Only 15% of millionaires in American inherited their money. Patrick Bet-David knows you don’t need money to make money. He’s the perfect example of that. Having money is only one of seven types of equity. If the only source of your equity is money, you are one dimensional. All seven will ensure that you have more value in the marketplace and make millions more than someone with just money.
“If you want to make yourself irreplaceable, if you want to make yourself the highest value in the marketplace, your goal is to be able to have as many of these seven as possible, not just one of the seven.”- PBD
So, what are the different types of equity that are going to make you millions?
7 Types of Equity to Make You Millions
- The most obvious form of equity that can help build wealth and add value in the marketplace. But it’s not the only game in town.
- When you have sweat equity you are not afraid of working hard to get to the top. You are hungrier than those who inherited their wealth and it pays dividends.
- Money can’t buy you morale or social equity. It is developed between people and it takes effort and time. Nobody can inherit social equity. You either have it or you don’t.
- You need to not only speak the right language, but you also need to know the culture of the community you are trying to break into. Whether it’s a country overseas or a niche market like Silicon Valley, you can’t get into the community without walking the walk and talking the talk.
- There’s a lot of equity in your phone contacts. Not knowing the right people can make your millions of dollars worthless because only those people can increase your market value.
- A person with a specialized skill has equity that a person with money doesn’t have. Take data specialists like Michael Burry, who was made famous in the movie The Big Short. His specialized skill of data analysis made him 300,000,000 by knowing when to short the market before the 2008 collapse.
- Intellectual property can be anything from domains, to books, to trademarks, to patents – anything that earns you equity by simply owning the rights to that property. It grows exponentially while you reap the benefits
Next Steps: If you agree with the concept talked about in this article and video, go on twitter and tweet the following. “If you think it takes money to make money, you are simply looking for a cop-out.” and tag @patrickbetdavid.
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