Do you want to become financially rich and wealthy?
Do you want to know the secrets behind becoming rich and wealthy?
What really determines whether a person will become rich and wealthy or poor and broke are assets and liabilities.
Once people start making money, they have no idea, where to invest or how to save the money?
Many times, people save money and invest in the wrong things, that can turn out to be a liability tomorrow. But there are also people who invest in the right things and make them into an asset.
When we invest in the right thing and the right place that becomes assets.
What are assets and liabilities?
- Assets:
An asset is an investment that we do to have more cash flow.
The first and most important asset is YOU. You need to invest in yourself, and your health or physical body, mind, emotion, and energy. If you are strong and healthy then you can do more things and can bring more money to your pocket, and make more progress in building new results.
Then is investing in a business, real estate, stocks, and art can also become assets.
- Liabilities:
After an investment is done, if it is taking more money out from your pocket to maintain and sustain it, then it is liability.
Do you know that 90% of the things that you have invested in are a liability?
A car is a liability because once you invest in it after you buy it, you need to keep investing back into it for fuel, maintenance, EMI, etc. the same thing with houses, jewelry, expensive gadgets, furniture, etc.
What is the formula to becoming rich and wealthy?
These are the formulas that the rich use to have more money:
- Income more than expenses:
It means that they spend their money wisely or they make more money than their expenses and lifestyle.
- Cashflow:
Investing in the right thing that gives consistent and predictable cash flow.
- Invest:
We need to reserve money not save. When you are saving money there is a different mindset or intention behind it, for example, you save money when something bad happens. But if you reserve money then you plan to invest it after some time in the right place.
- Increasing assets and decreasing liabilities:
Focusing on building more assets and reducing liabilities.
How to make our liabilities an asset?
You can make your liabilities an asset if you give enough attention to them. For example, if you own a car or house and you give it for rent then it brings money into your pocket. The only way to create more assets is to make yourself an asset. Invest more in your growth and on your learnings to make yourself as an asset. To support you and help you out more, we have an amazing community where everyone comes together with the objective of growth. To be part of this community, click to learn how you too can build more assets in your life.
