Updated: Dec 6, 2020
I'm starting a new series where we talk about exciting topics that you need to know and think more about to truly build wealth. Up first,
I was listening to Nipsey Hussle talk about ownership and this question came to me. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Owning something with no debt is one of the main differences between being Rich and Wealthy. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
I specialize in helping people build WEALTH so debt management is a very important part of the process. All it takes is hard work and dedication 💙. ⠀
According to Mariam Webster ownership means:
1. The state, relation, or fact of being an owner
2. A group or organization of owners; or
3. the state or fact of owning something.
For those seeking to build wealth, your definition must go a little deeper.
My Definition: ownership means you hold or possess something that is free of any loans, encumbrances, or limitations other than statutory laws. Owning something debt-free is the key because we are shooting for ABSOLUTE OWNERSHIP. This type of ownership allows (like Beyonce🐝 said) your great-great-grandchildren to be rich.
Some people believe that you own something despite still having to make payments. However, you will be more motivated to strive for paying off the debt if you don’t think of ownership in that way.
Just think if you missed a few payments what’s going to happen?
If foreclosure or repossession is an option do you really own that item?
Why is it important to own?
Ownership gives you:
2. The opportunity to help others (for generations)
3. It allows for more flexibility and options,
4. You have the potential to make more money
What Can you Own?
Ownership can you come in many forms you can own investments like stocks. and bonds as long as you’re not trading on margin. You can own businesses, houses, cars, jewelry, land, collectibles (shoes, purses, cards), Boats, Trusts, trademarks, copyrights and so much more WITHOUT DEBT.
Figure out what you want then make a plan to OWN IT.
WEALTH TIP: When striving to own something NEVER rely on one source of income to pay for it.
Example: If you buy a home with a mortgage make sure you can pay that mortgage with your income, or savings if you lose your job, or you can rent it out and the tenant’s rent pays the mortgage. That’s 3 sources of income that could help you succeed in truly OWNING your property free and clear of a loan.
Always remember homeowners face many risks during the 15 or 30 years they have a mortgage hanging over their heads. As long as you have a plan for these issues you will be okay.
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