BE AN ASSET COLLECTOR!
Advice for young investors just getting started…
If you don’t know what niche you plan to follow to start building wealth (and even once you do), start collecting low overhead assets. Meaning, assets that don’t cost much to hold onto long-term.
Got some extra cash? Go buy some physical gold or silver..
Got a bonus at work? Go buy a small share in a passive business investment..
Sold some personal stuff? Go buy a parcel of land.
Inherited a little bit of money? Go buy some stock.
Found a few bucks under your couch cushions? Go buy some Bitcoin.
Tax refund? Go buy a piece of art or some collectibles.
Will all of these things pay off? Almost certainly not.
But some likely will. And the ones that do may pay off big.
THE KEY TO WEALTH BUILDING IS TIME.
Buy assets. Wait. Build wealth.
That’s the nice thing about being young. You have plenty of time, you can take risks, and while your friends are throwing money away on toys and crap, you are slowly and silently building up your net worth.
I’ve been investing for a long time now, and while most of my money goes towards assets that are directly related to my long-term investing strategy, I still consider myself a collector. Every month or two, I still take some of my money and throw it into something that I just stick into my portfolio and forget about.
I know people who did this back in the ’80s, and bought cheap pieces of land in northern California. Those parcels are now worth millions.
I know people who did this back in the ’90s, and bought a bunch of tech stock. Most of it ended up being worthless, but a couple friends still own Amazon stock today.
I know people who did this back in the 2000s, and bought collectible beanie babies. Most of them ended up being worthless, but a few are worth a fortune today.
I know people who did this back in 2014 and 2015 with Bitcoin. They are retired today.
Buy an asset today.
Who knows, maybe in 10 years you’ll look back and realize that was the thing that changed your life.
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originally posted by Jay Scott