You Buy Liabilities Instead of Assets
The reason you're not rich is pretty simple, you spend all of your money buying liabilities INSTEAD of assets!
There is more that goes into personal finance than simply how you spend your money. But, this is an important concept to grasp, and understanding it will help you avoid debt and build wealth!
This concept was explored in the book Rich Dad Poor Dad by Robert Kiyosaki. The concept explains why so many people are stuck in the middle-class—and will likely never leave!
Before I go any further, I want you to have a good understanding of assets and liabilities.
What are assets and liabilities you ask?