Difference Between an Asset and a Liability

According to Robert Kiyosaki "You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is Rule No. 1. It is the only rule. This may sound absurdly simple, but most people have no idea how profound this rule is. Most people struggle financially because they do not know the difference between an asset and a liability.
'Rich people acquire assets. The poor and middle class acquire liabilities, but they think they are assets.'" What does he mean by this? Well, if you read Rich Dad, Poor Dad further, he explains "An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket."
However, people still struggle with that definition so I will just have to give you an example that just might rock your world: YOUR HOME IS A LIABILITY. Yes, that's right, if you own a home, it is NOT an asset! Why isn't it an asset-I put so much money into it!! And that is why it is a liability- because you put so much money into your home and never really get any money out of it. I bet that if you drew up a balance sheet and wrote down all of the money you put into your home- starting with the purchase price in one column and list all of the expenses including taxes, maintenance, utilities, repairs, etc. VS "income" from the tax man- you would probably wind up in the negative. (Unless of course, you own an apartment complex, then you may wind up making out even or possibly making some money.)
On the other hand though, your greatest asset- which can be acquired for FREE by the way, is EDUCATION. And no, it doesn't have to be a "formal" one in which you pay heaps of cash for someone to indoctrinate you into their political beliefs. An education can be acquired all on your own through experience. Go and read a book and learn something- it may just make you some money in the long run.
I suggest you start with Robert Kiyosaki's "Rich Dad, Poor Dad". Your path to financial freedom begins there.