6 min read · Jul 19, 2022
At some point or other, we all want money. It is a necessity of world life, I admit it. you should not be a slave to money but you must understand the importance of money.
Many people ask, how to make money? how to get rich? So, in this article, I will share with you 5 assets that can help you get rich but first understand the definition of an asset because you must know it and people make the biggest mistake about this only.
People are not rich only because they have things or because they can buy things. True wealth is defined by the asset you own. you are truly rich when you have something called an asset. Something that works for you, makes money for you, something that appreciates your money. It is working for you even when you are sleeping because that is when you are you are not renting your time you are not working on rent just like a job you do and get paid every month but you get a salary for the time you give in a month. If you give more time you may earn more salary but it’s not possible that in the same month you can earn three times, four times or five-time salary. No, it’s dependent on your time and that is called renting your time
1. Owning Your Business — Your own business, if it is successful, will make you money when you are sleeping. Even if you stop working, then your team, your factory, your products, and your marketing will make money for you. If you look at the richest people in the world, then on that list, by far are the people who started their businesses. The richest people in the world, Jeff Bezos, Elon Musk, and Mark Zuckerberg of them started their businesses.
The richest people of India, Mukesh Ambani, Azim Premji, and Adani all started their businesses. It doesn’t mean that you will earn if you start a business, no, i have said many times that business is a very risky proposition, which means that if it works then it is amazing but if it doesn’t work then you can lose a lot.
So yes it is a good asset and making it work is your responsibility
2. Owning Business Through Stocks — Now everyone cannot start their own business but this is definite that owning a business creates an asset because the business runs 24*7 So, it’s making money even when you are not putting in your time.
So, if you cant start your own business then you can at least own a business and the best way to own a business is through stocks when you buy a share or stocks of a company in the stock market then basically you are becoming a part of that business you say that I believe in this business so when it grows its stock price will also grow and then I will become rich, my wealth will be created but the most important thing that is a ‘long term investor’. Only day trading or short-term trading or reacting on tips like buy this or sell this not that is not wealth that is gambling. Wealth is created when you take long-term bets.
One of the richest people in the world, Warren Buffet, if you read or see his life story, you will see that he made all his property, his wealth by investing and all of them are successful and rich investors and what they have always done is a bet on really long term companies for a long term perspective.
So, if you want to create wealth in the stock market then have a long-term view at least for 3–5–10 years, ideally 15–20 years and then bet on really strong players, market leaders in the category because you know that as the market grows country will grow, the world economy grows the players who are at number 1,2 or 3 in the industry they will also grow and they will be making money for me while I am on no duty.
3. Buying Commodities — If you cant start a business or you can’t own a business though you should, then you can own something which the world wants and that is commodities. gold, silver, mostly gold silver to there are other commodities but we won’t go there.
When you own these assets they also increase in value and they make you wealthy but the big mistake in this is when an individual mind understands gold investing it instantly thinks of jewelry. No, jewelry is not the right investment. if you want to invest in gold and silver then invest digitally by buying gold bonds or ETFs.
A digital bond is the best way for you to invest in gold or silver or any commodities
4. Real Estate — If think real estate is an investment purpose then it could make sense. buy a cheap house that you can afford which you won’t have to take a lot of loans for, ideally, you should not take any loan buy an apartment or small house worth 10–15 lakhs because that then gives you the freedom of not having to pay interest whatever rental income it garners you 5–10–15 thousand rupees maximum a house worth 10–15 lakhs will never get more than that will help you either reduce the EMI or generate additional income and then the value of that house over a long term will appreciate so you will have something which is an asset which will make money for you even when you are not on duty and that is a brilliant asset to have.
5- Create Intellectual Property — Something that you will have to make only once but it will make money for life.
A great example of that is content. If I am writing this article in 2021 then this article keeps getting views in 2022.2023 or lifetime and based on that there will be a brand that will be built and if ads will be running on these it will give me lifetime money or I would write a book or a song or produce content that might be purchased around the world.
If you did it once will keep earning royalty or revenue from it for life and these are brilliant assets.
Suppose you are a graphic designer and have made a lot of good graphic designs and put them on the net and sell them may be in the first month no one buys or it takes a year but if it is inevitable that someone would buy it in the next 5 to 10 years and if you release a lot of such design in the market. 100–200–300 as many as you can make at some point in time will start generating income for you that you had no idea of when you started and that is true wealth.
These 5 ways are the surest way for you to think about getting. If you look at any rich person you will find that they use their maximum time and money in one of these things if not all 5 things because they know that their money will grow only when it is invested in an asset a thing that makes money not waste it.
