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 Hi! I’m J.D. Mosley-Matchett.
Perhaps you’ve attended some of the presentations I’ve made at DEMA in between 2000 and 2003. My area of specialization is Internet-based marketing strategy, and I’ve had the privilege of addressing audiences for Fortune 500 companies, including IBM and J.C. Penney. My articles have appeared in a number of respected publications, including the American Marketing Association’s Marketing News and PADI’s Undersea Journal. I’ve traveled across North and South America as a featured speaker. And I’ve been a professor in the College of Business Administration for the University of Texas at Arlington where my degrees in engineering, law, and marketing were put to good use training undergraduate and graduate students, many of whom were accomplished business professionals seeking to hone their skills.
However, in the year 2000, I read a book that completely changed my economic view of the world. It wasn’t particularly well written and it wasn’t authored by anyone with a Ph.D. But Robert Kiyosaki’s best-selling book, entitled Rich Dad, Poor Dad, provided a highly simplified, but extremely powerful, way of looking at money. Basically: An asset is something that puts money into your pocket. A liability is anything that takes money out of your pocket.
I’ve heard many people argue that Mr. Kiyosaki’s concept is an oversimplification. Certainly it doesn’t mesh with your CPA’s or banker’s definitions of asset and liability. However, the Rich Dad definitions are the best ones I’ve heard for guiding ordinary people in their day-to-day economic decision making.
Based on those definitions, how many assets do you own? Your car probably isn’t an asset, even if you own it outright, because of the gasoline and maintenance costs that create a negative cash flow. Similarly, your house probably isn’t an asset, with its mortgage and property taxes and repairs. In fact, besides their job, many people have absolutely no assets based on the Rich Dad, Poor Dad definition.
Okay, I’m not a financial planner and I don’t want to be. I’m also not interested in altering your way of life. I’m simply offering you a different way to do something you’re already doing.
As a diver, you probably plan to make at least one trip a year to a “blue water” location that has pretty coral and exotic fish. You’ll probably make sacrifices to take that journey. And in the long run the trip will have removed money from your pocket, making it a liability by anyone’s definition.
I’m offering you a chance to turn an annual liability into a cash producing asset that you can also enjoy as a diver. Keep one week for your personal diving experience and rent out the other weeks to make your investment pay for itself within four years. And that includes all the maintenance and insurance fees.
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