I decided to sell my car and motorcycle when I came to Australia. I had made decision to buy a property in 2009. I did manage to get bank loan to purchase the property. After that I make some change in that property. But I didn’t put on rent for 5 years. I was worries if I give that to someone it will damage my property .There are lots of property frauds are coming in news My colleagues often offered unsolicited advice to me ,’Your tenants will occupy your house”. I heard and read lots of bad stories of property dispute .Because now I am putting my family to other town. it take around 5 hours to reach .My property was in Ludhiana . But in sept2014 .I told to one of my friend who lives in the same locality to put that on rent . I have given him my bank details so that my tenets can transfer the rent to my account. I was regular in making banks repayment of installments. It just want it to became a asset from liability so I gave this home on rent .By deciding and taking this action I converted this liability to my .Now it start giving me income.
Most of us purchase lots of stuff .We are proud to possess that . We think Car is an asset .Is that really your asset? You need to do regular maintenance, you need to pay registration regularly .You need to pay regular roadworthiness.[ In India you have to pay only once lumps ump road tax. ]. How often you usethat . We Build houses and we are happy that it costafter 10 year become triple .but how many of us sell the house in which we are living, and move to new place. .Not many, only a few. A house is asset if it gave you some earning .Otherwise it is just a liability,
When we talk about asset .first things which come in your mind are property ,shares , insurance policies , Pensions,. What is asset ? Asset is something which is constantly appraise e the faire market price . But we need to understand the concept of asset value is only get when
What is the best Investment and asset you possess? We actually see the balance sheets and personal financial statements toascertain the net worth . As per Robert Kiyosaki. [author of rich dad and poor dad ] an asset is something, which put money in your pocket .according to him there are four kind of assets property (only if it is rental ) ,paper [stocks ,mutual funds, bonds ],Business& Commodity [Gold, silver ,natural resources ]
According to me best asset is your life and best investment is the investment in you. Net worth is the habits and intellect you possess. It is established fact through various psychological analysis .and FMRI experiments .the people who has more active left brain are more successful more happy and are able to achieve maximum in their life . In India we have a proverb whichgo like this
Don’t save money for your child if you child is bad ,he will spoil all of your savings ,
Don’t save money for your child if you child is Good ,he will earn his own living .
Even a small idea can bring you fortune. We talk about selling the things Alex Tew had created a single webpage he has sold every pixel of it .i.e each dot on it’s webpage dollar-per-pixel advertising page raised over a million dollars in just a few months.
Now Liability are the things in your life are those which takes out money from your pocket and does not repay you any things .Like outing then=money in black hole unless those utilized properly , TV ,Mobile ,Vocation Trip …… and many more .According to me your most worst liability is your bad habits .it takes your time ,money and resources .
For anything you start you need KIT . KIT is Knowledge, Investment and time. if You lost everything you still has brain with you .If you have knowledge you can capture your lost kingdom again. You need to invest in you . You need to understand at very early age what you want from your life and you need to work for it .it is my experience that yourparents ,your brothers , relative and friends are all important .But at later stage of life they are only visitors in your life .You need to take your own major decision in your life .
We can acquire knowledge by education, by listening by reading, from positive media. Best knowledge is in the academic journals .But sadly only handful people study them.majorlyauthor and his parents or family and the magazine editor are 90% readers of the scholarly article. You need not only money but you need to invest you time to learn and practice the craft . It is you who can convert the craft to skill .if you are intelligent it does not mean that you will succeed in your life . You need to constantly upgrade your knowledge and revisit your basic school .if you really want to make a difference in your life …