Personal Finance 17: Owning & Controlling Resources5/4/22When you own and control resources, the power is in your handsWhen you own control resources, you sell problems you have solved, not productsWhen you sell problems you have solved, you don’t have to beg people for anythingOnly when you own and control resources do you solve your problemsRich Folk FactsRich people don’t come to win, they come to get paidRich people prefer MRI (monthly recurring income)The wealthy don’t delay; they do things immediately The wealthy do everything with the spirit of excellenceYou will accidentally become a millionaire if you do everything with a spirit of excellenceThe wealthy do things differently than everybody elseYou can’t live on Earth brokeWealthy people only fight vertical battlesWealthy people are vertical ownersVertical ownership is when you are the salesperson and you’re a partner in the productWhen wealthy people need a certain amount of money, they don’t go to the bank and beg; they go to their community and serveWealthy people’s communities are partnershipsThe wealthy have no intentions on not being wealthyThe only way to keep your wealth is to serveInequality is big businessWHY THE RICH GET RICHERI have heard from many people around me that their expenses always seem to keep up with their income. They do not understand why they earn more than they used to but still have no money left at the end of the month. They struggle financially because when their income goes up, their expenses also go up. However, their assets do not increase, but their liabilities do! They work to make their boss rich, they work to pay government taxes, and they work for the bank to pay off their debts. Working harder means that you will have to hand over an even bigger share of your efforts to these three parties.You must decide where you exist in this societyMoney follows rules, and as long as you understand the rules, money will bend and bow to youThe rich get richer because their assets generate more than enough income to cover their expenses, and part of the income is then reinvested into new assets, therefore increasing the generated income even further. On the stock market, net income which is reinvested is called retained earnings. Reinvesting income into new assets triggers the power of compounded interest, to which Einstein once famously referred as the "eighth wonder of the world.”A savvy person who understands business will keep their investmentsYou will work harder than anybody else, and make less than everybody else, or your money will work harder than anybody else and have more than anybody else.Owning and controlling assets should be your new goalClosing Thoughts Emulate the wealthy We have been talking about income generating assets, but what falls into that category? Here is a list to give some ideas:Businesses that do not require your presenceStocksBondsMutual fundsIncome-generating real estateRoyaltiesAnd really anything which appreciates in value over timeIf you think investing is scary and just another word for gambling, then I advise you to read into the low-risk, high-return strategy used by the investment greats: value investing.Rich Dad, Poor Dad in 20 Points1. For most people, their profession is their income. For rich people, their assets are their income.2. If I want to buy something, I must first generate enough cash flow from my assets to cover these expenses. Buy luxuries last, not first.3. Excess cash flow generated by my assets should be reinvested into other assets.Support this podcast at — https://redcircle.com/the-secret-to-success/exclusive-contentAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy