Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about how to create wealth in today's economy, including the two ways to do this and the three types of people who create wealth through their assets.
- The right way to create passive or semi-passive wealth is to create multiple assets vs trading your time for money or ‘working your ass off.'
- There are three categories of people with assets: creators, controllers, and owners.
- Creators generate revenue using their mind to build or create something. Examples include online courses, coaching and consulting in a group setting, intellectual property and white label services.
- Controllers generate revenue through syndication – in other words they don't own the assets but they control them. Examples here include managing an Airbnb, affiliate marketing and drop shipping.
- Lastly, owners generate revenue through ownership of real estate. Property examples include car washes, storage rentals, laundromats, Redbox and rental properties.
- The sharing economy is taking a liability and turning it into an asset, like renting out your background, pool, barn or garage for an event.
- Peer-to-peer lending, often referred to as social lending, connects people or entities who are willing to loan money with people who need to borrow money.
- To craft wealth, change your mindset from consumer to employee. Think like an entrepreneur or producer vs consumer.
3 KEY POINTS:
- Create passive or semi-passive income through multiple money-making assets vs based on the hours you work.
- There are three categories of people with assets to accelerate wealth growth: creators, controllers and owners.
- Leverage your time to accelerate growth.
“If you're making it (money) with your ass, you're trading your time for dollars…the only way that you can make a dollar is to sell hours of your skills and life to an employer,and that is extremely limited.” – Jason Duprat
“Basically, you can take what used to be your liability, something that used to be a cost to you, and help either reduce the liability or just flat out turn it into an asset. This is called the sharing economy.” – Jason Duprat
“You do not have to be on the consuming end. If you are on the producing end, if you're adding value to people, that's where the real wealth is generated. That's how you become wealthy in today's economy.” – Jason Duprat
Hip Camp Website: https://www.hipcamp.com/
Spacer Website: https://www.spacer.com/
Turo Website: https://turo.com/
Lending Club Website: https://www.lendingclub.com/
Street Shares Website: https://www.streetshares.com/
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