Quick question:
Is your house an asset or a liability?
If you said asset, you're wrong.
And that's exactly why you're not building wealth.
An asset puts money IN your pocket.
While a liability takes money OUT of your pocket.
Your primary residence?
Liability.
Mortgage, property tax, insurance, and repairs COST you money every month.
And if it's losing you money it's a liability, Pookie.
Your car?
Liability.
It loses value the second you drive it off the lot.
That designer handbag?
LIABILITY.
But a rental property that generates monthly income?
Asset.
A paid-off home that consistently increases in market value?
Also an asset.
(Your house can be an asset, obviously. Just with some caveats.)
A course that teaches you a skill that increases your income?
Asset.
Equipment and tech for your business that helps you make more money?
Asset.
See, most people spend their entire lives only buying liabilities and wondering why they can't get ahead.
They ask "Can I afford this?" instead of "Will this pay me back?"
So here's what I want you to do:
Look at your last 10 purchases.
Write "asset" or "liability" next to each one.
Be honest.
Then commit to asking yourself before EVERY purchase:
"Does this put money in my pocket or take it out?"
And if it's taking money away from you, how happy is it making you, really?
Because every purchase needs a purpose.
So start spending on what actually matters.
Taquitos,
Caleb "Asset Man" Hammer
P.S. BTW...
Money sitting in your bank account doing nothing?
That's a liability too.
It's losing value to inflation.
But there are plenty of ways to avoid that.
And if you want help learning about things like HYSA's, 401K's, and other investment vehicles...
(AKA: ASSETS)
Click HERE to check out Master Your Investing.
It goes in depth on how to turn all your liabilities into big juicy assets.
Talk soon!
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