Pull Your Head Out of Your Assets!
Having several family and friends involved in the Quixtar 'Opportunity' has given me lots to absorb over the years. I can pick out the familiar 'tapespeak' in a second. One of the classic nuggets of financial wisdom regurgitated by the Quixtar loyal is that our homes are not an asset which of course comes from the book "Rich Dad, Poor Dad" by Robert Kiyosaki.
In his book, Kiyosaki clearly defines an Asset as something that puts money in your pocket while a liability is something that takes money out of your pocket. This fascinates me, and here's why. Every time I've applied for a loan, the bank never lists my house as a liability. But I also like to look at things in reverse.
If we take Kiyosaki's logic that a liability is something that takes money out of your pocket than it's safe to assume the following:
Your Children are a liability
Your Church is a liability
Your local Charity is a liability
The food you eat is a liability
Your Husband/Wife is a liability
Your dog is a liability
Your hobbies are a liability
Is this correct? Does anyone out there feel that their church is a liability? Hopefully you can see the flaws in this line of thinking.
But which category does Quixtar fall into? I suppose if your one of the extremely few making money in Quixtar then it's an asset but for most it certainly falls into the liability category. Isn't it weird that the masses that are loosing great sums of money in Quixtar don't see this?