12 ASSETS THAT MAKE YOU RICH

About this video

• Video Title: 12 ASSETS THAT MAKE YOU RICH
• Channel: Toby Mathis Esq | Tax Planning & Asset Protection
• Speakers: Toby Mathis
• Duration: 25:47

Overview

This video identifies and explains 12 types of assets that can lead to wealth accumulation. The speaker, a tax attorney, shares insights based on his experience with investors and IRS data, outlining various investment categories and their potential for generating wealth.

Key takeaways

• Cash as an Opportunity Enabler: Holding cash allows for capitalizing on investment opportunities, but it should be kept in high-yield accounts to mitigate inflation losses.
• Real Estate Benefits: Real estate offers potential for rental income, appreciation, and tax deductions through depreciation, making it a powerful wealth-building asset.
• Bonds for Stability and Income: Bonds, including government, corporate, and tax-free municipal bonds, are a common portfolio component that can provide income.
• Stocks and REITs for Ownership: Investing in publicly traded companies (stocks) and Real Estate Investment Trusts (REITs) allows individuals to own a piece of businesses and benefit from their growth.
• Diversification through Mutual Funds and ETFs: For those unsure about individual investments, mutual funds and ETFs offer a diversified way to invest in a basket of assets.
• Commodities as Tangible Assets: Assets like gold, oil, art, and even collectibles such as whiskey or cars can appreciate in value and have a place in diversified investment strategies.
• Intellectual Property Royalties: Creating and owning intellectual property (books, music, patents) can generate passive income through licensing fees and royalties.
• Cryptocurrency Potential: While volatile, cryptocurrencies can be an asset class where significant wealth can be generated through various methods like mining, staking, or investment.
• Collectibles as Appreciating Assets: Certain collectibles, including art, wine, cars, and luxury items, can increase in value over time.
• Building a Business: Creating a business can generate wealth through its inherent assets, including intellectual property, brand recognition, and potentially real estate holdings.
• Tax-Advantaged Accounts: Utilizing accounts like IRAs, 401(k)s, and Roth accounts allows investments to grow tax-deferred or tax-free, significantly enhancing wealth accumulation.
• Education and Skills as Assets: Continuous learning and developing specialized skills are crucial assets, as expertise commands value and can lead to significant financial rewards.