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Have good financial literacy.
An asset is something which can generate income, whereas a liability is anything that has costs. Your house is a liability as it may have cash value, but it doesn't bring you any money unless you rent it You can become rich by accumulating assets that can generate value example, a blog, local online shop etc..
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The Rich Don't work for Money.
Rich people work to learn things and those things they learn can easily be applied to make money in the future, over and over again. It is better when you actually learn things in practice Being rich dor not Being rich has very little connection to material possession
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Mind your own Business.
An individual should be spending their spare time investing as much as they can from their wages in assets, not spending them.
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Work to learn.
When you actually have a 9-5 job, it is better for you to try and learn as much as you can, not just for the wages that you receive at the end of the month. It's not about money especially if you are young, as the skills you might get are more important than the actual money.
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The Rich invent Money.
Create your own intellectual property and try to monetize it. Sell your intellectual property with the power of the internet by selling crafts you can make, sell websites, songs, paintings on Ebay, Amazon etc.
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18 | A start-up guy, Content creator, soloprenuer and a podcaster. Building Blast, Snakcards and more. Stashing about entrepreneurship, self-help, spirituality and the most interesting stuff I read.
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Asset investing
It is anything that will increase your wealth without personal labor.
- Businesses. This is a broad asset class. You can buy dividend-stocks on the market, and then the companies will pay you a share of the profit. You can start your own business. You can buy into othe...
When To Take On Debt
Debt is a liability unless you use it to finance income-generating assets. Don't take on debt for anything that does not increase in value over time.
Suitable forms of debt include buying real estate as a rental property, investing in your business, or a student loan.
Ways To Make More Money
It is too risky to rely on one source of income. Try to generate income without trading your time for money.
Ways to generate extra income:
- Start a web-shop - Sell something you use yourself.
- Write and publish a "how-to" book
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