An asset is something you buy as an investment because it has the potential to become more valuable in time by being sold for a higher price, or because it produces a regular income or it can even be both. An asset puts money in your pocket.
On the other hand, a liability is something that drains money from your pockets. Most things we buy each day are liabilities, but the goal of investing is to buy assets instead. Liability can also refer to a debt or a promise to pay money for something in the future.
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