The second step to becoming wealthy is know how to keep expenses down
Robert Kiyosaki calls things that don't bring in cash flow liabilities
so liabilities implies things that take money out of your pocket and doesn't bring anything in such as:
vacations
watches
cars
phones
shoes
and Robert also argues homes
These things all take money out of your income
you need insurance for your car and phone
you need to pay for your phone bill
and you need to put gas in your car
and your houses needs its own set of fixings
Which all come out of your pocket
So lesson number two is to keep expenses down
There are two flows to our money,
income and expenses
We need to increase our assets that provide us with income and limit our liabilities that turn into expenses
Here is a chart that shows how common people manage the flow of income and how the wealthy do it
So for us to become financially free we must accumulate good asset and limit liabilities
Robert has a good quote to which he says
"As your cash flow grows, you can indulge in some luxuries. An important distinction is that rich people buy luxuries last, while poor and middle class tend to buy luxuries first"
And don't we all know people who shouldn't be buying a whole bunch of things they shouldn't
but they feel the need to have nice things even if they cannot afford them
because those things give them some time of fake statues and short pleassure
so please if you want to be wealthy also become self-aware
you don't want "keep up with Jone's" because you are afraid of others thinking less of you
know who you are and where you stand in life
being self-aware will allow you to stay focused on your journey through self-development and financial freedom and to not buy dumb shit to lie to others and your self
https://steemit.com/buiseness/@miguelfelix/how-to-attain-self-awareness
Accumilate assest and limit liabilites first
Hope this Helps
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