eli5 what’s the difference between an asset and a liability ?

Question

Couldn’t get it while reading Rich dad Poor dad book

In: 1

Answer 1

In the book, Robert Kiyosaki redefines asset and liability differently than the definitions used by banks. He says “An asset puts money in my pocket. A liability takes money out of my pocket.” The classic definitions are more like: assets are what a business owns, liabilities are what a business owes.