3 Types of Assets You Will Own

An asset is not really yours until there is no debt associated with it. Your goal is to get ownership of assets as soon as possible. As you gather your assets, you will find that you will have ventures in various asset classes, so that you are not putting all your eggs in one basket (see How Many Asset Classes Should Your Investment Portfolio Contain?).  The great thing is that when you own assets, emergency situations are handled well.  How does one add assets to their personal balance sheet?

Today, I will talk about the law of Sowing and Reaping.  Jim Rohn has a great speech covered at www.youtube.com.  Most people are highly concerned with the return on their investment.  Some decide to never invest because they are scared that they will lose money.  First of all, money was not meant to be stockpiled and when it is, you are losing money through inflation and taxes.



Rather than think about return on investment, think about asset ownership.  Think about sowing seeds in various places.  Think long term.  Some people struggle after losing money in a few investments because they do not understand the law of sowing and reaping.  What you are doing is planting seeds in various investments.  Some of those investments will be picked off by the birds.  Some of those investments will be choked by the thorns.  Most importantly, some of those investments will land into fertile ground and reproduce ten fold.

My point is, keep on planting various seeds and over time you will reap the rewards.  While others fail to plant seeds and you will continue to nourish your investments and you will wait for your season.  What stories do you have in your personal life related to sowing and reaping?

This post was reposted from http://finlit.biz/retirement-2/3-types-of-assets-you-will-own/, originally written on March 5th, 2013.