Assets vs Liabilities; Things I own vs things that make me money


Assets earn you money. Liabilities cost you money. Done, next tip. Oh how does this work? Well you have your 8 assets; 1) Stocks, 2) Bonds, 3) Mutual Funds, 4) Intellectual Properties, 5) Income-producing real estate, 6) Businesses that do not require my presence. I own them, but they are managed or run by other people, 7) IOU’s, 8) Commodities… Four of which we’ve gone over thus far. Each of these assets cost no money to maintain though after your initial investment into them earns you money. If you do your proper research there is little to no chance of loss. That goes with anything, but even sometimes a loss leads to a gain.

Liabilities cost you money. Some people mistake a home as an Asset, or a car. You have to pay insurance on both a house and a car. There is gas upkeep, maintenance, taxes, rent/mortgage, etc. If you find yourself placing cash into something that you own, than you are dealing with a liability. Think of an Asset as a career, and a Liability as a hobby. You earn money through a successful career. While a hobby cost you money to do.

If you were a comedian as a career you’d get paid for your time on stage. Plus that is your only job. If you have a job during the day… or night… and you pay to get to shows, on stage, for classes, or whatever it takes so you can just get on stage…

A good rule of thumb (you’ve heard this before) is Don’t Live Above Your Needs… D-LAYN. A great issue is when people start making a lot of money they all of sudden start living above their needs. Spending money faster than they bring in is a habit that must be broken. It is nice to have things, but things should not HAVE YOU!!! Budget your financial situation so you can live your life in the best way you can. Once everything is in order you’ll be given freedoms that allow you to live it how you want.

 

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About BBR Productions Inc,

Our mission is to bring reality to your dreams by being an affordable all inclusive production company for every type of venture and those who wish to find success in their possibilities. In 1996 BBR Productions Inc., began which was strictly an illustration company working with local illustrators and comic book company’s. In 1997 BBR Productions Inc., expanded adding audio recordings, graphic and web design, photography and mass marketing. BBR Productions Inc., first major client was TENEbRAE although other bands were signed on to the company roster for marketing and graphic design layouts. During 2000 BBR Productions Inc., began setting up small local shows and organizing large musical events featuring national acts throughout the Tri-state area. Working with musical acts, comedians and actors BBR Productions Inc., expanded yet again to more of an all inclusive entertainment company. In 2007 Began doing more with direct consultation, helping others create opportunities as well as managing more acts. 2008 marked the 1st annual Laughter is the cure show, helping raise money for foundations such as "Multiple Sclerosis Foundation" and various "Cancer Foundations". Soon to be on its 5th year. In 2013 BBR Productions Inc., opened its offices on Long Island NY allowing space to do in house seminars helping others realize their dreams with the help of people who have already been there. On October 3rd, BBR Productions Inc., will open their second office in Holbrook growing from 1,000 square feet to 3,800 square feet.
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