Financial Freedom 101 | Ep. 332
Today, let's dive into a crucial aspect of wealth-building: understanding assets, liabilities, and debt.
When I began my journey, I was clueless about money strategies, deep in debt, and living in a van.
The first lesson: assets put money in your pocket, while liabilities take money out.
Consider your home: yes, it's an asset and a liability, but if it's just an expense every month, it's mainly a liability.
Same goes for your car…if it's costing more than it's making, it's a liability.
Now, about debt: it's a double-edged sword. Consumer debt for status symbols? Not great. But using it to acquire income-generating assets, like real estate, that's savvy.
My advice? Master making money without debt before diving into sophisticated financial strategies.
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