As we continue to focus on financial wellness throughout this year, I want to discuss the most basic principal to building wealth. “Finance 101” teaches us that an ASSET = something that has financial value that you own or control with the expectation it will provide future benefit. A LIABILITY = something that COSTS you money by way of a debt or obligation to another party. Your NET WORTH = the difference between what you own (assets) and what you owe (liabilities). Here’s the bottom line: Stacking up depreciating assets (example: vehicles) that you owe money on is not a sign of success! Focus your asset base towards things that can appreciate in value such as real estate, investments or even a business. Imagine life with no liabilities and only assets! You see, being wealthy isn’t about being “rich”…it’s about having financial freedom! Let that sink in!
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Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth.