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Want to Build a REAL Business? Create an Asset.

by xohaibx
19 replies
Why do we crave financial independence? Because it lets us live our life the way we want. It opens doors - a ton of them.

But in order to get financially independent you need to focus on building a strong foundation. Which is the hardest part, and which is why it’s avoided by many.

Running after 'get rich quick' schemes and trying to achieve overnight success stops you from building this foundation. And when you fail to build a foundation, you fail to build an asset. Instead, you end up having liabilities. Ouch.

Remember, the more you work on creating strong assets, the easier it will be for you to create a reliable business that delivers real value and brings in consistent profits for a long time to come.

So build an asset after asset, or have more liabilities - the choice is yours.
#asset #build #business #create #real
  • Profile picture of the author chg
    Originally Posted by Mustafa Khundmiri View Post

    Why do we crave financial independence? Because it lets us live our life the way we want. It opens doors - a ton of them.

    But in order to get financially independent you need to focus on building a strong foundation. Which is the hardest part, and which is why it's avoided by many.

    Running after 'get rich quick' schemes and trying to achieve overnight success stops you from building this foundation. And when you fail to build a foundation, you fail to build an asset. Instead, you end up having liabilities. Ouch.

    Remember, the more you work on creating strong assets, the easier it will be for you to create a reliable business that delivers real value and brings in consistent profits for a long time to come.

    So build an asset after asset, or have more liabilities - the choice is yours.
    Reminds me of the game "Cashflow"...have you played it? You'd probably enjoy it!
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    • Profile picture of the author xohaibx
      Originally Posted by chg View Post

      Reminds me of the game "Cashflow"...have you played it? You'd probably enjoy it!
      Nope! But it sounds like my kinda game Thanks!
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  • Profile picture of the author Roan
    Exactly. And this is what I try to tell people. Trust me I used to be like that too. Trying to seek methods that work. The truth is, if you want to be financially independent with working the internet you will need a business, built on a strong foundation. Great post!
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  • Profile picture of the author bertosio
    Absolutely agree. Small projects are all well and good and have there place in my marketing but bigger ongoing projects are needed for a solid business that wont fall flat on its face.
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    • Profile picture of the author RuthRNM
      Completely agree.

      Have you read Rich Dad Poor Dad? It covers pretty much the same sentiment, though talks a lot about realizing the difference between an asset and a liability. Most people consider their homes to be an asset, for example, though unless you're renting it out and creating an income from it, it's actually a liability, according to the author.

      Definitely worth a read if you're interested in how money works.
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  • Profile picture of the author troy23
    Yes I agree with what you say - I've had passive income streams in progress for 13 years - never need to touch it and it delivers each month. No investment ever needed to maintain it so for me it is an asset.
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  • Profile picture of the author Tenzho
    It is really hard to build an Asset...
    I was building one affiliate site for a targeted product.
    Spent few hundreds on articles and SEO, up until now
    it is still not ranking on top position on Google. Frustrated...
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    • Profile picture of the author keith88
      Originally Posted by Mustafa Khundmiri View Post

      Why do we crave financial independence? Because it lets us live our life the way we want. It opens doors - a ton of them.

      But in order to get financially independent you need to focus on building a strong foundation. Which is the hardest part, and which is why it's avoided by many.

      Running after 'get rich quick' schemes and trying to achieve overnight success stops you from building this foundation. And when you fail to build a foundation, you fail to build an asset. Instead, you end up having liabilities. Ouch.

      Remember, the more you work on creating strong assets, the easier it will be for you to create a reliable business that delivers real value and brings in consistent profits for a long time to come.

      So build an asset after asset, or have more liabilities - the choice is yours.
      Originally Posted by Tenzho View Post

      It is really hard to build an Asset...
      I was building one affiliate site for a targeted product.
      Spent few hundreds on articles and SEO, up until now
      it is still not ranking on top position on Google. Frustrated...
      Keep at it and remember that every failure is a learning lesson!
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    • Profile picture of the author xohaibx
      Originally Posted by Tenzho View Post

      It is really hard to build an Asset...
      I was building one affiliate site for a targeted product.
      Spent few hundreds on articles and SEO, up until now
      it is still not ranking on top position on Google. Frustrated...
      Nobody said building an asset is easy. It's hard - but then that also means less competition. It takes time and yes it can be frustrating but in the end, you'll thank yourself.
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      • Profile picture of the author sidneyng
        That's what separates a real business from scams...people willing to stretch out of their comfort zones...


        Originally Posted by Mustafa Khundmiri View Post

        Nobody said building an asset is easy. It's hard - but then that also means less competition. It takes time and yes it can be frustrating but in the end, you'll thank yourself.
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        • Profile picture of the author xohaibx
          Originally Posted by sidneyng View Post

          That's what separates a real business from scams...people willing to stretch out of their comfort zones...
          I seriously don't get a scammer's mentality. I mean, yes of course he/she is scamming people for easy money, but then again they have to deal with a ton of problems that *could* follow. And not to forget a guilty conscience.

          Nevertheless, putting your effort into building an asset is far, far more effective and profitable in the long run than just trying to scam people off their hard earned money. Besides that, the law of karma doesn't spare anybody.
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  • Profile picture of the author keith88
    Originally Posted by Mustafa Khundmiri View Post

    Why do we crave financial independence? Because it lets us live our life the way we want. It opens doors - a ton of them.

    But in order to get financially independent you need to focus on building a strong foundation. Which is the hardest part, and which is why it's avoided by many.

    Running after 'get rich quick' schemes and trying to achieve overnight success stops you from building this foundation. And when you fail to build a foundation, you fail to build an asset. Instead, you end up having liabilities. Ouch.

    Remember, the more you work on creating strong assets, the easier it will be for you to create a reliable business that delivers real value and brings in consistent profits for a long time to come.

    So build an asset after asset, or have more liabilities - the choice is yours.
    VERY WELL SAID!
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  • Profile picture of the author trader909
    That isn't an asset.

    It is really hard to build an Asset...
    I was building one affiliate site for a targeted product.
    Spent few hundreds on articles and SEO, up until now
    it is still not ranking on top position on Google. Frustrated...
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  • Profile picture of the author trader909
    they don't have one..that why they can run scams.

    I seriously don't get a scammer's mentality. I mean, yes of course he/she is scamming people for easy money, but then again they have to deal with a ton of problems that *could* follow. And not to forget a guilty conscience.
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  • Profile picture of the author trader909
    saying 99% of I.Mer's are in serious trouble?

    Besides that, the law of karma doesn't spare anybody.
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    • Profile picture of the author xohaibx
      Originally Posted by trader909 View Post

      saying 99% of I.Mer's are in serious trouble?
      I'm sorry? Do you mean to say that 99% of I.Mers are scammers?

      I wasn't labelling anybody. Just wanted to put out there that scamming might be easy but in the end, it is WRONG and it stops you from building a real, ethical business/asset. Period.
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  • Profile picture of the author jllagu01
    Originally Posted by Mustafa Khundmiri View Post

    Why do we crave financial independence? Because it lets us live our life the way we want. It opens doors - a ton of them.

    But in order to get financially independent you need to focus on building a strong foundation. Which is the hardest part, and which is why it's avoided by many.

    Running after 'get rich quick' schemes and trying to achieve overnight success stops you from building this foundation. And when you fail to build a foundation, you fail to build an asset. Instead, you end up having liabilities. Ouch.

    Remember, the more you work on creating strong assets, the easier it will be for you to create a reliable business that delivers real value and brings in consistent profits for a long time to come.

    So build an asset after asset, or have more liabilities - the choice is yours.

    That's correct. Every business owners especially those that are still starting should always focus on the foundation from the ground up. It's not easy but at least you won't feel disappointed with 'get rich schemes' that don't work.
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  • Profile picture of the author Michael Rosmer
    I remember years ago first reading Rich Dad Poor Dad and his concept of "acquire assets and minimize liabilities" made so much sense, but was entirely useless to me. The problem is it didn't tell me "how" to do it. It all seemed well and good to be able to go buy a house, or a vending machine or a high yield business or stock, but in practice there were so many problems with this:

    1. Where do you get the money to buy the assets in the first place?

    2. How do you find sufficiently profitable assets? (You can spend more money servicing vending machines than you make off of them, or can buy bonds paying 3% and you'll never get ahead, where were all these assets I could buy that would compound quickly enough?)

    What I've learned since then is assets are absolutely critical...but they are critical in a way that's more complex than a simple asset or not. Robert Kiyosaki started to get into this discussion when he asked whether your home was an asset or a liability. The point is something isn't an asset or a liability in and of itself. It is an asset or a liability based on the context it is in. For example, a friend of mine runs a fairly successful trucking company so for him each of his trucks is an asset, if I buy a truck it is a liability, some property, different context.

    The goal in business and wealth building is all about buying assets meaning specifically things you can pay for once and use over and over again (this might include documentation, contracts, lists, software, computers, etc.) then you pay people to work those assets (it's very hard to make money off paying people to work if you don't leverage their value via assets you own). If you really want to make big money though you need to leverage assets together to increase the value of each other.

    In other words Robert defined an asset as something that puts money into your pocket each month, that's ideal, but it doesn't happen on its own, you have to work those assets. The real point in an asset it something you can purchase that doesn't lose its value with time and can consequently have a compounding value when you work it, which is why capital in itself isn't an asset (nor is it a liability), it's just capital.
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