I was reading an interview a while ago with Jay Z. He was asked if he would be venturing out into films. He replied, When I own the production, rights and good script I would consider it. It was then I gained a new found respect for his business prowess. He acknowledged the key lesson that must be learned to accumulate true wealth. I put this lesson into 4 words: Stop Renting Start Owning! You need to own the asset not work for it. Simply put an asset puts money into your pocket a liability takes money out. We always watch rich athletes and musicians and ask ourselves, how can they pay these people so much money for what they do. When we should be asking the real question, which is, how much do the people make who pay all these people so much. Well they can afford it because the own the assets that run that business and the network that gets it out. To give a clearer understanding of the renters mind frame v. the owners mind frame, I came up with some scenarios that compare the two.
The renters mind frame - "Yo I'm a be a rapper and be famous and get lots of money."
The owners mind frame - "I'll open a studio to record the music for these rich rappers or I'll buy some printing presses to press the cd's for all these up coming rappers.
The renters mind frame - I'll buy out the bar at the club and look like a balla
The owners mind frame - I'll buy a club so ballas can buy out my bar.
The renters mind frame - I'll rent out this apartment because it has big bedrooms. It's better than living in my mom's basement.
The owners mind frame - I'll live in my mom's basement until I can buy this multilevel property, live in the basement and rent out the apartments with the big bedrooms and have someone else pay my mortgage.
Let's get out of the renting mind frame and let's start owning. Remember the Golden rule people. He who has the Gold will rule.
The renters mind frame - "Yo I'm a be a rapper and be famous and get lots of money."The owners mind frame - "I'll open a studio to record the music for these rich rappers or I'll buy some printing presses to press the cd's for all these up coming rappers.
The renters mind frame - I'll buy out the bar at the club and look like a balla
The owners mind frame - I'll buy a club so ballas can buy out my bar.
The renters mind frame - I'll rent out this apartment because it has big bedrooms. It's better than living in my mom's basement.
The owners mind frame - I'll live in my mom's basement until I can buy this multilevel property, live in the basement and rent out the apartments with the big bedrooms and have someone else pay my mortgage.
Let's get out of the renting mind frame and let's start owning. Remember the Golden rule people. He who has the Gold will rule.
