I have a theory: the best digital marketing practitioners in the world are not consultants helping their clients get rich. Rather, they are their own clients. Or, if they do have clients, they’ve figured out a way to have them on a performance pricing model in order to share in the client’s upside.
How are these rock-stars their own clients, you ask? It could be a range of things — they could be affiliates, “infoproduct” sellers or lead generators who are leveraging digital marketing expertise. Or a combination of the above.
One thing is certain: they use their digital marketing knowledge and expertise to make money for themselves rather than helping clients make all the money and in turn getting paid for their time. Dollars-for-hours consulting is a hard slog and doesn’t scale.
Contrast that with building an income-generating asset — one that makes money for you while you sleep. It can appreciate in value even when you aren’t expending energy and time on it.
One thing I drilled into my kids’ heads from an early age was the value of building assets over working for a living. Years ago, I had read in the book “Rich Dad Poor Dad” that an asset is something that puts money in your pocket every month, whereas a liability is something that takes money out of your pocket every month.
Given those definitions, what is the house that you own — an asset or a liability? Clearly, it’s a liability, unless you’ve moved out and are renting it out for more than your mortgage payment.
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