How Do You Consider Your Wealthy Affiliate Membership - Asset or Liability?

byroysinOnline

2.6K followers

3 years ago

The cover picture is lying a bit. This has nothing to do specifically to cryptocurrencies even if cryptocurrencies is related in the bigger picture. Instead, it has everything to do with how you consider your investment of joining Wealthy Affiliate (WA).

Think about it, why did you join Wealthy Affiliate in the first place? Did you join just out of curiosity and a whim, or did you have a firm plan behind it? Have you changed your view with regard to why you are here after discovering what WA provides?

Several questions, but the answers are crucial to your success in reaching your goals, and can be summed up in one question to rule them all:

How do you consider your Wealthy Affiliate Membership - Asset or Liability?

The Difference Between Assets and Liabilities

According to Wikipedia an Asset is defined as:

"In financial accounting, an asset is any resource owned by a business or an economic entity. It is anything (tangible or intangible) that can be owned or controlled to produce value and that is held by an economic entity and that could produce positive economic value."

According to Investopedia an Asset is defined as:

"An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit"

According to Merriam Webster Dictionary an Asset is defined as:

"the entire property of a person, association, corporation, or estate applicable or subject to the payment of debts"

I do not agree with Meriam Webster Dictionary´s definition, but I have quoted it as an example of how many view the term "Asset".

OK, then what is a liability?:

Wikipedia:

"In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events,[1] the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future."

Investopedia:

"A liability is something a person or company owes, usually a sum of money."

Meriam Webster Dictionary:

"something for which one is liable especially : pecuniary obligation : DEBT —usually used in plural"

In other words Assets is something that goes in to your pocket and stays there, it doesn´t leave. A liability is something that is flowing out of your pocket.

What Is Your Answer, are your Investment in Wealthy Affiliate an Asset for You?

So with the two definitions in mind, I hope you consider your WA membership as an asset. An asset to hone into continued growth to solidify your business building into a self sustaining endevour.

To make this happen, it is very wise to read up on your financial knowledge and financial literacy, to understand the two mentioned terms. I am!

Put your revenue into your business and make it grow. Your asset in your business is of the digital kind and you have to make it outperform your liabilities.

In the beginning of your quest, joining WA and buying your domains will be a liability for you. But you are investing in assets by doing the training provided here at Wealthy Affiliate. By doing the training and putting it into action, you will see revenue, maybe not at once, but it will come as long as you follow the training and what is being taught to you.

When that revenue comes in, and cover your liabilities, then you are starting to gain some assets and wealth. Put the assets into building more assets, and do it again and again and your wealth will increase accordingly.

BUT, it will not happen overnight. It is a long term venture!👈

So, take care of your own business, not others. Work for yourself making your revenue work for you, not you working for your revenue.

I´m going to build my assets tonight, What about you?🤩

Roy
Never Stop Learning and Reach for the Skies