Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground.
Robert KiyosakiRead
Assets put money in your pocket, whether you work or not, and liabilities take money from your pocket.
Interpretation
Understanding the difference between assets and liabilities is crucial for financial independence.
This quote emphasizes the importance of distinguishing between assets and liabilities in personal finance. Assets are investments or properties that generate income or appreciate in value, while liabilities are expenses that drain financial resources. By acquiring more assets, individuals can achieve financial stability and freedom, as these assets will continue to provide income regardless of active work.
In practice
During a financial seminar on wealth-building strategies.
Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground.
If you realize that you're the problem, then you can change yourself, learn something and grow wiser. Don't blame other people for your problems.
In the real world, the smartest people are people who make mistakes and learn. In school, the smartest people don't make mistakes.
If you want a solid future, you need to create it. You can take charge of your future only when you take control of your income source. You need your own business.
Finding good partners is the key to success in anything: in business, in marriage and, especially, in investing.
It's easier to stand on the sidelines, criticize, and say why you shouldn't do something. The sidelines are crowded. Get in the game.
Liquidity is a good proxy for relative net worth. You can't lie about cash, stocks, and bond values.
We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'
If nobody can sell mortgage-backed securities based on trillions of dollars of unpayable instruments, there's a lot less risk in the overall system.
In January we start saving money, getting out of credit card debt, funding our retirement accounts, and we're doing wonderful. Then, every single year like clockwork, starting in November, all of you fall into this trap that says, 'I have to buy this gift... I can't show up at this party and not have something for everybody.
The average investor's return is significantly lower than market indices due primarily to market timing.
If I subscribed to the efficient market theory I would still be delivering papers
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