5 Assets to Grow NET WORTH || How to Invest with no Money
Everyone and their brother in law is gonna tell you that you need to purchase assets in order to build wealth. Well, they neglect to tell you exactly what assets are. Today we're gonna talk about what an asset is and how to determine an asset from just another product.
Asset is defined as a useful or valuable thing person or skill. Useful or valuable I talk about in my last video. When thing comes to mind, most people think about a physical product. People are the assets of businesses. Skills are the assets of people.
We're gonna talk about some of the assets that everybody has on their list but we're also gonna discuss 2 other assets that nobody is really considering. The first on the list is going to be books and knowledge. You need to continue educating yourself on current situations and past problems. this will allow you to get the edge on any of your competition whenever you're starting your own thing or trying to be the best employee as you physically can be.
The next, we just have to include this in the list, stocks and index fund. These are critical to hitting all major financial goals in the future. The American economy is designed to increase the value of public companies each year. This increase is not only a great hedge for inflation, but also wealth accumulation. I made a video explaining compound interest, link below.
One that no one is talking about is the most obvious asset class. Money or currency. Specifically, holding on to cash or liquid money to use for emergencies. An Emergency fund should be 3 - 6 months of living expenses to be fully funded. This counts as an asset because it has a value and serves a purpose.
Property is the largest purchase for most Americans and accounts for a significant portion of net worth. Ownership is the number on method of stabilizing your expenses and forcing savings.
Finally, owning a business is the fast method of building wealth and hitting a financial goal. When you own the business you have total control over your income and get paid directly by the market (paid what you are worth).
Free Stock with Robinhood: https://join.robinhood.com/ryang5965
Vanguard: https://investor.vanguard.com/home
Compound Interest Video: • Compound Interest Explained | MILLIONAIRE ...
What is Value Video: • VALUE Explained || How Money is Made? What...
______
Intro - 0:00
Definition - 0:37
#1 Books - 1:34
#2 Stock Market - 3:07
#3 Emergency Fund - 4:55
#4 Property - 6:23
#5 Business - 9:11
______
Music by: @dcuttermusic
https://www.davidcuttermusic.com/
No Words (Mosquito Beat) - David Cutter Music
Side You - David Cutter Music
/ lvlupatlife
@lvlupatlife
Free Stock with Robinhood: https://join.robinhood.com/ryang5965