I believe for one to improve their lifestyle, you need to improve your living situation and our Finances are usually one of the biggest obstacles keeping us from designing our preferred lifestyle.
The second #SOPIE challenge is for those of you who love to leverage on the items they own.
This can be quite lucrative if you know how to organise your stuff.
Remember, I am not a financial adviser, but I am sharing the strategies that have worked for me and my family and friends.
To remind yourself what SOPIE stands for check out this blog post
And if you missed the Challenge #1 find it here.
Let’s get to it.
Challenge number 2: Being an Organised Owner
We all own one or two things in our life time, what separates the smart and the not so smart are the types items that they own.
Being an owner means you have full rights to manage and control what-ever it is that you own.
And, now you can even earn money from the things you own. Depending whether the items you own are Assets or Liabilities!
Assets put money into your pocket while Liabilities take money out of your pocket, i.e. your car that you drive is a liability if you pay for it monthly and it doesn’t bring in any income, but if you rented it out to a company like UBER, it would then be an Asset – money in your pocket and paying for itself.
Another great example – Your house is a Liability because you pay a bond monthly, but if you rented it out or have a back room or cottage in your yard that you rented out, and puts money in your pocket – it becomes an Asset.
Moral of the story; don’t just be an Owner, be an Organised Owner and own more assets than liabilities.
Activities for challenge #2
- Make a list of all the major items that you own.
- Make 2 lists out of the above listed items.
- Identify which of the items are Liabilities and which are Assets.
- Take stock on how you can possibly earn an income from your assets.
- Create a plan to have your assets pay for your liabilities.
The key is not about owning several things but owning the right items that you can leverage on.
Comment below or connect with me so we can share more ideas and tips on owning lucrative assets.
“Surround yourself with Assets, not Liabilities.’’