Ownership is the key to building wealth. Let me explain.
Through the ages, residual income is how wealth is built.
And ownership is how residual income is built.
ownership of different things, in different ages.
In the Agrarian age, landowners w…
Ownership is the key to building wealth. Let me explain.
Through the ages, residual income is how wealth is built.
And ownership is how residual income is built.
ownership of different things, in different ages.
In the Agrarian age, landowners would allow peasants to live off their land as subsistence farmers, and collect royalties off their produce. That’s where the word comes from - royalties paid to noble lords and royalty. So if you owned land then, you were rich.
In the lndustrial age, the owners of the machines and factories became wealthy.
In the Information Age, the owners of intellectual property (IP) became wealthy - through royalties on book sales and licensing deals, for example. My favourite success story is JK Rowling and the amazing wizarding world she created. From a single mother on welfare to being one of the richest creators in the world today and throughout history.
Intellectual property is a funny thing, in that it’s not a thing in itself. It’s just information that enough people collectively agree belongs to someone and it’s protected by law if challenged. Just like Harry Potter isn’t a real boy. He’s just a name and a story whom we all agree belongs to Rowling. And the courts would enforce that ownership if someone tried to infringe on it.
Other IPs are like a book, a blog or a podcast channel and episodes of videos.
Another kind of intellectual property you might not obviously think of as IP is a position in a compensation plan. It’s not a thing like a brick and mortar store. It’s just information that enough people agree on, and it’s backed by law. If you want to be an owner of IP in the Information Age, you could write a book, record a song, create a film, OR create a position in a compensation matrix such as I have in a few affiliate programs.
The “bad news” is that IP is not a material thing you can hold. But that’s also the good news! Think about it, in the California Gold Rush, land was limited. If you were late, you w..
