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It sounds like a lot of you have read Rich Dad, Poor Dad, that deals with the concept of Assets and Liabilities. Basically, an Asset is something that makes you money and a Liability is something that costs you money! It's that simple.
Inspired mostly by the book, I got rid of a lot of my useless possessions. I realized that most of the things I had, that I hadn't used for years, were not Assets and needed to be disposed of. I haven't regretted getting rid of any of it in the year since.
Using the paradigm of Assets and Liabilities has made me wonder what my assets really are. I know that my home isn't an Asset (I don't even own my own home). My possessions are not Assets. Question, is, what assets do I really have to show for the years I've spent working?
- Monthly savings from my paycheck
- Time
- My health
- Skills and knowledge
This had led me to think that of all your Assets, your knowledge and time are actually the greatest ones! If you took all of some tycoon's money, possessions, even their status as the owner of a company, what they'd have left is what they know and the skills they gained. They'd be rich again after a few years.
It's been rather humbling to realize how few Assets I've really gained from my years as an employee.
Anyway, I posted this because I'm interested in what other people have to say about Assets and Liabilities. What Assets do you think you have? How do you recognize an Asset? What Liabilities should you avoid?
Inspired mostly by the book, I got rid of a lot of my useless possessions. I realized that most of the things I had, that I hadn't used for years, were not Assets and needed to be disposed of. I haven't regretted getting rid of any of it in the year since.
Using the paradigm of Assets and Liabilities has made me wonder what my assets really are. I know that my home isn't an Asset (I don't even own my own home). My possessions are not Assets. Question, is, what assets do I really have to show for the years I've spent working?
- Monthly savings from my paycheck
- Time
- My health
- Skills and knowledge
This had led me to think that of all your Assets, your knowledge and time are actually the greatest ones! If you took all of some tycoon's money, possessions, even their status as the owner of a company, what they'd have left is what they know and the skills they gained. They'd be rich again after a few years.
It's been rather humbling to realize how few Assets I've really gained from my years as an employee.
Anyway, I posted this because I'm interested in what other people have to say about Assets and Liabilities. What Assets do you think you have? How do you recognize an Asset? What Liabilities should you avoid?
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