On this episode of the Alliance Activity call, Andy Albright drives deep on the topic of financial literacy.
Do you know where you stand with your finances? Do you have a plan moving forward to build wealth? Where are you investing heavily?
Successful people are great at acquiring assets and limiting liabilities. Think about it like water and protecting a new tree. You water it. You put a fence around it. You provide for it and protect it. If you do this often enough, that tree will bring you apples eventually.
When people are smart with their money, they end up with more of it. When they are dumb with it, it runs out quickly.
Financial literacy is needed to be successful. How many lottery winners and pro athletes have you seen end up poorer than when they hit the jackpot and had millions?
Why don't they teach more of this in school? You have to have a plan.
Rule 1: Buy assets. Next, buy more assets.
What is an asset? Most do not know the difference between an asset and a liability. Keep it simple.
Many people read all the time. However, most don't comprehend what they are reading. Read and understand. That's key.
The rich acquire assets and the poor and middle keep buying liabilities. Assets are tools that help increase your income. You want to keep growing your cash flow and keep buying assets. The balance sheet don't lie. Assets put money in your pocket. Liabilities take money out of your pocket.
Your cash flow fixes a lot of problems. A fool and his money is one big party that soon will be parted.
If you look up and find you have dug yourself a hold, you need to stop digging now so we can fix the problem sooner rather than later.
Intelligent people hire more people that can help them acquire more assets. They don't just get there alone. It takes an army.
Your top asset is your brain. Your attitude matters too. Be smart!
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