Liabilities and assets
Here's the bottom line; liabilities destroy, assets produce. Liabilities benefit someone or something else. Assets benefit you. Liabilities and assets may be physical, conceptual or temporal.
Credit card debt is a physical/tangible example of a liability. If you owe credit card debt, the debt is a liability. However if someone is paying you at interest for the credit card debt that other persons debt is your asset. That person is essentially your slave.
A conceptual liability may be a lack of self-confidence in competing for a job opportunity. However, if you are a self-confident competitor, the person's lack of self-confidence serves as your asset.
A temporal example of liability is not using time wisely. Those who fail to prepare for changing seasons open themselves up to calamity. Example; those who fail to save money throughout the course of their life for retirement will find themselves barely able to survive when they are unable to work due to ill health or age. Time is therefore a made liability. Those who save and invest money during the working years may be able to retire and live life on their own terms and no longer have to work. In this example, time was made an asset. This is because money invested overtime typically accrues interest.
Life is about managing liabilities and assets. Failure to do so can often lead to poverty. This is because the liabilities you create are someone else's assets.