7 Assets That Will Make You Rich

Everyone of us want to become rich and wealthy and live a life of financial freedom. After spending a lot of time searching ways for becoming rich. Finally I arrived at “RICH DAD POOR DAD” which is one of the greatest personal finance books of all time. I found 7 Assets that helped me a lot towards my investing journey. Here’s what I found, hope it will be beneficial for you.

What are Assets and Liabilities?

In simple words, we can say that something which adds money to your pocket are called assets (means positive cashflow). Something that takes money out of our pocket are Liabilities (negative cashflow). In order to become rich we need to know the between Assets and Liabilities and acquire assets.

Here are the 7 assets that will make your rich :

1. Income generating Businesses

It includes businesses that do not require your presence . You own them, but they’re managed or run by other people. If you work there it’s becomes your job. For example – online marketplaces, showrooms, etc.

Also read : https://onionreads.com/the-importance-of-financial-education/

2. Stocks

Stocks are a method of owning a part in corporation and income is generated in the form of dividends paid by the companies to their shareholder. Along with that stocks generate income in form of value increase of shares as capital gains.

3. Bonds

In simple terms, a bond is loan from an investor to a borrower such as a company or government. They offer fixed interest rates in the range of 8% to 12%-15% depending on the nature of risk involved.

4. Income generating Real Estate

Real estate are known as one of the biggest secrets of rich because of their cashflow. They includes buildings, housing property, lands ,etc. They also offers tax advantages and easy loan availability and creation of stable value assets in long term, If planned properly.

Also read : https://onionreads.com/why-rich-are-getting-richer/

5. Notes (IOUs)

A promissory note is a written promise from one person or business to pay another. Also known as IOUs (I own you) and loan agreement and ensures that agreement is legally enforceable.

6. Royalties

Royalties from intellectual property such as music, scripts, and patents. They can help you to generate flow of income to your pocket once your acquire them.

Also read : https://onionreads.com/better-living-through-morita-therapy/

7. Valuable things

Anything that has value, produces income or appreciates, and has a ready market such as Gold, Silver, Copper etc. Gold and Silver are called as Gods money because no one fake it. While counterfeit paper currency has no value behind it and continue to lose value as inflation.

Wrapping Up

We need to acquire assets if we want to become rich. The true assets that will make you rich are Businesses, Stocks, Bonds, Notes (IOUs), Real Estate, Royalties, Valuable things. They can help you to make money work for you and make money while you sleep. START TAKING BABY STEPS FROM TODAY.

Also read : https://onionreads.com/why-multitasking-fails-to-improve-productivity/

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