Topic: acquiring many properties in the name of owning an asset - page 2. (Read 629 times)

One of the advantage on buying up some asset specially on real estate or simply having tons of buildings specially if its located on strategic locations then its value would really be that appreciating and on the years
passing by then you wont really be that able to notice it out that those investment that you had put on those early years did make out that significant increase of its value or simply making profits.
Basing up on the situation been stated on OP on which you have forgotten some of those properties then well its something that might be that possible but we do know that as a businessman
who do get used to on how to run up a business then having those skipped investment would really be that unlikely.

This is why we do really work hard our asses off just to have something that our family would be able to obtain or get on the moment that you do pass away.
This is something our primary target when it comes to this space.

I can relate with what the OP is saying, there are people who keeps acquiring so many properties that they cannot oversee. There is a popular hotelier in my country, he keeps building new hotels in every nook and cranny of some selected states, I heard that he has nearly 200 hotels in these states and he's still building more. I often wonder how this man can be able to oversee the affairs of his hotels because some of the hotels are poorly managed, he probably concentrates more on the newer ones. It would have been better if he had a few five star hotels than clearly over 100 two star hotels that most are not up to regular standard.

Never say it wrong as it is an absolutely right decision made especially when you feel no confidence in saving your money in the bank. We can't say it is not productive because once it is an asset, the value will grow from time to time. Buying land, joining real estate investment, etc., we can't feel the instant profit from them but after a few years, it is certain that we are multiplying our money. Perhaps, that is what we call investment, we harvest results after several years pass, and if we have multiple sources of income, we don't mind if these properties or assets will give us a small ROI. This is how rich people make millions and in their mind is to make more money. Normal people sometimes think that they are greedy but for me, they don't want to lose opportunities that is why even they already have a lot, they still acquiring more.

If we already have assets that can provide us with sufficient income to be able to meet our daily needs, of course this will mean we don't have to do tiring work anymore and if we still want to increase the wealth we already have, there's certainly nothing wrong with that. also choosing to enjoy the results that we have obtained from these assets is also not a problem for anyone because what we have achieved means we have the right to enjoy it and from the story you said, of course it would be very good for us to be able to have assets that can provide income for ourselves because if we are sick at an old age and cannot have assets, of course this will be very difficult for the people closest to us, this is truly something that no one wants.

A very important life lesson I learned in the past 2-3 years is that if you do have assets that make you money, then you could be retiring without need of anything else. A person I love is having some health issues, I don't want to get into detail, but she has money and assets, so most of the stuff is covered by her medically. I do help around as much as I can, which is why I believe that we are going to end up with a result that would not be all that bad, we should just consider how it would go without any issues if she didn't had assets, it would had so much assets in the end.

I personally believe that we are going to end up with a lot of assets in our life if we really think about our future. I want to have a lot of them before I get old and sick, so that I wouldn't be a burden for anyone at all.

I think there's this notion that "humans are never satisfied with accumulating more wealth and becoming wealthier." Rich people want to become richer rather than poor and have their net worth reduced. So, in order to improve, they definitely will continue to accumulate more assets, and they definitely will keep track of and keep records of all their assets. 

Just as you have said, some rich people accumulate assets until they even forget about some of the assets they have. Well, it happens, but not with tycoons or international entrepreneurs. The people who are in this category of becoming so wealthy that they will even forget about some of their assets are some greedy politicians who steal from the government. Some of them will receive a huge disbursement from the government that they are to use for a project, but they might not do the project or they might start the project and not finish it, and then they will convert the money to their personal funds. Some other rich people that fall into the category you are describing are those involved in illegal activities that generate millions to billions of dollars on a regular basis. 

Those kinds of rich people may not want the government to put their eye on them, so they would use that stolen and illegal money to acquire lots of properties, and some of those properties may not really be in their name. 

To answer your question, which I highlighted, rich people or any individual that is aspiring to be rich will always invest his or her money into an asset that they believe and expect to get profit from in the future. It doesn't matter the number of assets they invest in, but believe me, every rich man who is making his money legitimately will always keep track of all his assets. He doesn't even want to lose anyone.

What do you mean by productive and unproductive here?

Are you talking about the property that generates revenue like rental income instead of simply a villa that might never got any visit from the owner?

I would say people who became rich might know the answer to this already, having rental properties is good but people who have money that can't be spending in their entire life have a fantasy of owning a piece of land in multiple cities.

OP, I will like you to give me an example of such properties that are not income generating properties. Because if you are talking about having many houses, it is not a waste of money since someday the house can be sold in a very high price. I don't think that any rich man will want to get a property that does not increase in value as time passes by. Another thing that I observe is that some of these rich people buying properties that is not useful to them is because the money was stolen from somewhere and buying these properties is a way to hide the money without anyone knowing about such funds. People in the government and public offices are the ones doing this.

It would have been more better if you had listed those assets you think that wealthy people owns that are unproductive. Well it might seems that those properties are not productive in your eyes but deep down it's not as you are seeing it. Wealthy people like to diversify and that's why they invest in various assets. As an investor that has diversified into different forms of investments, you need to hire a portfolio manager to keep accurate records of your investments, and while you are doing that your wife, children and close family members should be aware of all your landed properties and their locations. You can keep photocopies of your documents with the portfolio manager but never the original copies.

Another reason why people invest in different assets is because you never can tell the government policies that will be favourable. A particular government will come into power and their policy will favour agricultural investors and when that government comes to an end and another government comes in, they might decide to shift from agriculture to construction and mining. Thus people who invested in that area will be the ones to benefit.That's why wealthy people always position themselves in all aspects of the economy so that any way the economy is heading to they will always benefit from it. So no investment is actually worthless, it could be worthless today but tomorrow it will worth something.

It is very unsafe to not disclose your property to your family, though you also highlighted writing of will there are people who wrote their will and entrust it to their lawyers and hiding it from their children or family because they don't want them to know their shares early anyways it is either you announce your will when you are still alive or some of your properties will be lost to another person.

When someone decides to diversify their funds into several types of assets, of course this is very profitable for them in the future and having unproductive types of property assets is not a problem if we have sufficient income to meet our living needs, but in choosing to invest in property, of course Of course, this would be very good if we could choose the type of property investment that can provide results. Of course, this would be better if the income we have is still limited to meeting the needs we have.
It is true that there are some people who sell their assets when they experience urgent needs, but if we can still maintain it, it would be better if we could look for other alternatives so that we can still maintain the property we already own.

My response is it is wrong to acquire properties that are a liability and not an asset. Before acquiring things in life, we should always know the difference between an asset or a liability. From the story you highlighted, owning landed properties is quite a good asset just that people forget what they own sometimes I ask myself how that is even possible. But it happens. There was a compound I know about it was said that the owner had forgotten about the compound and now the tenants are living in that apartment for years without paying any rent year to year Because the owners has forgotten about them.

The thing is there is a level of wealth one would have you won't be able to manage all your properties. In my own opinion, I would say instead of acquiring those properties we should use the money to invest because that is what we yield good money for us over the years.

Yes it is advisable to own alot of assets or diversify into different denomination provided those asset are productive or can be sold to get back something in return. Any money invested in property is liable to have something in return. though it may be that some properties may not be a productive asset like bitcoin investment or any other form of investment, but just a property to sell when there is challenges or when the need arises. there is alot of people who had properties, when they had challenges above there capital, they sold their property. what am trying to say is that we should have property everywhere sothat when we are of age, or don't have  fund, we may sell those property to recover some funds to settle pressing need.

Owning too many properties leads to loss of some of the properties because it's not all that you can be able to manage by yourself so it will surely lead to entrusting it in the hands of other people who you feel you trust and in the end they can undue and betray you and made away with those properties without a trace and since they have the documents in their possession that means the case may just die off.
Owning landed properties is a very good asset if you buy with the intention of reselling in the future instead of buying a landed property and erecting a structure that will be abandoned after completion. Apart from acquiring too many properties investing on human capacity development is also a very good way to make investments because those people will be made through you and the circle continues because some other people will also benefit from them as well.

Having lots of assets is very important for us because our life is not always beautiful, by being able to develop our business and by being able to save with some assets that is a very good achievement, with assets we have more or less saved ourselves from the economic crisis in the future. the upcoming one.

Assets in the form of property can become movable assets for us, that way we can be calmer in our old age. By focusing on movable assets, we can enjoy them. We have to think carefully about property assets, because there are many parties involved, in terms of workers and managers, whether good or bad depends on how we manage it, the assets we can get a lot don't have to be property, we can also get other things to increase our own assets.

Op, this is a very interesting topic, I must commend your effort in bring this piece of writing here, for me, believe acquiring asset should be done not only for future benefit they can settle immediate needs waiting for the future to come, many wealthy people fall this victim of acquiring properties that are not meaningful and thats because of greed or may be because the owner was into problem that made him or her decide to sell at a cheaper price, i suport that buying what you cant sustain is not economically or business wise, i believe that once an individual decides to acquire assets, it is for business purposes not for show up.
Most times corrupt politicians buy this properties or assets with embezzled and stolen funds thats why they are always in haste to acquire property anytime even though it may be abandoned or forgotten by them, they want to make sure that the money is not in their possession to avoid trace.
I think an individual who is business minded that earned his money legitimately, will want to acquire assets or property that he or she can be able to remember or sustain, a wealthy business minded person believes that it doesn't matter how many asset you have, what really matter is your ability to remain relevant in business for future benefits.

 
You don't have to agree with me on anything concerning Dangote and his wicked life. Many business you see today that dangote is doing, he collected them from other business men by force. Let me give two good examples. First, Cement: Cement was first produce by another person and it was called "Elephant Cement" and as of then Cement was sold as the rate #500 and your so called favorite dangote asked the FG to stopped the person so he can produce it which the then President did OBJ, and today a bag of cement is #10,000. And Indomie noodles were manufactured by another person but your dangote also asked the FG, to stopped the person and he us producing Indomie noodles and a packet is 300 which was 50 to 70 Naira.
And now that has taken over the petroleum industry. Fuel price will increase to 1800 Naira. Are you also aware that Dangote is one of the Members in the Nigeria Economic Team? When someone has too much property it intoxicate the person. Yesterday Newspaper said, Dangote refineries are not to reduce fuel price but to make it abundance yet we have not seen anything. And On the 30th of last month, Dangote was crying that FG gave license to other marketers to sell dirty fuel. Now Dangote is selling clean fuel and the fuel we were buying from American now is dirty.

Some riches own many properties to make them popular, they doesn’t care if it is productive or not, owning some properties is good because if you own a company, factory, or industries and you employed people it will reduced the rate of unemployment, but it is not advisable for someone to acquired many properties that he won’t be able to focus on, owning many properties Is now like a competition to some riches, they always want to be richer than each other

Indeed it is substantial to acquire asset for the sake of our future, you don’t have to invest in many things to showoff, even just a property can stand as an asset if you make it productive, for example if you own a private health care and you put all your attention on it, it will develop stronger and become standard, when a time come that you don’t have power to work anymore the health care will be supportive and beneficiary to you

Acquiring properties is good but it must be done sensibly as well. If it has come to the level of agents conspiring to deprive you of your properties, then you do not know what you are doing. All properties should be well-documented and periodically audited for maintenance and accountability with the involvement of your lawyer(s). This is not new to the rich men who earned their money through legal means or at least the means they can defend under any circumstances, unlike those who are buying properties through illegalities and proxies like shell corporation arrangements that are now popular among money launderers.

Once it is being termed an asset, it is never worthless, it is valuable and will always sustain what it's being called. And yes, it is good to have your properties/assets, they will not betray you as a wealthy person (to keep the status) when you need them. This is especially true when all fails, they will not fail you. In reality, this is what many business gurus fall back on when other things fail them even as I watched a documentary of a wealthy Indian billionaire that went from tens of billions of dollars to $0 a few decades ago. He is still living fine today due to the assets he had bought when things were rosy. And of course, this is a very good way to indirectly Insure the future of your children and loved ones.

For this, you can never go wrong with the asset purchase, but just be accountable for them and not just buy and forget them.

That is the beauty of owning properties. Aside from the valuation appreciation, you can let your children inherit it. As a parent, we all want the best for our kids before we pass away.

Being irresponsible of not doing such will let your children face the consequences of it. Your legacy is what you give to your children so that they can live freely while learning all the grit of life and so as they grow, they will also achieve owning their first property.