[Writerpreneur OS] Lesson 0404: The Key Author Wealth Secret from Rich Dad, Poor Dad

And the course comes to its end. While this is probably saving the best for last, the full textbook is in proofing now...

Assets Earn Income: Buy More Assets, Earn More Income

Robert Kiyosaki's modern classic should be studied by all authors. Because he champions what we create - passive income from assets.

What's the top key asset any writerpreneur has? Their Content.

Their next-level key asset? Their subscriber list.

There was a world-famous - and perhaps the most highly-paid artist of the early 1900's - called Maxfield Parrish. He sold every painting as an asset three times:

His first sale was usually as a magazine and/or calendar cover.

Second was as limited-edition prints.

Finally, he'd sell the original - where it would be on display in a fine home or museum, promoting his work.

In our day, with Print on Demand publishing, and ebooks, we can do this better. Our content can be sold many more times than that, and never go out of print.

We also have all sorts of idea containers we can flood our content into. Like ebooks, audiobooks, paperbacks, case-wrapped hardbacks, dust-jacketed hardbacks, large format in both paper- and hardbacks. Then there are paid webinars. There are video courses. There are both self-paced and cohort courses, coaching, and consulting.

When an writer assembles and tweaks their word-output into some salable idea container, they can exchange their readers' money for their content. Readers are technically buying the container, not the content.

They are renting your content for a one-time payment.

In short, you increase the ability of your content assets to produce income. You write/edit/proof to an acceptable quality core package. Then you publish it as many ways as you can. All with as little active work on your part as possible. True passive income.

Then, living below your means, you then reinvest that extra income into other assets that earn you even more income. Meanwhile, you are coming up with more ideas, more content to share.

Now you don't put your valuable final content out on social media, except as a way to test the waters in short-form doses. Then when you get ready to write it into long-form content, you can make further tests on sites like Substack as paid newsletters. Once you know what resonates well with your readers, then you can narrow your focus to what works and then republish these pieces into books and other idea containers to leverage those assets into even more income streams.

Malcolm Gladwell used such a process to repurpose his magazine articles into published books that stayed on the NYT bestseller list for years. While he continued writing.

That's the simplicity of earning income as a writer - constantly adding more assets and passive income sources.

Then there is the discussion of things like building audience. And this is pretty much just finding people you can engage with, then posting very engaging content. They subscribe to your content. Encourage them to share your work with their friends - and become affiliates for your idea containers. They are then your ambassadors - and the income flywheel continues to spin.

Again, use your extra income from book/course/webinar sales to invest in writing craft books. So your content output becomes even more valuable. That income-rich flywheel then spins faster.

Now you know.

Follow Rich Dad, not Poor Dad.

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Table of Contents

Yes, this is the last video lesson. However, paid subscribers have instant access to the full transcripts, with bonus materials and additional resources. See below: