Explanation of assets and liabilities as well as why wealthy people focus on building assets.

1. Assets Vs Liabilities
Martizesmith.com
Presenter: Martize Smith

2. Assets Vs Liabilities
 Assets are anything such as but not limited to real estate, businesses,
commodities, investments that pour money into your pocket
 Liabilities are anything such as but not limited to personal cars, jewelry,
houses that cost you money to pay for that take money from you
 The activity of an item determines if it is a asset or a liability
 Example) Real estate that cost you a bill every month is a liability
 Real estate that you rent out to tenant that pay for living their which you use
to pay your bill and have money left over as a profit is a asset

3. Cash Flow Patterns of the Wealthy

4. Increase Your Earning Ability
 Earning ability- The ability to earn money
 Example) A guy who has a job in customer service that makes $40,000 a
year; His earning ability is $40,000
 Example 2) A business owner who generates $250,000 a year; his earning
ability is $250,000
 Practical tactics:
 (1)Change jobs to one that pays more
 (2)Attend or take seminars, workshops, and read books on
entrepreneurship and investing
 (3)Identify the one skill that would help you increase your income the
fastest over the next 12 months & put 100 to 1000+ hours into learning it

5. Build Assets: Basic Guide
 Step 1: Explore & research different assets
 Step 2: Make a list of assets your interested in on paper
 Step 3: Choose one asset for now & focus on one asset at a
time
 Step 4: Find out what exactly is required of you to acquire this
asset
 Step 5: complete the requirements & make the asset generate
stable income before moving to the next asset

6. Cash Flow Pattern of the Poor

7. How to stop the Cycle of buying Liabilities
 (1) Before buying items ask your self “Is this going to put more
money in my pocket or not?” If yes, then buy but If no then don’t buy.
(Items do not include the necessities of life)
 (2) Set goal on paper of what assets your interested into then circle
one that you can acquire the fastest or within a year or less
 (3) Reprogram your mind to focus only on asset accumulating, which
in return will increase your wealth. You reprogram your mind by take
10 to 30 minutes a day to think on how to plan and execute
obtaining your asset of choice