The Basics to Getting Rich
Wanna get rich the easy way instead of relying on the outdated traditional way to stay poor.
Robert Kiyosaki shares the difference between the rich and poor in his book Rich Dad Poor Dad. The interesting shift in thinking is when you realize it's not how much you make that matters.
The most reliable way to become rich fast is to invest in assets rather than liabilities. I know a lot of people that struggle financially, yet still have an iPhone 6.
That's disturbing (in my opinion).
The mistake people make is thinking their possessions are assets, when they are really liabilities.
For example, a fancy car is an obvious liability. It depreciates in value over time, and costs you money. Whether that's for insurance, or for car payments, repairs, etc.
Another common liability that masquerades as an asset is a big home for personal use. If you're not renting out your residence, it is not a liability. That's not to say that you shouldn't live in your own place. Some liabilities are necessary. The important thing is to limit your liabilities, and increase your assets.
This video shows the recent rental property that I purchased to rent out during the ski season. Real estate is one example of an asset that you can acquire with your capital. You can, of course, still invest in the stock market or learn day trading or similar.
The important thing is that you are actually putting your money into something that will pay you returns.
Hope you enjoyed the video. Leave me a comment below!