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5 Assets To Make You Rich.

March 22, 2022
in Personal Finance, Savings, Stocks
asset

Who doesn’t want to be Rich?

“If you only have a single source of income, you‘re one step away from poverty.”

In this article, I will brief you on the 5 easiest and most beneficial assets which can help you become rich.

When you’re no longer dependent on just one income stream (like your job), you have so much more opportunity to pursue financial freedom. Hence, most income-generating assets are those assets that could earn you money even while you sleep.

Income-generating assets can help you move closer to your long-term financial goals by diversifying your income streams.

Below is a list of assets that can turn out to be the best source of your passive income.

1. Real estate: Investing in real estate can help you create a good amount of finance in two ways – “Flip or Hold”.

Flipping the asset means purchasing an asset for an amount that is less than the circle rate of the area in which the property is situated (rates may be less due to any reason may be some sewage pipe from a nearby factory is opening behind that property), and then selling/flipping it after renovation or rectifying the discrepancy in it, (in our case maybe by managing to get the disposal head of sewage pipe turn in some other direction).

Holding it is another alternative wherein you Purchase the Asset by borrowing money through a loan, let it out to people on Rent, payoff the EMI through the Rent received, hold it, and then dispose of it after a significant time.

This option will benefit you in the following manner: 

  • The value of the property will appreciate without your blockage of funds, increasing your net worth; on the other hand, you can take financial benefit through tax planning by claiming exemption in Income Tax Return on the amount paid in the form of interest on loan taken to purchase house property.

That’s called a “Win-win situation…!”.

2. Buy shares of the Company:

Not every one of us can do business – hence, another best alternative for that is to invest in the successful businesses of others.

One of the most prevalent issues that people have is a lack of understanding of how to trade in shares. The simplest answer to this, as suggested by Peter Lynch, is that a common man gets at least 2 to 3 opportunists each year, in which he can purchase the shares for those companies which can be held in long term.

To simplify this sentence, you need to look around you and analyze.

Unfortunately, we do the opposite, i.e., a doctor instead of focusing on medicine, start focusing on an oil company, and on the other hand, a person working in an oil company, instead of focusing on products around him, start investing in a pharma company which proves to be a wrong decision for both, landing in losses.

That is why it is perfectly true, “a stock market is a tool which takes money from impatient people and transfers it to a patient person”.

3. Licensing:

This type of investment is not common in the upper-middle class, but it’s one of the main sources which provides recurring income to people in the form of passive income.

Best, e.g., to describe is Bill Gates, who still gets paid in form of royalty for each copy of Microsoft when downloaded on a computer.

Precisely, “It’s someone else’s company, i.e., their investment but your idea”.

4. Digital Assets:

This form of asset creation is the latest form of passive income and is profitable because of very little to no cost of re-production, which means, “you create once, sell a number of times”.

Another benefit of these assets is there is no issue of scalability since it is based on cloud computing, and most of these assets use blockchain technology, which has already proved its worth through cryptocurrencies.

For small instances, all you can do is create a digital course or create your own NFT and bang…! you are on the go…!

5. Mutual Funds:

One of the most prevailing investments nowadays is Mutual funds. It is an investment option wherein some asset management company pools money from various investors and purchases securities of different companies. Very commonly called “the basket of funds”.These are very famous because of their nature of diversification resulting in High/Neutral returns, and it gives its investors an added advantage of investing money monthly in the form of SIP, or at one go which is a lump-sum payment.

Written by: CA Aanchal Agarwal

To learn more, get our Journal: PW Insider for FREE!

Read next: Why pay for fund managers when a monkey can do it for free?

For more information, reach us at [email protected]

Team, MyGoalMySip.

Tags: Debt FundEquity FundFUNDSINVESTMENTMUTUAL FUNDMUTUAL FUNDSpersonal financeSAVINGSSTOCKS
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    Copyright © 2023 MygoalMySip | All Rights Reserved

    About Us

    MyGoalMySip is an Online Mutual fund investment platform powered by Prudent Wealth. As an investor, it might be hard to find the perfect investment opportunity; therefore, we’re here to help you make an informed decision.

    Our goal is to educate people and make them financially literate, and at the same time guide you in your investment journey, in short MyGoalMySip is your investment buddy.

    Read More
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    Quick Links

    • Books
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      Copyright © 2023 MygoalMySip | All Rights Reserved