KNOWING THE DIFFERENCE

When I was in college I'm used to deal with the terms such as assets and liability and stockholders equity. I needed to learn to become familiar and be a pro. In business its very important to account your asset and expenses, you keep it simple then life will flow it the way you want it. Lets make it wise and simple, Asset is something that's put money in your pocket, while liability is something that takes money out of your pocket.  If you have money and you wish to buy gadget, Like for example a high end phone , The cellphone  you buy will not be categorized as asset unless you use it to produced income. If you will just use it as your fashion line and make use of it for sending chain messages , then  its  liability .Why? because that cellphone will need load to suffice your wants and will consumed electricity to re charge it. So its very important to know when to spend and be practical. Especially now that the holiday season is fast approaching.Hard earned money is not easy to get , so we should be wise  in spending, Prioritize the things you need to have  according to must, needs, and  your wants.