Daily Meeting - Personal Finance 18: LiabilitiesRich Dad, Poor Dad in 20 Points1. For most people, their profession is their income. For rich people, their assets are their income.2. If I want to buy something, I must first generate enough cash flow from my assets to cover these expenses. Buy luxuries last, not first.You must become before you actIf you don’t have any assets, stop buying stuff nowIf what you bought costs you more money than it makes you, it’s a liability (Ex: a house)If your customers are paying for it, it’s an asset (if it’s income-producing)You can’t serve 2 mastersEx: You can’t save for a house and have bad spending habitsLiabilities are not a bad thingLiabilities Amazing!When you purchase a house and rent it outWhen your renters pay for your credit cards When your dividends pay for your billsSomeone else’s money pays for your liabilitiesLiabilities Sending You to HellWhen you have a credit card, use it, but don’t have the income for that credit cardWhen you bought into “I’ll manage my debt and borrow more than I have,” and not spend it on assetsLiability SlaveWhen you think liabilities are badWhen you’re attempting to get debt freeMost of the world is in this categoryWhen you pay for your own liabilities, but you pay for it with just your income but manage your income very wellThe Century Of Self YouTube Playlisthttps://www.youtube.com/playlist?list=PLwAQag0YYXIRg5wegt41-kAgt7D7q3XQF Whatever you can account for, you can controlWhen you account for your money and write it down, you can control itOnce you understand the money system, you can manipulate it3. Excess cash flow generated by my assets should be reinvested into other assets.Create your own dividends4. Do not simply aim for more income, aim for more assets.Homework: View your financial situationYou have to be personal in your pursuit in your questions toward Antonio.You’ve got to show up everydayGoal: $100,000 by May 4, 2023Your first benchmark is to generate $5,000/month by September 30,2022 to do a real estate deal.To get to $5,000/month, you have to put out $50,000/month in energy through deals, negotiations, etc.Support this podcast at — https://redcircle.com/the-secret-to-success/exclusive-contentAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy