I love Shark Tank (that’s probably obvious). One of the best phrases I have ever heard from the show was “missionaries get burned at the stake”.
There’s a lot of truth to that, particularly in the tech world.
For example: the average patent currently takes 22 months—that’s a lifetime in tech! Of course if you don’t get a patent, what’s to stop anyone from stealing your idea?
“Pioneers get slaughtered and settlers prosper” (that’s another one from Shark Tank). Myspace and Friendster were around before Facebook. Youtube wasn’t the first of its kind either…eBaumsworld was around first.
Creating the “next big thing” in tech sounds glamorous but the last thing I want is a patent war with Silicon Valley.
Even Mark Cuban claims he encounters at least one patent lawsuit every year.
There are scumbags who collect as many patents as they possibly can so they can simply sue anyone and everyone.
The notion of owning property and charging people to live there, on the other hand, is by no means a new concept. It’s a tried and true method of acquiring wealth. It’s terrific for leverage, passive income, and tax shelters.
Tax shelters, by the way, are beautiful, beautiful things. Uncle Sam is absolutely no exception—a penny saved is a penny earned. I’ll write more about tax shelters in another post, you’re going to love it.