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Proverbs 24:27 (9/16/21)

Four Keys to Build Assets

September 16, 2021

* The world is changing, and we need to prepare ourselves for what lies ahead. * One of the ways we need to do that is financially - we need to be wise w/our money! * If you want to build something of lasting significance financially, you have to focus on ASSETS over liabilities. * Assets put money in your pocket. * Liabilities take money out of your pocket. * Monopoly - the name of the game is the buy property and businesses. * Vs 27 - Back then, many people were sole proprietors (had their own biz). * Solomon saw how valuable this was when his dad prepared everything for the construction of the Temple. * 1) What is your field of work? * YOU are your #1 asset - invest in making yourself better at what you do. * Talent - what you were born to do. * Skill - what you can learn to do. * Skill comes when you understand that “opportunity” often comes before “passion.” * A job is an asset, but you have to trade time for money (active income). * The key is to turn active income into passive income. * Knowledge economy, real estate, start a biz, etc. * Robert Kyosoki - #1 thing that makes people rich is their “mindset” (they think assets over liabilities). * 2) Build your house (the “stuff of life”). * ** When you view the “stuff of life” as liabilities you’ll be a “user,” not a “collector.” You won’t accumulate (Troy Rice - 250k). * Your house is a liability (accredited investor). * There is a time to buy liabilities, even nice ones. * KEY - Focus on assets first, then buy liabilities out of your assets. * Process: * Know your “why.” * Think “Assets” over “Liabilities.” (Start w/your thinking) * Make yourself valuable (talent / skill). * Live below your income. * Invest in assets (10% are speculative). * EX: My story. * Job / Job with Side Gig / Full Time Gig / Joined a Partner / Hired People. * Lived below my income & stayed in rentals. * First house was a house-hack (moved in with David). * Next house was a small fixer-upper (67k). * ALL THE WHILE - focusing on my asset (me and my business). * Then, when the biz could afford it, I bought a new house (220k).