Creating An Asset
I wrote in March 2007 about Casey Serin facing foreclosure. Casey at age 24 and calls himself a real estate wannabe, went to several real estate seminar and got himself into a ton a debt. You can read more on his site or my earlier post.
Yesterday, I wrote about building an online asset and the funny thing is, someone offered to buy Casey’s blog, which has been up for about 10 months, for $100,000. How’s that for telling people of your mistakes and making a sizeable sum of cash from it, if he choose to do so.
I’m not advocating you do something crazy financially just to have something to write in a blog, but it shows the principle of asset creation. In anything you do, try not to end up in a position of self employment. Think of creating an asset. An asset does not have to be online. Essentially an asset gives you positive cashflow, while you are building it and then when your cashflow builds to a certain size, people would offer money for it.
Examples of assets you can create includes book and music royalties, a business, an idea, a franchise, and multiple other possibilities. A professional practice like a law firm and a clinic are also assets and can be sold. The thing about creating a valuable asset is to plan for it in the beginning so that you can maximize its value. It could mean documenting certain procedures, keeping track of customers and knowing the lifetime value of the customers in your book. An online asset is just one of it.
Update
In case you are undecided, here is a short video behind the scenes of BlogMasterMind and the resources you will get.
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