what is asset?
what is liability?

Assets put money into your pocket
Liabilities take money out of your pocket

@cheexy, thats very concise.

@topic
if you are still living with your parents as a dependent, they are an asset
your children and extended family are liability

asset is what you own and liability is what you owe

Cheexy has given you the Financial Success definition of the meaning of  "Assets" and "Liabilities".
This definition will make you financially successful.   The other definition given here is that of an Accountant, and that will not lead you anywhere.

For example the house you have on mortgage is not an asset, it is a Liability because it takes money out of your pocket every month.

Follow Cheexy's definition, you are bound to stay the course of financial freedom.

well,it depends on the angle from which you are looking at it.
bank deposits are liabilities to the bank because it is other peoples money but it generates income for the bank while bank loans to customers are assets to the bank and it takes money from the bank to generate income in the nearest future.
so the defination depends on the context in which it is used.

An asset puts money in your pocket. A liability takes money out of your pocket.
By Robert Kiyosaki and it has been a guiding principle for me.

Assets are income generating things you own while liability are expenses you make/owe.

Your eyes is an asset
Your education is an assets

Assets creates value. Assets appreciates with time, while liability depreciates over time.

With regards to the liability a paying banker faces, when paying a customer's cheque on a customer's account that has been assigned by him/her, usually as a security for the customer's debt, the bank will refuse to pay cheques drawn on that account.

There is also asset liability....your car

Overtime a lot of Nairalanders have been asking for business ideas and i thought to put this down after brainstorming for 20 minutes.

Remember that the goal is to make daily income / passive income #NOSALARYGANG.

As time goes on i'd be sharing other business ventures I'm into, you can start something from here and build it up. You don't need anything fancy, you are in a 3rd world country...always remember that.

So let's get to it.

Keep that money.....refer to number 5, then pay your tithe to me later


1. Pure water business
get a shop with 2 solid dressers, Go to the factory and buy @ the rate of N70. Resell at the rate of 120 - 150 per bag. Supply to schools, churches, individuals...if you sell 200 bags a day, do the math.

2. POS business, (operate in a busy area but close early, e get why). This can be successfully combined with number 1. Contact baxibox.com and surepaddy (providus bank), they will put you through and supply you with the necessary hardware you need for the business... If you are starting out, you necessarily do not need a shop per se...just talk to your local carpenter to construct a small kiosk in a busy environment.

3. Biscuit business (no matter how economy be, people go chop biscuit)

4. Condom business (supply hotels and guest house across the federation)..as religious as we are as a nation we fucc like no mans business, the population keeps SOARING...

5. Local arbitrage (enter eko, look for fast moving products.strike a deal with the seller that you want to be a dropshipper..invest in a good camera phone and apps like lightroom and snapseed, join facebook 'buy and sell groups' facebook has 22M nigerians, just fucking sell something.. create fb / ig / whatsapp business / twitter / nairaland and advertise like your life depends on it).if you want to make 100k daily you need to learn facebook and instagram marketing..LOW RISK

Go here to learn Facebook marketing > trafficmastery ng. Work smart, not hard !

3. Resturant / bar & bushmeat join...during my nysc there's this joint I usually visited to drink mmanya (palmwine) or whatever its called. I spend at least 1k drinking palmy and bushmeat.

4. Foodstuff business (buy from the north, sell in the west)

5. Small chops / akara / yam / potatoes...mama chinedu don build 2 houses, she's on the third one as we speak.

6. Mini importation, this is very tricky due to the forex rate and all the bottlenecks but i will teach you how you can pass this hurdle in my next posts.

7. importation of gadgets / Phone accessories / used items... WhatsApp me for the free guide..

8. Data vending business...goto https://mobilenig.com/?ref=97 get cheap dirt data, pay bills and airtime. This business can be combined with Number 1 & 2...all you need is a mobile phone and internet connection, ATM card (GTB..most preferrable for this jab). Use jBL speakers, just dey play latest gbedu dey go..people will come around to patronize you..
I made over 300k doing this, I still dey do am sha..lol

If you want to take it online...get a good graphics designer to design something like 'BUHARI DATA SERVICES' with data prices and services u render ...lmao..u get my drift sha...then come online and start bombing...facebook...instagram...twitter..nairaland...telegram...

9. Selling of used items on jiji, nairaland, facebook market place and Olist...that your neighbour has items he has not been using for sometime...use style and ask him....take clear pictures in a nice background and upload it, out your price...your phone would start beeping from phone calls

10. DROPSHIPPING (millionaire's paradise)

Please comment and share, thank you.

ALWAYS REMEMBER THAT THE FIGHT IS AGAINST POVERTY.
#JEKINGBADUNLOMAGBADUN#