When it comes to the issue of building up Black people financially, American author, economist and social commentator Dr. Boyce Watkins talks about asset accumulation through ownership. Asset accumulation is the goal of all savers and investors. It represents increasing portfolio values, net worth and savings account balances, as cash is saved or invested and then grows through interest earnings and investment gains.
Watkins recently posted a video on The Maven website which is partnered with Dr. Boyce Watkins: Black Wealth Channel. “Those who have power in America are those who are always thinking about ownership,” said Watkins.
He emphasizes the importance of either complete ownership or partial ownership. Watkins shared that he prefers to share his media content on The Maven because he has shares of stock in that company. “I never liked the fact that I had to use Facebook and YouTube all the time to do stuff on my platform because we don’t own this,” he explained.
Watkins made a deal with The Maven because he has partial ownership of the company. “If I’m doing all this work and we’re creating traffic and audiences, we want to be an owner of that. We want everything to be Black-owned as possible,” he stated. Partial ownership is also known as fractional ownership.
With fractional ownership, the investor owns part of the title, rather than units of time; with fractional ownership, if the asset increases in value, so does the value of the shares in the investment.
Multiple streams of income are another way of creating financial security, according to Watkins. Here are some tips that can create multiple streams of income if someone has a home business: Take out a piece of paper and write your main business product or service in the middle to start a mind map.
Create four spokes titled “Products,” “Services,” “Advertising/Affiliate” and “Other” off your main product or service.
Create spokes off each of these categories with ideas on how you can make money at them.
Focus first on passive income streams that you create once but they continue to generate income.
Next, focus on income streams that can expand your business.
Choose and set up one income stream at a time.
Wait until one income stream is up and running before starting the next. Drop an income stream if it isn’t working.
According to Watkins, the last thing that he would be thinking is “What am I going to spend this money on?” when he is receiving asset income. “Multiple streams of income is extremely important. One of the ways I was able to develop multiple streams of income is through various partnerships,” he stated.
For more information, visit https://www.themaven.net/blackwealthchannel/intellectual-chocolate/KBgF-WImaka-9jY59dFxLA. As Watkins said in his podcast video, “Ownership is the key to power.”