In this world of struggle, money exchange and inflation, all of us want to make money to have a better future for us and our loved ones.
Rich dad poor dad written by Robert Kiyosaki is a great book written on how we can make money and what are the differences in approach of an employee and a business owner. There’s a thin line between rich and poor. In this book, he explains the concept of cash flow quadrants. With the left side needing security to make money while the right side wants freedom to make money.
Here are 8 assets that can make you rich and you don’t have to work for someone.
1. A business
At some point, all of us get awestruck by the great and successful entrepreneurs in our life. We wonder how they manage to make millions of dollars in a single life. Creating a profitable business needs every sweat of your blood. We have to break our mental block and think of business ideas and successfully scale them into multinational cooperation. The difference between an employee and business owner is the same as passive and active income. While employees work for other people, business owners and entrepreneurs get their work done by others. Business owners make assets for their life and their next generations. While employees work from paycheck to paycheck.
2. Real estate
You can own real estate while working for other people too. Starting a business is a great risk and if you’re not willing to take a risk and want to have security with your asset. Then, you can invest in real estate while working for 9-5. OPM can work here. Robert Kiyosaki explains OPM as other people’s money. You can take out a loan to invest in real estate. it’ll be the second source of money. You don’t have to make money; your assets will make money for you. It’ll give you a secure future and you can pass the asset to the next generations. Robert Kiyosaki encourages young people to borrow money to buy rental real estate.
3. People Asset
All of us start from different financial conditions and can’t have our own assets at the very start. You can invest in people’s assets like stocks, bonds, mutual funds or G-secs. Each has its own risk. You can choose based on your risk-taking capacities. Even a little investment in these can lead to a better future of yours and your family.
4. Commodities
Paper money is a man-made concept. That’s why the dollar keeps increasing or decreasing its value. The dollar is the exchange currency because the United States is the super power right now. If someday, some other country takes it over, then their currency will be used. So, invest in God’s money. God’s money is commodities like gold, silver, oil or whole grains. You can even invest in meat like owning a poultry farm. At the end of the day, we need food to survive, we need fuel to transport and commute and we need precious metals to store wealth. They are also a great protection against inflation.
5. Time
Time is money. All of us have heard of this phrase. And it’s true. Start making money and thinking of business ideas at a young age. Start making use of your time because it’s never going to come back. Even if you’re working 9-5, you have given that job, the five working days. On the weekends, you can either watch movies or spend time learning a skill. Choice is yours. Start a side hustle. You can learn skills to have a promotion in your job or you can follow your passion.
6. Health
Health is wealth and it’s true. Being physically fit can help you achieve your goals. We often eat junk foods, or drink alcohol thinking that we need that refreshment and gift after working for so many hours and then get back to work the next day, which is in fact a wrong concept. What happens is, we are losing our body and mind. If we work on our body and health, we can make better money and we can live a healthy long life.
7. Online Assets
All of us have learned something from YouTube or any social media network. If you have any talent, then make a YouTube channel. Some cook very well, some love to make others laugh or some are good at computer skills. It takes nothing to make a YouTube channel. You can even earn from other online platforms like online channels, websites, blogs or social media accounts. You can make a business out of them someday.
8. Your network
A happy client is a referring client. If you have some small business, then market it. Success will not come to you; you have to do something to get people know that you’re behind all that good work. People and clients will earn you new customers and audiences. So, learn networking and do marketing for your business.
