10 Assets That Make You Rich – Have you ever had that dream where you’re awfully rich, living the good life, and then you wake up a little disappointed as reality hits you. And then you start thinking, and start wondering, what will it take to free me from the shackles of my 9-5 job?
As you ponder this dilemma, you start thinking, what exactly did I do wrong? Did I not make the right investments or acquired the right assets? Because somehow, the rich have mastered how to keep getting richer with their assets even through a gruesome pandemic. So what did I do wrong?
Well, take a look at Elon Musk! He grew his fortune by about 1000% between March 2021 and November 2021, as the rest of the world rolled deeper into poverty, he got a tone! richer! The key might just be in the way the rich choose which assets to invest in. So stay tuned to find out which of them you could also jump on. So, without any further ado.
10 Assets That Make You Rich
1. Real Estate
So hear me out, the honey dip of any investment is for sure a real estate investment. Unsurprisingly, both the wealthy and middle class have ventured into this type of investment that worked well for them. Now you may be wondering what makes it so special, yet it seems like an easily accessible asset? Well, that’s because the rich have found a way to make it a worthy investment that guarantees that they keep getting richer. This is by investing most of their cash in commercial real estate, rather than residential real estate, as it saves them from the constant conflicts with tenants, who constantly delay rental payments and even damage the houses.
Secondly, our more blessed friends would rather put in the money and avoid the day-to-day responsibilities of managing the property invested in REITs, meaning a real estate investment trust. This allows the rich the freedom to enjoy profit gain without actually doing the work themselves. Additionally, they buy a property that holds some significance, such as historical buildings and sites. These types of properties are less susceptible to price market changes and rarely go on sale. And if they go for the sale, they are most likely to fetch a very high penny.
Another type of asset that sets the rich apart by continually increasing their wealth is business ownership. Besides investing in stocks and bonds, most rich people have an affiliated business to their name, where they sell goods or services to the preferred clientele. Most self-made millionaires and billionaires took the chance to build something from the ground up.
The setup business acts as a continuous generating asset that will serve them for as long as they’d like. Sure, there are ups and downs of any business, but trust me, as you go on, it gets easier. Don’t be afraid to take up the challenge and create something at least once in your lifetime. Think of the array of people you could be inspired by, such as Warren Buffet, who built and run his hedge fund from almost nothing. We also have Janice Bryant Howroyd, who wasn’t afraid to ask her mother for a small loan and used the most basic thing you have in your home, a phone, to start up her staffing agency.
Talk about the first self-made black woman to be a millionaire. She’s the one. All it takes to achieve greatness is for you to start dreaming bigger. Take charge and do whatever it takes for your business to get it up and moving. After you’ve built it into something rich, you can also sell it and use that money to venture into other businesses or investments.
We’ve all heard the alluring praises of the stock market, things like how it’s the most lucrative investment to partake in, in 2022, and believe me, there’s no lie there. The stock market generates billions of dollars in profit for its investors every day acting as passive income. This is how the rich get their money to work for them.
They take out a certain amount of money and invest in a company that pays them a dividend, which is part of the profit the company has earned from their investment. Though the dividend-paying stocks aren’t the only ones available on the investment market, they’re sure to be the most profitable and less volatile to purchase.
This is like this because even when the stock market is crashing, the companies that you invest in, try their best to ensure the dividends are issued out at an increasing rate. When worse comes to worst, they will maintain their current dividend rate. This is because they are keen on not losing their investors. With this fact in mind, the dividend-paying stock turns out to be the most stable investment in the stock market.
4. Fine arts
What activities do you think the rich indulge in after a stressful day at the office? or on a weekend night? Hmmm…. What do you think? You see, you’re more likely to spot them in posh events like gallery shows, and so on. You’d think they have a special love for art, but on the contrary, these escapades are just another way of diversifying their portfolio. Most rich people are always eyeing the most exclusive art pieces. without knowing they purchase art that could one day make them a fortune.
Doesn’t it sound better than stacking your cash under your pillow or in a savings account? This casual hobby benefits them in two ways. First, before they’re ready to make a sale on the art piece, they get to have their home decorated with pieces that make excellent conversation starters when networking. Also, fine art pieces’ prices do not depreciate, they only get better with age, and upon their maturity, they can fetch a very handsome profit.
Another group of rich folks prefers to collect as many precious pieces as they can and build a collection big enough to showcase in a private art gallery. Another group rents the pieces out to individuals who already have a good following. Either way, this asset can fetch profit in multiple ways for the rich. This allows the rich to keep amassing their wealth, and become even richer as they specialize in acquiring assets that could serve them up to 100 generations ahead.
Like art, collectibles have a way of being the greatest asset anyone can hold, and I’m not talking about action figurines. Well, I might, as long as the item you collected is rare, you might have the key to unlocking your success.
Better yet, if the piece or pieces have a long and mysterious history behind them, people will be even more willing to pay top dollar for them. If you take some time to Google search some collectibles sold on auction over the years, you’ll be shocked at how much people are willing to pay for rather strange things like cereal carton boxes, or even what I think is kind of ridiculous, a piece of a cornflake.
I assure you the numbers go up to the millions, and the rich see an opportunity to get wealth from them. The wealthy have collected coins and even cars, hoping that someday they’ll sell them for a good profit. The strategy has worked well for them, seeing that antiques are a priceless possession to hold.
6. High yield savings account
Saving is a habit that everyone should consider starting because the wealthy save a lot, unlike the middle and lower classes who don’t mind impulse spending. The rich are cut from a different cloth. They only buy what they need and have smart ways to spoil themselves.
A high yield savings account requires close to zero commitment once the account is registered, as long as you consistently deposit something into the account, it will keep growing. Even when you aren’t in a position to deposit anything, the cash in your account still keeps making you money. A smart way the wealthy use to multiply the millions is by opening a high yield savings account. They are less risky than other investments, and your funds are easily accessible.
Ok so, besides the fact that it’s shiny and looks good on pretty much anything, one of the most invaluable metals since time began, is undeniable gold. Which was the item ancient civilizations used as money. Those that had plenty of it, were considered to be at the top of the pyramid regarding the status quo. This makes it a more sought-after investment among the rich. In times of crisis, this asset has acted as a soft-landing cushion. Because one can easily liquidate it to save a business or purchase stock.
It’s also able to withstand the test of time, inflation, war, and whatever mayhem may erupt, as it holds its equity value far longer during these times when compared to other assets. In addition to that, gold is the most transparent asset you could ever purchase. There aren’t any tedious buying or selling processes that you’d have to go through. The chances that you’ll lose your fortune to theft are highly unlikely if you follow legitimate channels.
So you me thinking, huh?? Well, let me explain. You see, nobody apart from the rich (and maybe politicians) understand the best way possible to utilize their popularity in their favor. Sensational icons like Elon Musk and Bill Gates, and even here on YouTube, Tai Lopez and Grant Cardone, have defined marketing strategies and used their online platform popularity to their advantage. Ever thought about changing your followers into clients or more so resourceful business partners or promoters? Elon Musk is a popular name and is mentioned for numerous achievements.
His zero-emission car design was a breakthrough that was received well by many customers online. Using social accounts to market your brand and products seems like a good design to make some good cash. I wonder why many fail to utilize the full potential of their popularity. You never know because, a good name might open doors you never could imagine, and that’s how most rich people maneuver through their errands only making themselves richer by the day.
9. Having mentors
If you didn’t know, most rich people have mentors whom they look up to and emulate their values. Having a mentor has proven in the past to be pretty effective, in maintaining focus and scaling towards achieving your goals. A mentor will push you out of your comfort zone and will challenge you to achieve big things in life besides helping you mold excellent character.
In whatever field you are in, be sure to get yourself a mentor, someone that you look up to and can approach for advice. And who else but the rich know this and maximize on this, making sure they have mentors around, and in the end, the bond ends up into a close friendship. When looking for a mentor, be sure to pick someone better than you and a well knowledgeable individual in the sector you want to pursue.
If you can learn anything from rich people, it is that they are always on a quest to learn. Not necessarily wasting years in school but picking books written by other business gurus as well as other expert professionals. You will also find them passing time listening to podcasts or enrolling in short courses. They know the importance of both street and book knowledge because it is one of those things no one can ever take away from you. Think of it as a personal investment.
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