🐰💬 Father is rich, teach, but how many children will use? Confused 2

Robert says wanting to be rich starts with understanding your personal balance sheet.

Not bowing to hard work

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There are only four main variables on the balance sheet:

1. Income (Incomedy)

2. Expenses

3. Assets (Assets)

4. Liabilities (Liabilities)

And the core of all is "cash flow."

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Rich father once told him that

"If you can control the cash flow in Balance Sheet, get rich, even if you don't want to get rich."

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🏠 "house," a good object mistaken for property.

It can be both debt and property.

A simple way to separate it is to look at cash flow.

If that house puts money in its pocket → it's property, but if that house pulls money out of its pocket → it's debt.

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Ex. Home = Assets if and only if

This house was rented.

After deducting the rent, send the bank and have the money left in the pocket.

Without us having to work.

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But if that house, we have to raise money for the bank every month.

It will be considered a liability.

Because that house will put the money in our pockets in your bank pockets.

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💬 So why are most people not financially independent? Because they "have more debt than assets," they have to work harder and harder to pay for debt, not to create wealth.

But the rich father warned me...

All started with "understand our own money."

Before letting the money flow out unknowingly.

The rich own assets that generate multiple sources of income.

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Now, friends are starting to accumulate wealth in the asset field.

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I'll be in Part 3 - Episode: Invest in Real Tangible Property

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Source: https://www.youtube.com/watch?v=VtCF0496b7k

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