Your Assets May Not Be What You Think They Are


By definition, assets are valuable. This can be a skill, a talent, or an item. Most of the time, a liability means a debt, but it can also mean anything that costs more than it’s worth. Even though this seems like it should be easy, people often call a liability an asset. This can hold you back or even drag you down.

Your house is an example. Your house is an asset, as any accountant will tell you. But the costs of keeping the house in good shape (plumbing, repairs, painting, etc.) and running it (utilities, lawn care, property taxes) are usually more than the value of the house going up. These costs are not taken into account when the house is sold, so most people lose money on their home.

When you chase after liabilities because you think they’re assets, you putting extra barriers between you and success. Knowing the difference between the two makes it easier to move on and grow.

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