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If you’ve ever read anything about personal finance or about handling money wisely, chances are you’ve heard about Rich Dad, Poor Dad, Robert Kiyosaki’s best-selling book. I do say it’s an amazing book that you have to read especially if you’ve never discussed money with your parents or friends as you grew up.There is one lesson there that’s stuck with me and I think it’s something you have to learn too:
Rule One. You must know the difference between an asset and a liability and buy assets. Poor and middle class acquire liabilities, but they think they are assets. An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.
— Robert Kiyosaki