One of the things I have learned about what makes people successful is that they use the following question a lot: “Is this an asset or a liability?” An asset is something that benefits you and contributes to your success. A liability is something that takes away from your success or simply does not contribute anything to your growth.
For example, if I’m an entrepreneur and I purchase a big-screen TV to watch general television programming only, then this would be a liability because the time I spend watching TV takes away from building my own business! In turn, this costs me money as well because without building my business, then I can’t make back the money I used to purchase the TV.
On the other hand, if I purchased the TV to use for presenting business presentations or for watching webinars on topics useful to business growth, then it is an asset. The TV can actually make me money and/or enhance my business. Plus, it may be a potential tax deduction!
When you learn to question everything including the time you spend doing regular things, you quickly start to learn to make asset building choices more often. “Is this an asset or is this a liability,” is a simple question that you can use to change your business and your life!