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Originally Posted by JSH
The basics are to know the difference between assets and liabilities and to spend money on assets. Don't buy expensive toys (like a Porsche) but instead invest in an asset - like real estate - that with time will pay for the toys.
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Sounds reasonable, although in the end all money either is lost to liabilities or your heirs or the government inherits it.
Basically, it's good to understand the difference between assets and liabilities and to have a priority list of what's most important to an individual. I've been thinking about getting that ice skating rink pass for this season, which is a loss of money, I don't benefit financially from it, but we like ice skating.
Quote:
Originally Posted by JSH
Kiyasaki is basically to yin to Dave Ramsey's yang who says to never borrow money because the debtor is slave to the lender. The reality (at least for me) is somewhere in the middle.
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I must say that I don't like owning money because I know it could go wrong or because it could be an indication that I'm not using my money wisely (spending more than I should). But I will get a mortgage some day as long as it's something I'm pretty sure I can pay off.