Is Your Online Business an Asset
TURNING YOUR ONLINE BUSINESS INTO AN ASSET
I was discussing a book the other day. (The Millionaire Maker by Loral Langemeier) I like what Loral has to share in her philosophy of Wealth building. She talks about taking control of your own financial future. In her book, she talks about assets in a similar way to the works of Robert Kiyosaki.
She does list your house as an asset which is contradictory to the philosophy where it is expressed by Robert Kiyosaki: “Your house is NOT an asset”. I don’t want to pit 2 philosophies against each other so I will support what Loral says with this. Loral looks at the equity in a home as a financial resource to leverage other asset purchasing activities.
To put this into the perspective of the writing of this blog, can you use your online business as an asset with the purpose of purchasing other cash flow producing assets?
In the blog post (Build Your Online Business For Your ….), I made the following statement:
BUILD FOR A FAMILY LEGACY
Will you be building your online business for your Prince and Princess?
When you consider what you can do with your online business, realize it is not a job but it is something that can be carried through your family as one of its greatest legacies.
Can you see the value of your online business as an asset?
PROGRESSION FROM YOUR ONLINE BUSINESS TO ASSET ALLOCATION
Most books out there don’t talk about investing as a personal activity. There is a whole industry designed to take your money and put it in their pocket. if they make enough, they will share some of it with you (how gracious of them). In the post (My Online Business, Worth the Wait), this was stated: While we have been working our “9-5” grind, something else has been happening. We have been waiting on the full development of our company called Compumatrix.
We are at a point with our business that we will see the “Cash” rewards (or cash flow) that we have been waiting for. Now, for all of our members, I ask you this question: What are you going to do with the money you are paid? Will you spend it like a Wealthy person or will you spend it like a Broke person?
Many that are reading this would not understand the difference that I am referring to. After all, doesn’t the money spend the same? No, it doesn’t. It is dependent on the way you think about money.
When it comes to spending money on necessities and investments, the broke person pays bills and if there is anything left “might” consider investments. The Wealth conscious person “pays themselves” first. When they consider a purchase (such as a car), they plan the purchase by acquiring an asset that will produce the cash flow to purchase the car with. This is almost like creating the money for the purchase rather than taking it out of your bank account!