Resumo de How To Become Rich

An investment in knowledge
always pays the best interest.
Benjamin Franklin
A new car drops in value the second it?s driven
off the lot. Your car is a tool that takes you to work,
but it?s not a wealth-creating asset.
The market value of a home is an asset;
the mortgage, a liability. Let?s say your house is
worth $120,000, but your mortgage is $80,000.
That means your equity in the home is $40,000.
Equity contributes to your net worth.
2
Wealth Creation:
Learn the Language
You want to create personal wealth, right? So does Bob.
Bob is 35 and works for a manufacturing company. He looked at
his finances and realized that at the rate he was going, there
wouldn?t be enough money to meet his family?s financial goals.
So he chose to embark on a personal wealth-creation strategy.
His first major step was to pick up a copy of this workbook for
guidance. Bob began by learning the language of wealth creation.
The first lesson was to understand the meaning of assets, liabilities
and net worth. They make up this very important formula:
ASSETS ? LIABILITIES = NET WORTH
A wealth-creating asset is a possession that generally increases in
value or provides a return, such as:
? A savings account.
? A retirement plan.
? Stocks and bonds.
? A house.
Some possessions (like your car, big screen TV, boat and clothes)
are assets, but they aren?t wealth-creating assets because they
don?t earn money or rise in value.
A liability, also called debt, is money you owe, such as:
? A home mortgage.
? Credit card balances.
? A car loan.
? Hospital and other medical bills.
? Student loans.
Net worth is the difference between your assets and liabilities.
Your net worth is your wealth.
Federal Reserve Bank of Dallas

Bob
3 Federal Reserve Bank of Dallas
Bob?s Balance Sheet
Wealth-building assets Amount
Cash $ 1,500
Savings account 1,000
Stocks, bonds and other investments 5,000
401 (k) retirement plan/IRA 25,000
Market value of home 0
Other assets
Market value of car 14,000
Total assets $ 46,500
Liabilities Amount
Home mortgage $ 0
Car loan balance 13,000
Credit card balances 3,000
Student loan 5,000
Child support* 2,400
Miscellaneous liabilities 1,500
Total liabilities $ 24,900
Net worth $ 21,600
* Represents one year of payments.
To calculate how much he is worth, Bob used the following formula:
Assets ?Liabilities =Net Worth. He made a balance sheet listing all his
assets and all his liabilities. He listed his wealth-building assets first.
Bob discovered his net worth is $21,600. Using Bob?s balance
sheet as an example, figure your own net worth. Be sure to add
any assets and liabilities you have that are not listed here.
Remember that net worth is your wealth. Are you worth as much
as you want to be?
Liabilities Amount
Home mortgage
Car loan balance
Credit card balances
Student loan
Child support*
Miscellaneous liabilities
Total liabilities
Net worth
My Balance Sheet
Wealth-building assets Amount
Cash
Savings account
Stocks, bonds and other investments
401 (k) retirement plan/IRA
Market value of home
Other assets
Market value of car
Total assets

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