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ago in Personal Finance by (530 points)
You may be struggling to get financial freedom and you must be working hard to reach there. But whatever you will earn, lost to your expenses soon. Can anybody tell me the assets which i must obtain to get rich and become financially free?

1 Answer

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ago by Leader (20.3k points)

In my school-college days, my dad always said to me go to school and get the highest-paid job but it’s not really that, what if I got that job and got fired after some days you know and then my uncle Joseph told me that only work hard for assets because assets are those which are used to generate revenue, not expenses and by the time their values are also increased and this process will lead to creating more wealth and ultimately financial freedom.

So, some best asset classes make a person rich and there can be a lot more sub-assets that are super helpful to get financial freedom. In this guide I will explain what assets to acquire, how those assets to acquire, and how to make money from those assets, lets learn in detail this step-by-step guide to attaining financial freedom.

1. Business

The number one asset is Business. You invest to start a business and that business creates and buys assets for you which ultimately makes you rich. Today the richest young guys who started companies like Facebook, Google, and Apple are the businesses and now you can understand the power of business.

Talking about what, where, and how to start a business today. so the first piece of advice is if you are an educated person and you don’t have money and time to start. You should start an online business to start with no money.

The simplest way to start an online business is to

  1. Find a need or problem and fill it with your service or goods
  2. Write copy that sells.
  3. Design and build an easy-to-use website.
  4. Use search engines to drive traffic to your site.
  5. Establish an expert reputation for yourself.
  6. Make a streamlined follow-up with your customers and subscribers with email

2. Real estate

So the second-best asset that makes you rich is real estate or physical assets like properties. There are four ways you can make money with real estate and attain financial freedom.

House flipping. buy a medium quality house or shop and renovate and upgrade that property and sell it at higher prices, it requires investment at the start.

Rentals – Buy a house or shop in a prominent area and rent it out to have a passive income every month.

Subletting – If you have less money, you can take properties on rents and sublet them at a higher price this way you can earn a passive income in your whole life.

Vacation Rentals – Some areas have the seasonal rush where you can buy the property and use it to enjoy vacation rentals later.

What are the benefits of becoming a real estate entrepreneur is that you have to pay no or fewer taxes and you may make a lot more money. It’s a very amazing combination you become an entrepreneur in business as well as in real estate which allows you to pay no or less tax with tax breaks.

3. Commodities

Several commodities are very profitable, and you can get profit from those very quickly like Stocks, Bonds, Mutual Funds, and Index Funds. If I would have trillion dollars, I would invest in oil I would get the 80% return of investment with profit on day one. Oil is very profitable. But keep in mind oil and oil stocks are very different. Being an investor you may have five main choices to consider:

  • Directly invest in commodities
  • Invest in commodity futures
  • Purchasing shares of commodity producers
  • Invest in exchange-traded funds
  • Investing in mutual funds

4. Precious metals

The four Precious metals (gold, silver, platinum, copper), and gun bullets especially in the US are very profitable. The simplest way to invest in precious metals is to buy the actual metals. Bars-coins (made of gold, silver, platinum, and palladium) – another precious metal is also available from coin dealers around the world. Gold bars are available in sizes from 400 ounces down to one gram.

5. Royalties

The simplest way to get rich quickly is to create an asset that can be given as copyright to others for use and in return, you get royalties for your whole life. Even if you can build a needle that can solve a tiny problem got it registered a patent and give it to companies to use and sell and in return, you get royalties for your whole life. If you really want royalty income and don’t know how to create such copyright material, don’t worry, I got you covered.

You may have heard of Amazon kindle self-publishing. It is the service that writers use to sell their eBooks to the whole world and in return get a handsome royalty commission.

Even if you don’t know, but want to write a book, there are simple steps to do this:

  1. First, you need to listen to 10 to 20 videos on YouTube related to your topic.
  2. Write down the main points, and you can download subtitles of those YouTube videos and refine their wordings into a book format.
  3. Then go Sign-Up for Canva, and create a book cover free of cost.

And when the book is ready:

  • Sign Up with Amazon Kindle Direct Publishing
  • Create a New Title
  • Enter Your Book Title and Subtitle
  • Enter Series Name or Edition Number
  • Enter Author name and Contributors
  • Enter Your Book Description
  • Publishing Rights

And then all left to Amazon. When you publish your book Amazon will display its cover in their stores. When someone buys it then Amazon gets to print and deliver it to the customer and receive money in which Amazon charges its cost and pay the royalty fees remaining to authors.

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