We all know that in the layman language, a liability means anything (it might be a facility, a person, a device.. and so on) that a man processes with little or no gain, they add no value to their owner . Such things are wasters of time and money.
A liability depreciates with time.
On the other hand an asset can equally be described as anything(it might be a facility, a person, a device... And so on) that a man processes which is of gain to him. Some assets adds up value each and every single day while some adds up value over a long period of time. An asset appreciates with time. After buying an asset and using it to yourself satisfaction you can still sell it at the same price you bought it or even at a higher price.
What makes a liability a liability? and what makes an asset an asset?
Most times to determine if a property is going to be an asset or a liability, it depends on the person who processes it and how he uses it. You will agree with me that a car can be a liability also it can be an asset. same as a television set, a smartphone and anything you can think of depending on how they are been used.
Having a television set(s) for a viewing centre is an asset because you get paid by people who come around to view football matches, news, might even be to watch music videos and the likes of it. On the other hand a television set is a liability if installed in the sitting room and all you do is to seat in from all day.
A car can be used as a source of transportation, by this it is an asset, and on the other hand can be a huge liability.
At this junction I would talk about how my phone became an asset from being a liability
My phone as always been a liability from the start as I have spent a lot on repairs and recharges since the time I had my first phone.
I was found of being on social media where I earned nothing for my time and the data I spent. Not only that I earned nothing, I learnt nothing significant as well. I have spent a lot of time watching comedy, reading jokes, viewing all sort of people's status yet I had nothing to show for it.
I got introduced to crypto last month, although when I joined Hive I had little knowledge, but now I began to see a lot of errors in my past life. I would say Hive, expecially leofinance is not only a platform to earn tokens but it's also a place where one can get enlightenment about some things that are not meant to be. It's one month since I joined Hive and I can say that over this last month, I have corrected a lot in my life.
Back to my phone being an asset. At this moment, the way I view my phone is different, I no longer wast my precious time on social media, I only use WhatsApp when I want to pass important messages across. Since I joined Hive I can say every second used here as been resourceful. I now learn and earn for every single action.
Now that I'm exposed to crypto, I have made a promise to my phone and any phone that I'll use after that they will work to repay me hundreds of thousands folds of what I have spent on phone since day one.
I would like you to think of the things in your surroundings that you own and ask your self, is this thing really serving the right purpose, have I made them assets or liabilities?.
Thanks for reading
Posted Using LeoFinance Beta