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Without Assets there can be NO Wealth!

How Many Assets do YOU have?

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Step Two: Use YOUR Savings to Buy Assets.

What is the Difference between an Asset and a Liability?

The simplest definition is "An Asset puts money in your pocket, a Liability takes it out."

The main difference between the Rich and the Poor is that the Rich buy assets and the Poor buy liabilities. I include the high income earning Middle Class as Poor - Why? They normally have very high financial commitments and no spare money. Take the Rich vs Poor Test and find out where you stand.

Assets then are:-
  • Stocks & Bonds
  • Income-generating Real Estate
  • Mutual Funds
  • Notes (IOU)
  • Royalties from Intellectual Property (music,scripts,patents etc.)
  • Any Business that isn't daily hands-on. Owned by one person, managed by another. If you have to work in it, it's a job not a business.
  • Anything else which has value, produces income or appreciates and has a ready market.
Liabilities are:-
  • Personal Loans for a Car.
  • Personal Loans for Holidays.
  • Using Credit Cards for Groceries
  • Home Mortgage
  • Home Ownership
  • Car Ownership
  • Anything which doesn't at least cover the cost of ownership or costs you money to have.

This is not to say that you shouldn't have any liabilities at all. It is not possible to completely eliminate liabilities, you just need to know the difference between an asset and a liability.

The Banks are right when they call your home your biggest asset, they just fail to tell you that it is an asset for them - not for you.

If you truly want to be Rich you must learn the difference between an asset and a liability or your investment strategy will always be crawling along.

In case you were looking for it, here is a method you can use to send your child to College or University for FREE.

About 3 months before the beginning of the school year, buy a 4 bedroom home, unit or duplex as close to the University as you can. Get the biggest mortgage you can. Furnish the property with second-hand furniture and rent it out to students with leases guaranteed by their parents. Take out a student loan with the Bank or University. After your child completes their studies, sell the property and pay off the mortgage and the loan. A couple of important points:- The student lease must be for a full year but give them the option to sub-lease during the holiday break. Make sure the parents guarantee the lease. Make your child the Property Manager and pay them a salary (tax deductable). How to sell the property afterwards - run an advertisement in the the University and city papers saying "Send your child to University free - call me for details". Stand back from the telephone.

How to put your kids through college starting with a $10,000 investment.

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