{"id":2304,"date":"2020-07-01T14:22:43","date_gmt":"2020-07-01T14:22:43","guid":{"rendered":"https:\/\/kobotalk.com\/?p=2304"},"modified":"2024-12-17T16:13:40","modified_gmt":"2024-12-17T16:13:40","slug":"assets-that-can-make-you-rich","status":"publish","type":"post","link":"https:\/\/kobotalk.com\/BLOG\/assets-that-can-make-you-rich\/","title":{"rendered":"These Are the Assets That Can Make You Rich: Invest in Them"},"content":{"rendered":"Reading Time: <\/span> 8<\/span> minutes<\/span><\/span>
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There are assets that can make you rich.\u00a0 And there are those that make you poorer.<\/span><\/p>\r\n

A fundamental difference between the rich and the poor is that rich people understand the concept of assets and liabilities; poor people don\u2019t.\u00a0 Thus, while the rich buy assets, the poor amass liabilities in the name of acquiring assets.\u00a0\u00a0<\/span><\/p>\r\n

Unfortunately, the majority of the population don\u2019t understand this.\u00a0 Any wonder why we have more poor people in the world.\u00a0 In fact, more than half of the world population live under $10 a day, according to some studies.<\/span><\/p>\r\n

If you don\u2019t want to be part of that statistics, buy assets rather than liabilities.\u00a0 Buy assets that can make you rich.<\/span><\/p>\r\n

What then are assets and what are liabilities<\/b>?\u00a0\u00a0<\/span><\/h2>\r\n

Simple:\u00a0 Anything that generates money for you is an asset and anything that takes away money from you is a liability.\u00a0\u00a0\u00a0<\/span><\/p>\r\n

Whether an item is an <\/span>asset or a liability<\/span><\/a> depends on how it correlates with the owner’s income generating capacity.\u00a0 If the item doesn’t generate any income,\u00a0 it’s a liability.\u00a0 <\/span><\/p>\r\n

Thus,\u00a0 to a farmer, a tractor is an asset because he uses the tractor to generate income.\u00a0 A laptop will be an asset to a blogger because it\u2019s essential to his work.\u00a0 To an Uber driver, the vehicle is an asset.\u00a0\u00a0<\/span><\/p>\r\n

But a man who acquires a vehicle just to drive around has just bought himself a liability. Unless your income directly depends on the car, buying one is a liability.<\/span><\/p>\r\n

The monetary outflow arising from the use of the car: fueling, repairs,\u00a0 maintenance and statutory expenses, takes your finances many steps back.\u00a0<\/span><\/p>\r\n

Then is owning a car for your pleasure bad?\u00a0 Or building a house to live in unnecessary because they take money out of your pocket?\u00a0<\/span><\/p>\r\n

Not necessarily\u2026.<\/b>\u00a0<\/span><\/h3>\r\n

So often people confuse these things and so mismanage their finances.\u00a0 There is no need buying an expensive mobile phone,\u00a0 for example, if all you do with it is watch YouTube videos or social media gossip.\u00a0<\/span><\/p>\r\n

Or buy a very expensive car just to drive, so people know you own a good car.\u00a0<\/span><\/p>\r\n

In his best selling book,\u00a0 Rich Dad,\u00a0 Poor Dad, Robert Kiyosaki explains vividly how a supposed asset can be a liability and encourages us to buy assets rather than liability.\u00a0<\/span><\/p>\r\n

Again,\u00a0 here’s the rule: Asset brings money to your pocket,\u00a0 liability takes money out of your pocket.\u00a0 Buying assets makes you rich,\u00a0 acquiring liability, makes you poor.\u00a0<\/span><\/p>\r\n

Here are the types of assets that rich people buy; the assets that can make you rich also<\/b><\/h4>\r\n

And they get even richer by buying these assets. You too can become rich by investing in these kinds of assets.<\/span><\/p>\r\n

#1. <\/span>Stocks<\/b><\/p>\r\n

Stocks have made people rich for years and they are not as complicated as the guys on Wall Street will want you to believe. Someone who bought just one unit of Apple stock in 1980 for $220 will be worth over $180,000 now.<\/span><\/p>\r\n

Stocks present an easy way for ordinary folks to own a fraction of a publicly traded company.\u00a0 If a company issues 100,000,000 units of its shares and you buy 1,000,000 units, you own 1% of the company.\u00a0 This means that whenever the company makes a profit, you are entitled to 1% of that profit.\u00a0 Similarly, if the company is making losses, bear 1% of the loss.<\/span><\/p>\r\n

Apart from earning part of the profit, called dividend another way stock investors make money is through capital appreciation. Capital appreciation is the increase in the prices of stocks over time<\/span><\/p>\r\n

Stocks are a breakthrough in financial instruments that allows the average person to own part of a very large organization without being directly involved in the day to day running of the business.<\/span><\/p>\r\n

Buying stocks and getting invested in the big companies you admire is now easy.<\/span><\/a>\u00a0 If you want to get invested in stocks, talk to a stock broker now or check out any of the many investment apps that allow you to buy and sell stocks using your mobile phones.<\/span><\/p>\r\n

#2.\u00a0 <\/span>Mutual and Index Funds<\/b><\/p>\r\n

Mutual funds bring many companies together into one basket so that by just buying a unit of the fund, you become part owner of all the companies in the basket. This is unlike stocks which allows you to invest in companies one by one.<\/span><\/p>\r\n

Why are mutual funds better?<\/span><\/p>\r\n

Basically you are more diversified.\u00a0 It is also a safer investment because the responsibility of <\/span>selecting stocks to buy<\/span><\/a> rests with the fund manager.\u00a0 And statistically, mutual and index funds are the best performing asset classes in terms of returns.<\/span><\/p>\r\n

If you want to be buying stocks one at a time, you are more likely to make mistakes because you lack the knowledge and access the expert traders have.\u00a0 You don\u2019t have the information and strength to compete with the big boys on Wall Street; that\u2019s where mutual funds and index funds come in.<\/span><\/p>\r\n

By the way index funds are a type of mutual funds that track the component of a stock market index such as the S&P 500.<\/span><\/p>\r\n

These funds may bring together the top 500 companies and when one company in the basket becomes less attractive it is replaced with a more promising one.<\/span><\/p>\r\n

Mutual and index funds should be in the portfolio of everyone who wants to build enduring wealth over time.<\/span><\/p>\r\n

#3. <\/span>Bonds<\/b><\/p>\r\n

When the government and businesses need cash, they can issue bonds which are sold to interested investors.\u00a0<\/span><\/p>\r\n

Through these bonds the investor lends money to the government or business who now promises to pay to the investor a certain amount of money periodically. Generally, bonds have expiry dates on them which may range from one year to 30 years.\u00a0<\/span><\/p>\r\n

Bonds are risk-free investment.\u00a0 They are very safe because they are backed by the government.\u00a0 But as you probably know, investments that have little or no risk yields very low returns.\u00a0\u00a0<\/span><\/p>\r\n

Thus, bond yields are usually low though they can still be better than what your bank gives on a regular savings or fixed deposit account.\u00a0 But it may not be high enough to get a beginner investor excited.<\/span><\/p>\r\n

When the bond gets to its maturity, the issuer pays the investor the principal amount invested.\u00a0 The major ways people buy bonds are through the Government’s Treasury Department (in Nigeria, it is the Debt Management Office) and through approved brokerage firms.<\/span><\/p>\r\n

#4<\/span> Rental Property<\/b><\/p>\r\n

In real estate, there are different kinds of properties.\u00a0 These are residential, office and commercial buildings as well as land which can either be developed or left to appreciate in value.<\/span><\/p>\r\n

Real estate is big.\u00a0 And I will add further, rental property is bigger.\u00a0 This is because as we identified earlier, the house in which we live is more of a liability but the property that gives you constant flow of income is asset.<\/span><\/p>\r\n

Rental properties form a greater portion of the portfolio of every wealthy man\u00a0 you see.\u00a0 Why?\u00a0 Two reasons:\u00a0 One is rent and two, is value appreciation.<\/span><\/p>\r\n

Rental real estate is the best investment any one can possibly make because money keeps coming in for you every month with minimal amount of work. Property values also keep going up.\u00a0 As the population and need for housing increase, the value of property increases.\u00a0\u00a0<\/span><\/p>\r\n

Related: <\/span>10 Reasons Real Estate is the Best Investment<\/span><\/a><\/p>\r\n

#5\u00a0 <\/span>Intellectual Property<\/b><\/p>\r\n

Intellectual property is a general term that covers any product of the human mind (intellect) that is protected by law from illegal or unauthorized use.<\/span><\/p>\r\n

Intellectual property is difficult to acquire but once don is capable of making the owner a billionaire over time. It includes inventions, literary and artistic works.<\/span><\/p>\r\n

There are four ways of protecting intellectual property and that\u2019s where the money is.\u00a0 These are patents, copyrights, trademarks and trade secrets.<\/span><\/p>\r\n

Patents, copyrights, trademarks and trade secrets are awesome. When you invent something (machine, process or system that makes life easier), write a book or produce a good piece of work of art or create a brand; you can protect your invention, book, song, image or brand by getting a patent, copyright or trademark as the case may be.<\/span><\/p>\r\n

Simply these are documents that certifies you as the inventor, writer, designer or owner and describes what the work is all about.\u00a0 With this protection, individuals and companies have to pay you to use the work.\u00a0 If they don\u2019t, you sue them.<\/span><\/p>\r\n

Patents are powerful.\u00a0 A single parent can make you a billionaire. Ditto for copyrights and trademarks.\u00a0 With copyrights, you earn royalty from the production and sale of your intellectual work for life.\u00a0 And if you have just one good intellectual property, you would have succeeded in creating enduring wealth for yourself and your unborn generation.<\/span><\/p>\r\n

#6\u00a0 <\/span>Cash<\/b><\/p>\r\n

Cash in a bank fixed deposit is a good asset if you are disciplined enough not to treat it as cash in your hand.\u00a0 It\u2019s pretty straight forward, it earns you interest though it may not be much.\u00a0 In fact the interest banks pay on deposits these days hardly keep up with inflation.<\/span><\/p>\r\n

But cash has its uses.\u00a0\u00a0<\/span><\/p>\r\n

You ask why?<\/span><\/p>\r\n

Have you ever been approached to buy something so useful at a give away price and you are not able to buy it because you don\u2019t have cash?\u00a0\u00a0<\/span><\/p>\r\n

That\u2019s why cash is important<\/span><\/p>\r\n

And that\u2019s why wealthy people keep some proportion of their wealth in cash. They are able to take advantage of emerging opportunities that may present themselves unexpectedly:\u00a0 Quick real estate deals, fantastic lending to somebody or company that needs immediate liquidity.\u00a0 In fact smart people are using peer to peer lending platforms these days to turn around their cash quickly.<\/span><\/p>\r\n

They are also able to meet emergency needs.<\/span><\/p>\r\n

#7.\u00a0 <\/span>Gold<\/b><\/p>\r\n

Gold as a commodity is as old as mankind.\u00a0 It has been a very valuable commodity and instrument of wealth creation.\u00a0 At a time it was used as money.<\/span><\/p>\r\n

It\u2019s one of the safest investments aside from government bonds.\u00a0 And like real estate its value never goes down.\u00a0 As a matter of fact, the value of gold goes in the opposite direction of recession.\u00a0 In other words, when there is an economic downturn, prices of gold go up or recover very quickly.<\/span><\/p>\r\n

In this other article, I highlight<\/span> 6 reasons you should invest in Gold<\/span><\/a>.\u00a0 If\u00a0 you are that type of person who would rather see and feel your asset, Gold is it.\u00a0 The other is property.<\/span><\/p>\r\n

How do you invest in Gold?<\/span><\/p>\r\n

You can buy a physical gold bar, store it and sell at a later day.\u00a0 You can also buy gold plated jewelry and store it.\u00a0 Values of such jewelries go up because they have gold components.\u00a0 Invest in the shares of gold mining companies or buy gold ETF.<\/span><\/p>\r\n

#8\u00a0 <\/span>Business<\/b><\/p>\r\n

It\u2019s often said that working on a job will not make you rich but having your own business will.\u00a0 I think this is true because when you study the lives of billionaires, you find that every one of them created his wealth in businesses.<\/span><\/p>\r\n

It could be a business or couple of businesses they started by themselves or businesses they are part of.\u00a0 In some other cases, it\u2019s someone else’s business that they invested in.<\/span><\/p>\r\n

Building your own business is certainly a sure way of making money.\u00a0 However, building a business is not easy and at the beginning it requires your total concentration and involvement.\u00a0 Some studies have shown that up to 80% of new businesses fail within their first five years.<\/span><\/p>\r\n

But it is something worthwhile because if you succeed at it, you can become rich.\u00a0 And as you make progress you could begin to systemize the business so that it becomes passive and earns you tons of passive income.<\/span><\/p>\r\n

Want to start your own business?\u00a0 Sure you should.\u00a0 Here are 12 effective steps you should take to start a successful business<\/a> that makes you money<\/span><\/p>\r\n

#9.\u00a0 <\/span>Digital Products<\/b><\/p>\r\n

Digital products are becoming high income earning assets.\u00a0 And what more, it is a highly passive way of making money.\u00a0 You only need to create the product once, and keep selling and making money year in, year out.<\/span><\/p>\r\n

Another name for it is Information Products and before the internet became so pervasive, many people have used information product business to make so much money.<\/span><\/p>\r\n

As long as people continue to consume information, digital products or information products will continue to be profitable.<\/span><\/p>\r\n

It comes in different forms: ebooks, reports, courses, plugins, etc.<\/span><\/p>\r\n

Final Words<\/span><\/p>\r\n

What kind of assets are you buying?\u00a0 If you were making expenses before like the average poor person, or buying liabilities like the average middle class, you now know the reasons you are where you are.<\/span><\/p>\r\n

Start spending like the rich people.\u00a0 Invest in assets, cut down on liabilities and see how you grow your wealth over time.<\/span><\/p>\r\n

The best time to start was yesterday, the next best time is now.<\/span><\/p>\r\n

 <\/p>\r\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 8<\/span> minutes<\/span><\/span>There are assets that can make you rich.\u00a0 And there are those that make you poorer. 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