Assets simply put can be anything that puts money into your pocket or bank account. Commonly held assets are income-generating Real Estate, Preferred, or common stocks that generate a dividend. Or the stock has appreciated and is sold for a profit. Assets are also businesses, side gigs, or even a job. The best type of income-generating assets is passive ones. These assets require little to no attention in order for the owner or possessee to receive compensation.
Most people are taught to go to school maybe receive a high school diploma or a Bachelors's degree to get a job. Which is a great idea and a beneficial way to spend your time; its what I did. The only downside I see to the college road is that tuition continually rises, therefore the amount of debt accumulated will be attached. I am grateful for my Liberal Arts education. I didn't receive total Freedom until I started working for myself as a self-employed business owner. Instead, of having just one job or role, which most people derive all their income from I now have dozens of customers that I and my team service periodically. Since we have such a diverse customer base, and a service that can be malleated to reach more customers we are protected against downturns in the economy,
and our growth potential lies within us. My goal is to have enough assets that my expenses or better known as bills will be covered by the goods or services I have started and maintained.
Time is the biggest and most important element when a person is looking to grow personally and allow themselves to become a wealthy person. When you're employed by a corporation or a job they control your time, they control what you know and they leave you exhausted to hardly take care of yourself. You will also be taxed the most so a big portion of your cash isn't yours. There are perks to being employed, one you can learn how a major corporation is run and they often will train you to maintain their competitiveness in the market place. If you're working a job making the best of it, but never forget to plant seeds for YOURSELF! That way you can have finances in your control, which will correlate to your freedom and your children's freedom.
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