Assets and Liabilities
I love assets and I hate liabilities! How to define these two terms. Robert Kiyosaki has pretty easy definition- assets put money into your pocket and liabilities take money out of your pocket!
There is no item in this world which falls definitely into asset or liability category- why do I say that? Because it all depends!
Long time again, I used to believe that car is the biggest liability in our life until recently I met a young gentleman who turns car into an asset!
He buys cars not because he loves car but he is involved in car-renting out bussiness!
I also notice that Singapore has a few companies that involved in luxury-cars-renting bussiness. The business model is simple, since Singaporeans really concern most about their faces, they have to own a luxury car if possible,this company offers membership to its members- either platinum,gold and silver depending how much you pay every year.
Then depending on your membership status, you are given certain points per year. This huge company has various luxury cars in the world- you can spend points if you want to drive the car. One hour renting of Ferrari may require 10 points etc. So if you are the member, you not only can drive one type of luxury car but various typrs at various times! Sound impressive, right?
And certainly you can impress your girlfriend and co-workers to the roof!