– Written by Lil Gunz
You know white people get money, don’t spend it / Or maybe they get money, buy a business,
I rather buy 80 gold chains and go ign’ant / I know Spike Lee gone kill me but let me finish.
Kanye West “Clique”
What’s good everybody, it’s your favorite genius, billionaire, playboy, philanthropist Lil Gunz, back to drop some knowledge on that ass! lol. This week we’re talking about Getting Rich and STAYING Rich! So pull up a chair, pour yourself a tall glass of your favorite liquor-of-choice, and get ready to learn a thing or two. Let’s begin shall we …….
I have to admit, I absolutely HATE that Kanye West verse above! Not that it isn’t a pretty dope verse, ‘cuz it actually is. I hate it because to me it represents everything that’s WRONG with Urban Culture in today’s society! Every time I hear about another rapper, singer or athlete going broke or getting locked up for not paying their taxes, it honestly make me sick. Is this how far the ‘hip hop generation’, once the voice of community empowerment, has fallen?
Not if ya boy Lil Gunz can help it. I’m here to share with you the secrets of the wealthy. Are you ready? The ‘secret’ is pretty simple actually. Here it is…..
Wealthy people usually get rich (and stay rich) by investing their money in CASHFLOW ASSETS!
What is a ‘Cashflow Asset’ you ask?
In layman’s terms, Cashflow Assets are assets that produce residual income aka ‘Income Producing Assets’. What this means is, wealthy people tend to buy things that make them more money over time. The smart ‘rich person’ focuses on buying these Cashflow Assets in order to stay rich, while the dumb ‘rich person’ usually spends all their money on material things like expensive cars, clothes, electronics and other things that lose their value over time, and do not make them any more money once they have been purchased. And who do you think usually stays rich, the smart ‘rich person’ or the dumb ‘rich person’?? Think about it, I’ll wait…
A smart Investor invests his money in acquiring Income Producing Assets. This is because as long as they hold onto these assets, they will continue to receive money or dividends from them, whether monthly, yearly or whatever the case may be .
So what are the Income Producing Assets exactly? What should you be spending your money on, if not clothes, cars, or ’80 gold chains’?? Here are some examples:
INCOME PRODUCING ASSETS
– Stocks (Dividend Income)
– Bonds (Interest Income)
– Real Estate (Rental Income)
– Mutual Funds (Dividend or Monthly Income Funds)
– Businesses (Business Income)
– Internet Assets (Domains, blogs, websites)
– Intellectual Properties such as Books, Music, Movies (Royalty Income)
– Network Marketing (Yes, if used properly, your Social Network, E-mail, Phone Number database)
– YOUR Name or Brand (If YOUR name is well known enough, you will always be able to generate income via bookings, appearances, or various business ventures. Think Oprah, Jay-Z, Beyoncé, Kim Kardashian, etc.)
Equally important in acquiring the assets I’ve listed above is your HUSTLE and your Creativity, your God-given ‘personal assets’. You can convert any asset into an Income Producing Asset if you just use your mind. For example, you can buy a tuxedo to wear for special occasions. In that respect, it’s just a material item you spent money on that does nothing but hang in your closet (and depreciates) until the rare occasion arises where you actually need it. Or, you could rent it out to friends you know (assuming they are the same size as you of course…lol) for the odd prom date, thus generating new income for yourself. You could buy a ‘pick-up truck’ just to drive around in, if that’s how you’re feeling. Now you could simply drive that big ‘ol ‘pick-up truck’ around and watch it depreciate in value over the years. (EDITORS NOTE: Lil Gunz definition of Depreciate: to slowly lose value over time). Or you could rent out that truck to people involved in construction projects, thus using the same vehicle to generate addition income for yourself.
A true hustla can turn ordinary objects or situations into opportunities to make money, based simply off of observing the ‘needs’ of the people surrounding them. The choice is yours: Spend money just to spend money, or spend money to MAKE money!
I mean hey, MC Hammer had about $50 million in his bank account at one point. Do you think he took the time to invest his money in Income Producing Assets?? Here’s food-for-thought, have you ever seen Bill Gates or Warren Buffet walking around with 10 gold chains on, rollin’ around in drop-top Bentley’s?? Think about it. At the end of the day, it’s not how much money you make, it’s how much money you actually end up keeping that determines true wealth. Don’t let those ‘Hip Hop stereotypes” fool you, it’s all marketing!
So the next time you feel like “buying 80 gold chains and goin’ ig’nant”, think twice! Although technically buying Gold is an investment, if you know what you’re doing. But hey, that’s a blog for another day… lol
Well that’s all for now folks. My time is also an Income Producing Asset. And the folks over here at GoodFellaz TV aren’t paying me enough to spill all of my secrets. So until next time, it’s ya boy Lil Gunz, signing off…