“Your assets are your employees. Invest more on those performing well. Let the non-performers go.” – Unknown
Wouldn’t it be great if you could buy money, or even entertain the idea that your money is working for you while you are sleeping? Well, I have some great news for you! Your money really can work for you while you sleep or play. Here’s how- spend your money on items that will produce more money. The question is- What can you buy to make your money grow or produce income? Assets!
According to Scott Trench, author of Set For Life, he defines an asset as “something that produces income or appreciates in value.” To keep it simple, an asset is anything that can legally put money into your pockets with little or no physical labor.
Investors like Warren Buffett and Robert Kiyosaki have spent their entire lives studying and purchasing assets to help expand their wealth.
Have you ever thought about retiring early or quitting your day job to pursue your dream job? Millions of Americans have these same thoughts every day! However, most people will not get to retire early or pursue their dream job because most, if not all, of their money, is tied up in liabilities.
Liability
What is a liability? A liability can be simply described as anything that takes money out of your pocket each month. A few examples of liabilities are car payments, cable subscriptions, credit card balances, or unused gym memberships. Liabilities will delay your path to financial freedom. Avoid as many liabilities at all costs.
Most “rich” people focus on accumulating assets. Just in case you are not familiar with the different types of assets, here are some examples listed below.
ASSETS
- Real Estate
- Stocks
- Bonds
- Retirement Accounts
- Land
- Life Insurance Policy
- Create an Income Generating Business
- Valuable Collections
- Cryptocurrencies
Obtaining financial freedom can be achieved through focus and self-discipline. Be aware of what you purchase. Will your next purchase benefit you long term or just temporarily? Make sacrifices now so that you will thank yourself later!
Action
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