nice big house ($1M+ House and Property, real estate market there says it's really at least $3.5M) and he is/was always complaining about how expensive everything and anything is to do on his house, well it also has 3 acres. He has/had another house also about $800K+ with about 12 acres originally. He has/had the money he just hates spending it sometimes. I say to him big house BIG BILLS. He says yeah, yeah yeah. 😁
Does Mr. Kiyosaki recommend paying off one's personal home (the liability) quicker than the given mortgage term? I'm pretty sure he does not recommend doing so (in general) on rental property.
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Thank Robert because I recently turned my house from a liability to an asset. You are making a difference in my life even in a Third World I'm trying like mine
Yo that's cool how'd you do it ?!
He rents the house and lives in a park
@@savana3904prolly the house got a spare room so he let other people to rent
@@JechtNHmaybe he give out a unit
Yes a house still cost you insurance, up keep, maintenance, taxes, repairs when something breaks which is different then up keep and maintenance, it's beyond that. I have a PHD friend (Poor, Hopeless and Desperate), who has a nice big house on the gulf course, which the indoor jacuzzi broke and sprung a leak and flooded the entire first floor! He was very upset to say the least, it cost ten's of thousands of dollars to repair the house properly. Even with top notch insurance (I believe if not mistaken). It took over a month to repair everything right. So yes that was a liability $$$$$.
So you say for a month it was a liability? But for the rest of the year it was an asset?
You have to do more animation video like this! It's easy to relate and understand than the Listen and Learn.
Agreed!
Great explanation Robert! Your house is not an asset if the expenses outweigh the inflow of cash
Thank you.
thanks ,you are Professor, who reduce poverty in our world
How are you going to tell people that they need to understand financial statements, but then go ahead and teach them incorrectly how to understand financial statements?
Absolutely true, I dont understand it myself. A House will always be an asset, even though it costs money. It is a liability, because it costs you Money, the house itself is still an asset though
What if Im paying to rent a house I'm living it. If I buy my house without mortgage instead of renting someone else's house - isn't this an asset? I have to live somewhere, right?
same question rang a bell when j was watching this video
take a basic accounting class and you’ll know what assets and liabilities are. a house is always an asset and usually it appreciates in value. a car is usually a depreciating asset.
So yes a house can be an asset or a liability. Depending on how the cash flow goes, either into your asset column or your liability column. Asset column is better.....
I will become successful!
Mr Kiyosaki could you please recommend me some great books on Real Estate (BTW I'm a 14 year old student)
You could find a list of my books on Amazon, here is the link: www.amazon.com/Robert-T.-Kiyosaki/e/B001H6GV90/ref=sr_tc_2_0?qid=1507043070&sr=8-2-ent
I have one of my closest cousin's who has/had a few to several millions of dollars. He has/had a nice big house ($1M+ House and Property, real estate market there says it's really at least $3.5M) and he is/was always complaining about how expensive everything and anything is to do on his house, well it also has 3 acres. He has/had another house also about $800K+ with about 12 acres originally. He has/had the money he just hates spending it sometimes. I say to him big house BIG BILLS. He says yeah, yeah yeah. 😁
Simple and Powerful.
So most important assets are just rental properties?idk what else is that I can do in my 20 except property, cause I don't have the money!
how about short term asset and long term asset?
Brilliant video
A house = bills, a nice big house = BIG BILLS.
And reals estate taxes as well!
Does Mr. Kiyosaki recommend paying off one's personal home (the liability) quicker than the given mortgage term? I'm pretty sure he does not recommend doing so (in general) on rental property.
i agree, thank you.
so cash itself is a liability, because cash value depreciates every year so it's like cash flowing out of my pocket every year.
Mr kiyosaki can u do some more lesson with animation like that because human brain go good with pictures and video
Thanks for sharing
Yes , i agree with you
Very good principles taught here.
Now i understand
I second James G emotion I also feel the same for at least five years now, agreed!
Mr kiyosaki I recommend all of my classmates to buy rich dad poor dad and I bring u a lots of customers 😂
stfu
👍 love this stuff
will Rich Dad classify a car as an asset?
If you are renting it out and it put money In your pocket month after month 👍
This is true cause
its what my dad did
Go Robert!!