Is your house an asset or a liability? Robert Kiyosaki of Rich Dad Poor Dad challenged the traditional definition of Asset and Liability in his famous book that was published in 1997. This book is considered a financial classic. According to Rich Dad Poor Dad, a house in which you live is not an asset but a liability. On the other hand, as per Investopedia or accounting definition, a house is considered an asset. In this video we clarify this difference and how we should look at our investments and assets.
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Time Stamps:
0:00 – Intro
2:27 – Asset and Liabilities as per Rich Dad Poor Dad
5:04 – Asset and Liabilities as per Investopedia
6:56 – Economic Value of Home
7:58 – More Example of Assets & Liabilities
8:52 – Practical Definition of Asset
9:16 – Cash Flow Negative Investments
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About the Video:
All of us need a house to live in and so houses have been considered as an asset since a very long time. But what exactly is an asset and how exactly does one recognise if house is a liability or an asset? If we look at accounting definitions taught to us or if we go by what Investopedia says, then we are more likely to consider house as an asset. However, the author of the famous book Rich dad Poor Dad, Robert Kiyosaki, has contradicting views of the same. His views on assets vs liabilities, financial education, wealth creation, renting vs buying property and his answers to questions like how to get rich, how to make money, etc. have been peculiar and interesting to debate on.
So, in this video, we will go looking for clarity on such topics and comprehend more about whether to consider a house as an asset or a liability. Apart from real estate topics and opinions on renting vs buying a home, we will also talk about the assets that make you rich and try to get better financial literacy through understanding some of the excerpts from rich dad poor dad in hindi.
Questions Answered in this Video:
1. What are assets and liabilities?
2. Is house an asset or liability?
3. How is a house not an asset as per Robert Kiyosaki?
4. Is a house a good investment?
5. Should you rent a house or buy a house?
6. What are the assets that make you rich?
7. Robert Kiyosaki’s view on Assets and liabilities.
8. What is Investopedia’s definition of assets and liabilities?
9. What does Robert Kiyosaki say about how to get rich and how to make money?
10. Which is better, rent vs buy a home?
11. Is Rich Dad Poor Dad’s definition of an asset correct?
12. Is home a liability if we take a home loan?
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