Here’s what I learned from reading “Rich Dad, Poor Dad” by Robert Kiyosaki.
“Invest in assets, not liabilities.”
That’s the main takeaway that, if you apply it, can help you generate wealth.
Invest in Assets
An asset is something that goes up in value, like a piece of Real Estate wherein you have a plan and an exit strategy. (A mobile home or house where you already have buyers lined up, and you have an exit strategy–you know you can sell it for more than you paid for it–fast, in case of unforeseen circumstances.)
What is a Liability?
A liability is something that goes down in value, like clothing or sneakers, unless they are a special brand of sneakers or clothing that is purchased as an investment.
If you want to make your money work for you, invest in assets, not liabilities.
Invest in assets, not liabilities.