2 min read
There’s one piece of financial advice that I plan on giving to my future children: Be an owner.
This simple phrase encompasses nearly everything I know about building wealth and gaining freedom in life.
If you want to be wealthy, you need to own income-producing assets. Examples of these include:
- Real estate
You can buy some of these assets (i.e. stocks, bonds, real estate) or you can build some of these (i.e. websites & products) from scratch.
In either case, your goal should be to own things that work around the clock to earn money for you even when you are not actually working.
Once you own enough of these things, you don’t have to spend your time earning income. Instead, you can let your assets earn for you.
I was fortunate to learn this lesson early in life and as a result I’m able to spend my time however I want each day because I own enough assets that produce income for me.
Personally I own the following collection of assets:
- Stock index funds
- REIT index funds
- A portfolio of websites
Each month I earn dividends (from stocks and REITs) along with passive income from ads, affiliate links, and digital products from my websites.
I’m fortunate that I earn enough income from these assets that I don’t have to report to a 9-5 job five days per week.
I own my time and the potential income from these assets has no ceiling.
So, I plan on teaching my kids this lesson at a young age.
Be an owner.
Own assets that produce income for you.
This is the simple path to a wealthy and freedom-filled life.
- The 5-Hour Workday - March 26, 2021
- The Math That Explains How to Get Rich with Websites - January 31, 2021
- My 2020 Annual Review - December 27, 2020
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