MONEY GENERATING ASSETS ARE CRUCIAL
TO PASSIVE INCOME
Everyone wants to get rich and in doing everyone thinks it will solve all your problems. People want to know how to get rich and they say they will do whatever it takes. Well in order to be rich ( by rich I mean being able to support multiple generations in the family) one of the largest factors is creating ASSETS. This is one of the most important roles to GENERATING MONEY that will support you and your family. It took me awhile to learn this concept of needing ASSETS.
I want to first define what an asset and liability are. The true definition of an ASSET is something that puts more money in your pocket than taking it out of your pocket. A liability is something that takes out more money from your pocket instead of putting money in your pocket. Many people believe owning a house is considered an ASSET but the truth is more likely it’s not. The reason why is because you are taking money out of your pocket to pay the mortgage and it’s more than going into your pocket. Even if the house is worth more than you paid it is still a liability.
One way to make a house an ASSET is having tenants and renting out the space paying the full mortgage and plus some to.
I never knew how many things were liabilities and you learn really fast that liabilities can be bad when you lose your job or you’re struggling to pay bills everyday. I looked at my current situation of liabilities and ASSETS and I am doing a 100% renovation. This was one reason why in the past I struggled so much financially because I own so many liabilities.
One of the easiest ASSETS that you can start today with little to no money is network marketing. One of the largest network marketing systems that I am a part of is EMPOWER NETWORK. This is an ASSET because I don’t have to do anything and it creates money for me even while I sleep.
This can be one of your ASSETS GENERATING MONEY for you right now!
I think most of us know that even the most secure job out there can always get rid of employees for some reason. So if this was going to happen to you do you have any assets? Or is you liability column filled up?
Don’t let this happen to you and create some ASSETS now!
Don’t get trapped doing what the middle class and poor class do financially. Buying hobbies, jewelry, trips, and vehicles with all the money you had from working your hourly job. Instead create ASSETS and us its profits to buy these liabilities you feel is necessary.
So what are you waiting for?
Leave a comment below and tell me what you think an asset and liabilities are? Do you agree with me? Questions?