“A poor person buys a thing …. the rich person buys an asset!” – Cush
What does this mean for you?
Cush is the man behind one of the worlds best podcasts: Things I Say. Normally, he isn't dealing with making money in his shows, but in his latest podcast he is, and that's where he brings the above statement. He is clarifying it by telling a story:
Cush is passionate when it comes to podcasting. He has a real sound studio. It's a hobby that means a lot to him, so he would like to invest in some better equipment. This equipment costed $2,000, and well, it's not a kind of money tht you just throw on the desk. So Cush did some hard thinking: How could he come up with 2,000 dollars?
Cush looked around. He was searching for possibilities. In the paper he read about a company in Los Angeles, his town, and they where having a sale. But … they didn't want to send their things to the buyers. People had to come and pick them up themselves. Cush saw a possibility here: Find a thing, buy low, sell high on eBay, and ship it to people who couldn't go to L.A. and get it themselves.
On the list of things Cush found something special, a little exotic. He invested 100 dollars in it, and sold it on eBay for 800 dollars.
Next he joined with a friend, who found the idea interesting. Together (for the friends money) they bought three items for 2700 dollars and sold them with a profit of 3600 dollars. Now Cush not only had his 2,000 dollars, but actually 2,500 dollars.
So – what's the moral of this story?
* Think as a rich person: Buy assets, not things.
* Always be on the lookout for possibilities.