The start of any project begins with the laying of a solid foundation and your journey towards financial freedom is no different. Understanding basic financial terms and the different perspectives that accompany them is critical when choosing your path towards financial freedom. Assets and Liabilities form one of the cornerstones to any financial statement and is a key factor in ones financial health. While these are concepts are simple in nature, really understanding what they are begins with the you mindset. Are assets simply items with value or are they items that increase your net worth? Are all liabilities created equal? These are the questions you must ask yourself and depending on the mindset or the perspective you use, could influence the answers you give. Are you looking at these from the perspective of the "poor" or the Employee? Are you looking at these from the perspective of the "rich" or the business owners. Each of these groups have their own definition and idea of what Assets and Liabilities are and while both are correct, only one will help you achieve financial freedom.

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