Here are 7 assets to own that will only make you filthy rich. Most of these methods to mint money are assets you can start building up right now.
Wealth management is an art. One of the biggest reasons why a hefty number of people remain broke despite earning a lucrative figure is the lack of a money mindset. You can either purchase Armani and Prada from your next paycheck or invest the same money into the stock market or mutual funds to multiply the number. Another way of doing it right is by owning assets that make you rich in the long and short run.
However, this article does not tell you about the complicated investment plans that you can put your money into. In fact, the most convenient path to making money most of the time lies in your home. If not, it is still not that difficult.
Asset is no complicated term.
It is anything of monetary value that you hold without any obligation. However, the meaning of asset is also highly misconstrued. The car and house you own are not assets. They require maintenance and monetary outlay to stay functional like fuel expenditure, electricity and water bill, cleaning expenses, parking charges, renovation expenses, etc. However, if you put the same car or house on rent, the rental income that you earn makes them a real asset. There are a plethora of more such assets that you can leverage to make real money for yourself.
Remember, money is a mindset.
DKODING 7 Assets That Will Make You Rich
Number one on the list is the most basic but the most significant asset that you should always be in possession of. Cash reserves in your bank account might earn a very small interest from the banks but having it at your disposal whenever you need it, is inevitable. Moreover, having a good cash balance is also the first step towards making money through assets.
Watch: How to Prioritize and Organize your Cash Reserves
A good cash reserve can always help you catch the opportunity that life throws your way. Nothing is more disappointing than missing out on an unbelievable deal on a property or business investment because of a lack of cash. Further, you are always on the brighter side of the negotiation with a handsome cash flow at your disposal. There is always a scope of a higher return from cash transactions than credit.
Equipment You Own
Anything that will help you generate an income is an asset and you shouldn’t think twice before buying it. Your car is an asset if you give it for rental drives. So is your laptop if you are a professional writer or working remotely.
However, a good number of people will not think twice before spending thousands on shopping for a birthday party but hesitate from buying a device or an equipment that might be expensive but a source of income. This is where self-control comes in the picture. Like we said earlier, money is a mindset and there is nothing more important than distinguishing where to spend and where not to.
You can either make a momentary impression on people’s mind or a legacy that lives on.
This one goes without saying. Rental income on property and housing is the best hustle without much grinding, an asset that stands on its promise to make you rich. There are two reasons why real estate wins our competition for the best money-generating assets- first, the rental income and second, the appreciation.
With time, your real estate property will only experience a spike in its value while yielding lucrative income from rent throughout.
Watch: How to Start an Airbnb Business?
Your Talent and Intellect
It might not be a tangible asset but most of the time, it is the intangible asset that will make you rich by providing you the resources you need. Think about your forte or expertise. A talent you might possess or subject you are exceptionally good at.
Making money out of your expertise is extremely convenient and successful, thanks to the digital revolution.
Write an eBook and list it on Amazon. If you can find a publisher who can endorse the physical issues of the book, way to go. Create a course on the subject of your expertise. Digital marketing, content creation, crash course to Indian economy, skills for effective communication or anything that you think people are willing to learn. Then list them on LinkedIn, Coursera or other similar platforms.
This is one of the best ways to generate passive income for a long time. The key player to determine the success of the move is the marketing of your eBook or course. Take social media platforms and advertisements (YouTube, Facebook, Instagram) to your advantage. Spread the word and create a necessity to grab the information you are delivering.
Then sit back and watch the money flow in.
This is like the variation of the last asset, your talent, and intellect. And this is especially for the people who are broke despite having a brilliant mind. If you can invent something new that can be a great utility to the world, invent it without delay. Realize your idea and make something of utility, even if it is small. Then get a patent for the same. When you are certified as the inventor of your innovation, the big companies will pay you if they want to use your innovation. In many cases, these patents can turn out to be groundbreaking and make you filthy rich if your innovation catches the eye of giant sharks.
Just invent, file a patent, describe your innovation in detail and sit back.
As for trademarks, things only get more interesting. You can trademark a slogan, symbol, logo, icon, name, design, or anything that you produce and want to keep under your approval for use. Every time you trademark something that someone else might find useful for commercial purposes, they have to write a paycheck to you to use it. This asset is the outcome of intellectual property rights and goes a long way in making people rich.
Watch: How to escape the Rat Race and become filthy rich?
When Paris Hilton trademarked her catchphrase ‘that’s hot!’ and Hallmark used it in 2007, the hotel heiress sued the company and won the lawsuit. She sought $500,000 in actual damages and proved what a smart move it is to trademark your intellectual property, even if it sounds bizarre to the world.
Commodities in stock
Oil, gold, cryptocurrency, foreign currency, art, luxury cars (that evolve into vintage cars in the future), or any other commodity of value, store it and forget it. It is natural to have an urge to realize the value of such valuable commodities by encashing them immediately. However, a smart money mindset will enable you to store such possessions for years and sell them in the distant future when their value shoots up drastically.
Watch: An Introduction to the Commodity Markets
The value of such commodities only increases with time and the best example to prove the same is the value of gold. In the past fifteen years, there has been a spike in the prices of gold by 278%. Imagine the rate of return if you were holding the commodity for over a decade or two.
If you are rich and plan to multiply your wealth, the best asset that you should own right away – invest in art.
You might have heard of the rich people spending jaw-dropping amounts of money on paintings and sculptures. This is because art has displayed an outstanding upward trend on S&P 500 for over a decade now.