What is an asset?
The easiest definition of an asset would be anything that makes you money.
What is a liability?
Again the most basic definition would be anything that costs you money. Using this definition a few common assets become liabilities. The best example is home ownership. The majority of homeowners view their home as an asset and many even consider it a resource towards retirement. This is wrong. A home costs you money months by months from the mortgage & taxes, to upkeep and insurance a home is one giant liability. This case is best illustrated by what happened during the 2008 crash where thousands of homeowners were no longer able to pay their bills and were foreclosed upon. Another good liability that banks and the masses would consider an asset is car ownership again the car has value, usually depreciating value, and also a pile of expenses. A car then like a home using this definition is not an asset. Unless of course they are making you money after expenses.
So remember if times are tough; An asset feeds you. A liability will eat you.
What do the rich do differently?
The poor and middle class buy liabilities. The rich by contrast buy assets and then they buy more assets. That is the main difference between the rich and middle class is simply what they spend their money on. Lets look at this a little more closely.
A rich person buys a assets then they spend the profit from that asset. So they are left with the asset in the future which will keep making more money. A poor or middle class person works just as hard if not harder but they then go and spend their money on rent, food, clothes, everything but assets, so at the end of the day they have to go and earn more money. They follow the age old advice that simply working harder will solve all their problems the next raise or next promotion and poof problems solved and life on easy street. A raise or promotion will not help the middle class become rich the masses are not taught this simple rule of life. Buy assets not liabilities.
So at the end of the day instead of spending all of their money the rich save their money and spend their profits. Again the poor spend their money the rich save it. Thats it.