Identify what are assets and what are liabilities.
Increase asset column.
Don’t work for money, make money work for you.
Rich buy luxuries late.
Rich guys income statement and balance sheet.
How corporations help rich with taxes.
Corporations earn, spend and then pay taxes on the rest.
Individuals earn, get taxed and then spend.
Listing some assets:
- Businesses that do not require my presence.
- Stocks – Fortunes are made in new stock issues(new stocks are tax-free).
- Income generating real estate.
- Notes (IOUs).
- Royalties from intellectual property.
Dimensions of financial literacy:
- Understanding markets:
- The law: