Contrary to popular belief, money does grow on trees. I'll explain how, all it requires is a shift in your perspective on how money works.
How the rich view money
If you want to be able to grow your own money you must first understand a few principles that ought to forever change how you use your money. First thing to understand is that money is a tool. Money is a powerful tool that can work harder for you than you'll ever be able to work for it.
First things first, Invest into assets that pay you back. Below is a list of 5 assets that pay you back.
- Dividend Paying stocks
- Real Estate Investment Property
- Peer-to-Peer lending
- Turn your life passion into a course to sell.
I'm not beating my chest on generating passive income source or starting a business. But there are a million ways to turn an asset you have into income generating assets. Some of the listed items require money, others require your skills. Learn to monetize your skills. This is the difference between the rich and most other people. They look for opportunities to use their strengths to earn money.
Liability vs Asset
Lets break these two words down. A liability is something that costs you money. Perfect example of this is your home. Money leaves your account every month to pay for your home. Your home doesn't pay any money into your account. An asset is a resource that pays money into your account. To keep this as simple as possible, you need to invest into assets in order to make money grow on trees.
Use this list to consider if you are investing into an asset or a liability. This is to help you focus on what is going to help you grow your money on trees.
|Owner Managed Business|
|Your 9-5 job|
|Owner Operated Business|
|Your $1000 cell phone|
This list isn't black and white, here is why. The interesting things is some people can actually turn their morning coffee into an asset. Think about this, if you are a coffee fanatic and own a nice espresso machine and are very deliberate about how you make your morning brew. Why don't you film your process daily and post it and attempt to get coffee sponsors to PAY you for your coffee passion?
Thinking outside the box will get you paid and turn your liability into an asset. This is how to make money grow on trees.
Go through your day and think about what is an asset in your life and what is a liability. If you change your mindset you will learn how to think like the rich and make money grow on trees.