facenglish:
its my pleasure

Distinct123:
what are we doing next after I finish

facenglish:
I access you to know your performance on the next challenge

Distinct123:
OK! ask me questions I will answer

facenglish:
what do you learn from the book

Distinct123:
The rich don't work for money,financial education is not taught in school

Distinct123:
I hope I got this right

iyasegun:
I will like to raise a point to the op about living within your means.

If I work hard and smart on a daily basis and gather enough money to rent a room and then save the little remaining, this is purely me living within or below my means.

Op are you saying I should borrow loan from bank and rent a duplex which is obviously above my means? If I have enough money to get a small salon car, are you saying that I should borrow more and buy a jeep?

Op you need to understand the difference between thinking big and having financial discipline.

You can live below your means and still aim to increase your income. There is no wealthy man in this world that is living above his means.
They maintain financial discipline while the keep looking for more money.

You asked if someone feel comfortable in Camry when he can drive a Venza. Man if you buy that Venza with a loan and you are finding it difficult to pay up, it is hypertension that will kill you last. In fact you will end up selling it for peanuts.

Alexander Song lived above his means by buying an expensive mercedez Benz, he returned it to the car dealer two weeks after cos he couldn't even maintain it..

My message is this: Keep focusing on ways to increasing your income but don't live above your means especially if what you are spending money on does not increase your capital

You must always have an eye for bargain.

facenglish:
yes! you are very correct

Distinct123:
thanks what next

adewale4great:
I love this! keep it up

adewale4great:
great contents

facenglish:
welcome to this thread, we can learn together

adewale4great:
yes oo! I have questions to ask if you can answer

facenglish:
go ahead!

adewale4great:
in your second point, you said we call liabilities as assets

facenglish:
I said it and that is what most people do

adewale4great:
is my car a liability or asset

adewale4great:
before you consider your car as asset or liability?
look at the cash flow.

doest it take money out of your pocket or put money into your pocket.

adewale4great:
it take money out of my pocket but I use it for transport. i enjoy it

facenglish:
that's not a reason for calling it an asset. it is just your necessity. if you don't have car you can take a taxi or bike. but the point am making here is that you need to build or buy assets that will cater for all your liabilities ike car or home

adewale4great:
how can I build asset and make big money?

facenglish:
I will have to take you through the three phases of financial education

adewale4great:
what are the three phases ?

facenglish:


mindset,skill set, and practical

adewale4great:
let's start with the first phase

facenglish:
I'm going to place you on personal finance book challenge