I love – love – this definition of assets vs liabilities.
- Assets are things you own that put money in your pocket.
- Liabilities are things you own that take money out of your packet.
Makes sense to me.
Been trying to ask my children instructive questions about this issue lately too.
If you buy that, does it take money out of your pocket, or put money in your pocket?
It’s a question worth asking yourself too.
