Rich Dad Poor Dad
47
This is the cash-flow pattern of an asset:
The top part of the
diagram is an Income Statement, often called
a Profit-and-Loss Statement. It measures income and expenses: money
in and money out. The lower part of the diagram is a Balance Sheet.
It’s called that because it’s supposed to balance assets against liabilities.
Many financial novices do not know the
relationship between the
Income Statement and the Balance Sheet, and it is vital to understand
that relationship.
So
as I said earlier, my rich dad simply told two young boys that
“assets put money in your pocket.” Nice, simple, and usable.
Assets
BALANCE SHEET
Liabilities
Income
Expenses
INCOME STATEMENT
Chapter Two: Lesson 2
48
This is the cash-flow pattern of a liability:
Now that assets and liabilities have
been defined through pictures,
it may be easier to understand my definitions in words. An asset is
something that puts money in my pocket. A liability is something
that takes money out of my pocket. This is really all you need to
know.
If you want to be rich, simply spend your life buying assets. If
you want to be poor or middle class, spend your life buying liabilities.
Illiteracy, both in words and numbers,
is the foundation of
financial struggle. If people are having difficulties financially, there is
something that they don’t
understand, either in words or numbers.
The rich are rich because they are more literate in different areas
than people who struggle financially. So if you want to be rich and
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