Financial mishap is something that everybody does not want to witness in his or her life. Many people have the view that to attain financial buoyancy or financial freedom depends solely on how huge ones paycheck is or is a determinant of ones profession. Wealth is something that is patiently accumulated through financial literacy. That is, knowing how your money or finances work for you. We have heard about wealthy people who had the financial muscles sometime back and becoming broke in their later days. On the other hand, we have heard about low income earners turning their little savings into huge financial assets. Now what one needs to know in financial accumulation is the difference between asset and liability. In Robert T. Kiyosaki's book Rich Dad Poor Dad, he explained that asset is something that puts money in the pocket Eg(Income, dividend, interest, stock etc). Whiles liability is something that takes money out of the pocket Eg; Expenses (Food, rent, fun, clothes, transport). If your expenses always exceed your assets you will always be in the poor trap. And if your assets exceed your liability, you attain financial freedom.
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