Daily Meeting - Personal Finance 18: Liabilities

Rich Dad, Poor Dad in 20 Points

1. 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 act
• If you don’t have any assets, stop buying stuff now
• If 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 masters
• Ex: You can’t save for a house and have bad spending habits
• Liabilities are not a bad thing

Liabilities Amazing!

• When you purchase a house and rent it out
• When your renters pay for your credit cards 
• When your dividends pay for your bills
• Someone else’s money pays for your liabilities

Liabilities Sending You to Hell

• When you have a credit card, use it, but don’t have the income for that credit card
• When you bought into “I’ll manage my debt and borrow more than I have,” and not spend it on assets

Liability Slave

• When you think liabilities are bad
• When you’re attempting to get debt free
• Most of the world is in this category
• When you pay for your own liabilities, but you pay for it with just your income but manage your income very well

The Century Of Self YouTube Playlist

https://www.youtube.com/playlist?list=PLwAQag0YYXIRg5wegt41-kAgt7D7q3XQF 

• Whatever you can account for, you can control
• When you account for your money and write it down, you can control it
• Once you understand the money system, you can manipulate it

3. Excess cash flow generated by my assets should be reinvested into other assets.

• Create your own dividends

4. Do not simply aim for more income, aim for more assets.

Homework: View your financial situation

1. You have to be personal in your pursuit in your questions toward Antonio.
2. You’ve got to show up everyday
3. Goal: $100,000 by May 4, 2023
4. Your 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.

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