Turn Your Last Name Into An Asset

 Turn Your Last Name Into An Asset

Hello All, Thanks for visiting our blog. Today we will be discussing how to turn your last name into an asset!

There are a few things that you could do to turn your last name (i.e. yourself, family) into an asset. It begins with knowledge of how you would like to begin this process. First, What is an asset? An asset is any resource owned or controlled by a business or economic entity. It is anything that can be used to produce positive economic value. Assets represent the value of ownership that can be converted into cash. So now that we understand what an asset is, and how we create one an even better question is how would we turn ourselves into an asset? Well, the answer is quite simple. You would either have some intrinsic value or information to provide. You can also have a business producing cash to employ others and outsource work, which in turn provides jobs to others. This in turn makes you an asset! You may use your intellectual property better known as the knowledge that you possess to find other ways to create assets and/or cash and value. You can use things like your knowledge of the stock market, cryptocurrency, or any other resource or form of value that can be created and turned into cash where the asset comes from your knowledge of a particular subject!

- Start A Business

    You are able to start a business doing anything that you love, there is some way to monetize it. You do not have to aim to create the next Apple or Google, although this may be very beneficial to you and millions of others. You also do not have to aim to make $100,000 a year! What if you made an extra $20,000 a year working for yourself outside of your regular 9-5 job? Wouldn't you be equally as satisfied? Now, what if you could do something that you could have fun doing, and maybe it wouldn't be considered work? Whatever this is you may find a way to monetize it and have fun doing it! I have started multiple side businesses from Auto Detailing, Lawn Care, and Property Management, as well as a media company! Although these are all side hustles at the moment they all have the potential to be much more! I use my current 9-5 job as well as a part-time gig to invest in assets that would generate revenue over the long run. I would also have the opportunity to remove myself from the day-to-day grind of the business if I were to hire and train the right people for specified positions to help increase the productivity of the business. Using this structure would make us an asset to the business! This will also turn your last name into an asset! You will also have the potential of increasing your income significantly if you own a business and its assets that are used to generate income from the business! You may need to hire help or change a few processes in your business to maximize revenue. 

- Begin investing

    Another way to turn your last name into an asset is to become an investor! You do not have to become the next wolf of wall street or Warren Buffet. You may simply be yourself and invest in what you love. This may seem daunting as the investment world is full of risks and rewards. Generally speaking, Investing will not get you rich overnight! Although there are some extreme cases as such in any circumstance. It is easy to get caught up in the whirlwind of investing in different assets such as the stock market, cryptocurrency, and real estate. Follow tried and true formulas for your investment asset class and holding for the long term is generally the best-suited investment strategy. Only invest what you are willing to lose in assets that you understand. Also do not use emotions when trading as it is very easy to get caught up when your money is on the line! if you have tested your strategy in a live market and you have earned or lost money then you understand that you need a strategy before you begin trading to maximize profits and minimize losses! No investor will be correct 100% of the time while trading, in fact, 97% of day traders lose money. In fact, A monkey blindfolded can pick 10 stocks at random by throwing darts at a board, and holding those same stocks for 1 year or more will generally outpace even the most experienced day traders! This is true because no one can time the market. The best tried and true formula for investing is actually time in the market rather than timing the market because no one knows what will happen in the stock market!

- Teach Others to Invest

This is a crucial step toward turning your last name into an asset! Once you learn the fundamentals of investing you can then begin to teach others what you have learned. Remember, nothing that anyone else says should be taken as financial advice including myself. I am not a financial advisor. If you have proven strategies for picking winning companies why not share this information with a select few individuals who actually may benefit from it? Investing in the stock market has become a ton easier over the last few years. Pick up your phone and begin investing today!

- Employ Others

This is one of the biggest steps if not the biggest step in turning your last name into an asset. Here is where you create value and provide it to others in the form of jobs and also security. Let's say that you created a business and this business requires employees to do certain things in order for the company to operate within a reasonable time frame. This now means that for the positions you created there will be compensation for the jobs that they perform will provide. This will provide your new team an incentive to try their best for you as well as give you the ability to attract and maintain top-tier talent. You want people to show up to work and give their absolute best every single day. The reason why this is important in our journey is that it gives us a legacy. Yes of course some businesses fail but this does not mean that your business has to fail. You will also be able to learn from your mistakes as well as pick up the pieces if you decide on a new venture such as investing or real estate. The goal for our entire journey is to turn ourselves into an asset for people to use and for us to provide as much value and information as possible to our fellow people.

I hope this information helps!

Deorick. 

CEO, Hustle Material.