Utilize Intangible Assets

This is by far one of the most important factors that any person must take advantage of. Although intangible assets have no physical value to them, they carry enormous weight. Intangible assets are the reason why people are successful. It is what makes a person come from rags into riches. Yet because we do not see any real assets such as money in our hands from these benefits, we tend to overlook their real potential in making our lives better.

Time

Many things can be associated with time, but for now let us take this example. Imagine that you’d like to invest some money into a mutual fund of your choice that you know might perform well. You still know that there is risk involved, time for research, and the paperwork of opening an account. You dream of doing all this, but you are stuck with your 9-5 job making $40,000.00 a year with two boys at home and you can barely pay the mortgage. You know you want a better life, but you put it off to the point where you think that it probably isn’t a good idea anymore. You think that you should just put it into a CD, Bond, or something easy to set up.

So what do you do instead of putting in work? You go to the beach, eat, sit around and watch t.v., and take long naps. Does this sound like you? It’s hard to do all the things involved with doing a certain task and no guarantee of a return. What if that person just did exactly what he thought of doing? It frightens people sometimes because they don’t have a boss who is paying them to research stocks, and it’s taking time out of their weekend. If they are paid $20/hr and they research the market for 5 hours each weekend, that’s $100.00 of their time that they aren’t getting paid for. This is what I call an opportunity cost. One must outweigh these small sacrifices in the way in order to obtain better results.

Some of you may have heard this before, but imagine that we are given $86,400.00 each day. At the end of the day the unused portion goes to zero and the following day we start with another $86,400.00. What would we do with all that money? We’d spend it all especially since we get $86,400.00 again the next day right? Well, we really are given 86,400. 86,400 seconds each day. 86,400 seconds each day to put our ideas and knowledge to good use. Any excess time spend lying around doing nothing is a loss in our journey to become great.

Don’t value $100 bills more than time. Money is what happens when you sacrifice. Money is what happens when you use what you know. Money is what happens when you put time to use. Don’t forget that.

Application of Knowledge

“Knowledge is power.” Is it really? Depends if you are using it to the best of your ability or just letting it rot away in your head. What happens when you apply knowledge? Wonders. Teachers, professors, mentors, tutors, trainers, instructors, and coaches are paid because they share their knowledge. People invest in them to obtain a better return on life.

That’s not all. You know who applied knowledge well? Millionaires. Billionaires. They knew something no one else knew. Warren Buffett, Donald Trump, Larry Page and Sergey Brin. What if Google’s founders kept their secret to themselves or never took the initiative to create their empire? What if they just slacked off and watched t.v. all day? They wouldn’t enjoy their $16.6B networth right now i’ll tell you that. Not only that, they wouldn’t have been able to help all those who use their site daily.

Mistakes

This is one of the most overlooked intangible assets we are given everyday. The gift of mistakes. We must understand and accept that mistakes are used as evaluation tool in determining where we stand. Imagine if mistakes did not exist. People would be ignorant in every aspect of their lives. They would think that every action they did was correct, and there would be complete chaos. What makes mistakes so valuable is the fact that we learn from them. Instead of making a costly mistake twice, we avoid that second mistake by learning from the first one.

Want to obtain the benefit of mistakes by not making any of your own? Learn from others’ mistakes. This is a technique used by the successful. If you aren’t sure if you should go into a certain endeavor, learn from the people who have been there already. Ask what not to do and what to avoid. It will save you time, money, and frustration.

Use these assets each day; they will certainly contribute to your accelerated growth and success.

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