{"id":195,"date":"2022-11-11T08:29:15","date_gmt":"2022-11-11T08:29:15","guid":{"rendered":"https:\/\/www.wealthfor.us\/article\/?p=195"},"modified":"2023-06-11T20:14:34","modified_gmt":"2023-06-11T12:14:34","slug":"assets-vs-liabilities-the-secret-to-building-wealth","status":"publish","type":"post","link":"https:\/\/www.wealthfor.us\/article\/assets-vs-liabilities-the-secret-to-building-wealth\/","title":{"rendered":"Assets vs Liabilities: The Secret to Building Wealth"},"content":{"rendered":"<p>Asset is something we own, and liability is something we owe. That is what the dictionary says. But what does it mean in the context of wealth building?<\/p>\n<p><span style=\"font-weight: 400;\">Robert Kiyosaki, the best-selling author of \u2018Rich Dad Poor Dad\u2019 once said: <\/span><i><span style=\"font-weight: 400;\">\u201cThe rich buy assets. The poor only have expenses. <span style=\"text-decoration: underline;\">The middle class buys liabilities they think are assets<\/span>.\u201d<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-197\" src=\"https:\/\/www.wealthfor.us\/article\/wp-content\/uploads\/2022\/11\/The-rich-buys-assets.-The-poor-only-have-expenses..jpg\" alt=\"The rich buys assets. The poor only have expenses. The middle class buys liabilities they think are assets.\" width=\"600\" height=\"400\" srcset=\"https:\/\/cdn.wealthfor.us\/uploads\/2022\/11\/The-rich-buys-assets.-The-poor-only-have-expenses..jpg 600w, https:\/\/cdn.wealthfor.us\/uploads\/2022\/11\/The-rich-buys-assets.-The-poor-only-have-expenses.-300x200.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Yes, unfortunately, Robert Kiyosaki is correct. <em><strong>Many people still confuse liabilities with assets. Are you one of them?<\/strong><\/em><\/span><\/p>\n<p>In this article, we would like to present an alternative definition for assets vs. liabilities that is more suitable for wealth building. And no, it is not the same as how Robert Kiyosaki defines them.<\/p>\n<p>&nbsp;<\/p>\n<h2>What are assets and liabilities?<\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">Asset is something (that you own) that <\/span><b><i>increases your wealth over time.<\/i><\/b><\/li>\n<li><span style=\"font-weight: 400;\">Liability is something (that you own) that <\/span><b><i>decreases your wealth over time.<\/i><\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">That is it, a very simple definition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let us take a look at some common examples:<\/span><\/p>\n<h5>Car<\/h5>\n<p><span data-preserver-spaces=\"true\">To determine whether a car should be considered an asset or liability, we can ask a simple question: By buying a car, will your net worth increase over time?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Owning a car also means paying regular maintenance costs such as insurance, gas, etc. Car will also depreciate over time. By buying a car, your net worth will likely decline year over year.\u00a0<\/span><span style=\"text-decoration: underline;\"><em>By our definition, car is a liability<\/em><\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, if your car is being rented and earning more than the monthly cost and the depreciation, you may consider your car as an asset.<\/span><\/p>\n<h5>Real-estate property<\/h5>\n<p><span data-preserver-spaces=\"true\">Property usually appreciates over time (thanks to inflation!). However, owning a property also means paying monthly costs, such as taxes, maintenance fees, water &amp; electricity bills, etc. If the price appreciation is faster than the monthly costs,\u00a0<\/span><span style=\"text-decoration: underline;\"><em>you can consider your property an asset<\/em><\/span><span data-preserver-spaces=\"true\">. You may also offset those monthly costs by renting your property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, let\u2019s get into a more controversial topic: <\/span><b>How about leasehold property?<\/b><\/p>\n<p><span data-preserver-spaces=\"true\">Leasehold property does not own the land it is built on. You are just renting the land. Once the lease expires, you can no longer stay there. Leasehold is the common property type in some countries such as Singapore, China, etc.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Is leasehold property an asset? Let us ask the same question: Will buying leasehold property increase your wealth over time? Since the price of the leasehold property depreciates as the lease gets closer to expiry, the property price appreciation may not be enough to offset the depreciation as it nears expiry. Thus, <\/span><span style=\"text-decoration: underline;\"><em>we can consider leasehold property as a liability<\/em><\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have rental income from the property, and the rental is enough to cover the depreciation of the property value, then you can consider it as an asset. Please note that this may be hard to achieve as the lease gets closer to expiry. The decline in value usually accelerates closer to the lease expiry.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-219\" src=\"https:\/\/www.wealthfor.us\/article\/wp-content\/uploads\/2022\/11\/leasehold-property-meme.jpg\" alt=\"\" width=\"400\" height=\"667\" srcset=\"https:\/\/cdn.wealthfor.us\/uploads\/2022\/11\/leasehold-property-meme.jpg 600w, https:\/\/cdn.wealthfor.us\/uploads\/2022\/11\/leasehold-property-meme-180x300.jpg 180w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h5>Precious metals<\/h5>\n<p><span style=\"font-weight: 400;\">Although precious metals (such as gold and silver) do not generate additional income for you, they usually appreciate over time (again, thanks to inflation!). Thus, <span style=\"text-decoration: underline;\"><em>we can consider precious metals as assets<\/em><\/span>.<\/span><\/p>\n<h5>Stocks<\/h5>\n<p><span data-preserver-spaces=\"true\">Stocks expected to appreciate\u00a0<\/span><span style=\"text-decoration: underline;\"><em>can be considered assets<\/em><\/span><span data-preserver-spaces=\"true\">. However, not all of them are the same. If you buy speculative stocks that are likely to shrink in value (or even go to bankruptcy), they can be considered liabilities.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2>Digging deeper into assets and liabilities<\/h2>\n<p><span style=\"font-weight: 400;\">As you can observe from the examples above, not all assets and liabilities are created equal. We can further break them down as follows:<\/span><\/p>\n<h5>Productive assets<\/h5>\n<p><span style=\"font-weight: 400;\">Income-producing assets that bring more money into your pocket (ex: cash, rental income, dividends). Examples: rental properties, stocks, businesses, etc. Acquiring these assets may accelerate your wealth accumulation due to the effect of <a href=\"https:\/\/www.wealthfor.us\/article\/how-to-double-your-money-the-magic-of-compound-interest\/\">compound interest<\/a>.<\/span><\/p>\n<h5>Non-productive assets<\/h5>\n<p><span style=\"font-weight: 400;\">Assets that do not produce anything but are expected to appreciate over time. Note that this is only an expectation because we cannot guarantee how an asset will perform in the future. Examples of non-productive assets are gold, silver, arts, antiques, etc.<\/span><\/p>\n<h5>Liabilities<\/h5>\n<p>Some liabilities regularly take cash out of your pocket, such as car, iPhone, etc. Some do not have regular costs but are still expected to lose value over time. Examples of liabilities are furniture, TV, computer, etc.<\/p>\n<p>&nbsp;<\/p>\n<h2>Wait&#8230; Objection!<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-207\" src=\"https:\/\/www.wealthfor.us\/article\/wp-content\/uploads\/2022\/11\/objection-stop.png\" alt=\"\" width=\"198\" height=\"237\" srcset=\"https:\/\/cdn.wealthfor.us\/uploads\/2022\/11\/objection-stop.png 300w, https:\/\/cdn.wealthfor.us\/uploads\/2022\/11\/objection-stop-251x300.png 251w\" sizes=\"auto, (max-width: 198px) 100vw, 198px\" \/><\/p>\n<p><i><span style=\"font-weight: 400;\">&#8220;But we are in the 21st century, I need my smartphone, laptop, TV, and these are all liabilities, so how?\u201d \ud83d\ude41<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Chill chill&#8230; If you cannot live without them, then get them. We are not saying you cannot have them, but we recommend you keep your liabilities to a minimum. The more income you can allocate to acquiring assets, the faster you can build your wealth.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2>What should I do?<\/h2>\n<p><span style=\"font-weight: 400;\">The goal is always to grow your wealth, so with that in mind:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Always try to increase your assets while reducing your liabilities<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">When you receive your paycheck, you want to spend most of it on acquiring assets (and not liabilities).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rinse and repeat! Accumulate enough assets such that the value generated by your assets (<\/span><span data-preserver-spaces=\"true\">rental income, stock dividends, interest<\/span><span style=\"font-weight: 400;\">) exceeds your cost of living. Once you achieve this, you are financially independent.<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-208\" src=\"https:\/\/www.wealthfor.us\/article\/wp-content\/uploads\/2022\/11\/income-assets-cycle.png\" alt=\"Income assets cycle\" width=\"713\" height=\"232\" srcset=\"https:\/\/cdn.wealthfor.us\/uploads\/2022\/11\/income-assets-cycle.png 713w, https:\/\/cdn.wealthfor.us\/uploads\/2022\/11\/income-assets-cycle-300x98.png 300w\" sizes=\"auto, (max-width: 713px) 100vw, 713px\" \/><\/p>\n<p><em><span data-preserver-spaces=\"true\">The diagram above illustrates how having assets can help increase your income. As you acquire more assets, you will earn more income from your assets, which you can use to acquire even more assets.<\/span><\/em><\/p>\n<p>&nbsp;<\/p>\n<blockquote><p><span style=\"font-weight: 400;\">Surround yourself with assets, not liabilities<\/span><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Understanding the difference between assets vs liabilities is the secret to building wealth. We also hope that you have enough understanding of how assets can help you accelerate your wealth building.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To conclude this article, we would like to invite you to answer these self-evaluation questions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What was your last major purchase? Was it an asset or a liability?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How much of your income do you use to acquire assets vs liabilities?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you find this article helpful, follow us and help us spread the knowledge by sharing this with your friends and family.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asset is something we own, and liability is something we owe. That is what the dictionary says. But what does it mean in the context of wealth building? Robert Kiyosaki, the best-selling author of \u2018Rich Dad Poor Dad\u2019 once said: \u201cThe rich buy assets. The poor only have expenses. The middle class buys liabilities they&hellip; <a class=\"more-link\" href=\"https:\/\/www.wealthfor.us\/article\/assets-vs-liabilities-the-secret-to-building-wealth\/\">Continue reading <span class=\"screen-reader-text\">Assets vs Liabilities: The Secret to Building Wealth<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":1501,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-basic","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Assets vs Liabilities: The Secret to Building Wealth<\/title>\n<meta name=\"description\" content=\"Learn about assets vs liabilities, and how you can grow your wealth by buying great assets that allow you to acquire 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After over a decade of hands-on investing (and making countless mistakes), I'm excited to use this platform to share what I've learned over the years. And let's continue to learn together. Writing about macro economy, equities, personal finance, web3. 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