Stop Buying Liabilities, Start Buying Assets
Imagine your financial life is a house. Do you want it built on sand or a rock? Myron Golden teaches that a strong financial house is built on Income Producing Assets (IPAs). An asset is anything that puts money into your pocket. A liability is anything that takes money out of your pocket.
Most people focus on buying liabilities—things that look nice but cost them money every month, like expensive cars or gadgets. Wealthy people focus on acquiring IPAs first. These can be things like real estate, laundromats, or a business that runs itself.
The key principle is this: Every financial principle you ignore is being used against you by someone who understands it. You must learn to prioritize the acquisition of assets that generate passive income. When your assets start paying for your lifestyle, you are truly free. Start today by identifying one thing you can buy that will make you money, not cost you money.
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