Assets and Liability

Assets are the items with economic value that are owned by an individual or entity, with the expectation that these will generate future benefit.Asset may be tangible physical items or intangible items with no physical form. Liabilities are obligation that binds an individual or entity to transfer economic benefits including money, goods or services to another individual or entity over time.Assets provide a future economic benefit, while liabilities present a future obligation.

 I have come across the a video on youtube where Robert Kiosaki is explaining about Assets and Liabilities. Please see the video and start shaping up your financial life.