This is a space on the internet dedicated to the study of changing an idea into an asset. This idea was sparked by ideas I have read in Robert Kiyosaki's or Donald Trump's books. The articles here are made for people just like me who have no real experience generated money making ideas. Going beyond the ideas of just studying money, I will putting the ideas into action and tracking my progress for others to see.
Thursday, October 21, 2010
How do you create assets?
From the previous idea that the quickest way to get rich is to create assets as opposed to strictly buying them, I now see how valuable this process can be in accelerating wealth acquisition. I just wanted to take a small amount of time to talk about the definition of what an asset is. An asset is anything that brings you income every month. The thing Kiyosaki gets upset about is when you call your home an asset because it falls in the expense column and therefore is not an asset.
Types of assets. In a most general sense, assets can be a business. If you open up a card shop or a restaurant and it brings you money, it is an asset. Inventions are another example of an asset. I realize that these are not clearly defined genres because Bill Gates would fall into the business category for Windows but also for the invention of Windows. There is paper assets like stocks or bonds. There is assets such real estate. There is also artistic royalties like from songs, books, or acting.
The last one was always the most intriguing to me because I write and record music in my spare time. It is something I am good at and enjoy doing. It has come to my attention that maybe I should write jingles for companies and sell the rights to them. Now, I don't even know how the process works. Is it just a one time flat rate you sell your song for or is it like every time it is played, I get so much for myself. I imagine it could be both, but you probably need an attorney for the latter option and maybe the first.
I've done a small amount of initial research on the topic. At eHow, they suggest to start small in your local area. Ask smaller businesses who may not have even pursued such an avenue if you had not been there. They have general tips too like creating 15 second and 30 second instrumental tracks so they can edit their voice-over over the music.Here's the advice from eHow:
http://www.ehow.com/how_5083137_make-money-writing-jingles.html
Below is a link to a story about a guy named John Aldrich who came into jingle writing accidentally. He's recorded thousands of jingles for big business and small businesses. He does prefer to do local pizza shops as opposed to big chain like McDonalds because you only have to please the owner of the pizza shop but with national chains there is a slew of people to impress. Here's his story:
http://www.1099.com/c/ar/di/jinglewriter_d023.html
So, it this a viable option? Well, I do not know for sure. I want to do more research on the subject. If you know anything about this industry, please comment below with any information.
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