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“You can get past the dead end. You can break through the ceiling. I did and so have countless others.”

Finance Tip Friday #42: Assets vs Liabilities

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Do you know what asset and liabilities you have in your life?

Assets = Something that pays you.

Liabilities = Something that takes away money from you.

From a non-financial standpoint, you can look at assets and liabilities like this:

Assets = Something or someone that brings purpose, meaning, love, and strength in your life.

Liabilities = Something or someone that brings you down, increases your anxieties, makes you less production, and overall makes your life more negative.

I want every nurse practitioner sister and brother to tally up the assets and liabilities in their life. By examining what these are in your life, it will allow you to put into perspective what is benefiting you and what is not. This is important from a financial standpoint, but also a personal and professional standpoint.

Remember, rich people buy assets! Most people purchase liabilities…

Financial asset examples = A business/niche practice, rental real estate, stocks/index funds, precious metals, etc.

Financial liability examples = Consumer debt, credit card debt, auto loans, money pit assets (boats for example), renting furniture, etc.

If you truly want to be elite, try to avoid financial liabilities. Wealthy people purchase ASSETS. They want their money to WORK FOR THEM. That is the KEY to obtaining financial independence.

People who have a RICH life focus on assets, not liabilities…

Life asset examples = Loving family and friends, pets, hobbies, a fulfilling career, professional freedom, exercise, etc.

Life liability examples = A toxic job, a dead-end job (most nurse practitioner jobs in my opinion), negative friends, a negative partner, alcohol/drugs, etc.

If you truly want to be elite, try to avoid life liabilities. You need to tally up what is toxic and a liability in your life and make a change. People who live a RICH life focus on assets. They want a fulfilling career, a loving family, and to be surrounded by positive people.

So, what are your assets and liabilities?

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