One of the first things you need to know when you become an entrepreneur is the difference between assets and liabilities. For those of you that don’t know, you invest in assets. You buy liabilities. An asset is something you invest in that brings you money. A liability is something you buy that costs you money and continues taking money out of your pocket. You also must know how to turn a liability into an asset. An example of turning a liability into an asset is a car. Under normal circumstances, a car is a liability. You pay for a car. You pay to maintain a car. You pay for car insurance. It takes money out of your pocket. But, the moment you start driving for Uber or Lyft, or delivering for DoorDash, you turn that liability into an asset. Now, that car is paying for itself and putting money in your pocket. The key to wealth is acquiring as many assets as possible and limiting your liabilities.
People can be assets or liabilities also. As an entrepreneur, the people you are around affect you a lot. You have to make sure the people around you are supportive and make you better. You can not afford people that are liabilities. You can do everything right, but if you surround yourself with people that are liabilities, they will eat away at everything you build.
The building of wealth is all about acquiring assets and limiting your liabilities. If you proceed with this in mind, you will be on the right path to reaching your dreams.
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