BUILDING WEALTH #2 - The Power of Ownership: Why You Need to Own More Assets Than Liabilities

You’re Trained to Take Control in Chaos.

Now It’s Time to Take Control of Your Finances.

Firefighters are some of the most disciplined people in the world.

We prepare. We drill. We execute under pressure.

But when it comes to money, too many of us are carrying debt, leasing vehicles, paying off stuff we don’t own, and feeling like:

“I work full-time and still feel behind. What gives?”

Here’s the truth:

You don’t build wealth by working more.
You build wealth by owning more assets than liabilities.

This post is here to shift how you think about money — permanently.

What Is an Asset vs. a Liability?

It’s simple.

Let’s look at some real-life examples:

The goal is simple: own more of the stuff that makes you money, and reduce the stuff that takes it.

Why Ownership = Freedom

Ownership is what separates the rich from the rest.

Rich people own:

• Businesses
• Real estate
• Stocks
• Intellectual property
• Brands, websites, or media platforms

Most people owe:

• Loans
• Lease payments
• Credit card bills
• Monthly subscriptions
• Personal lines of credit

You can't build freedom owing your life away to things you don’t even own.

The Firefighter Reality

You make good money. But let’s look at a typical example of what most firefighters own vs. owe:

The Liability Life:

• $46,000 truck lease
• $7,000 credit card debt
• $320,000 mortgage (no extra payments)
• $0 invested
• No rental income
• Monthly spending = $1,000+ just to cover payments

You’re in survival mode.
Working OT just to make ends meet.
Nothing is building behind the scenes.

The Ownership Shift:

• Paid-off used truck
• $50,000 in RRSP/401(k)/TFSA
• $10,000 in emergency fund
• $100/month in dividend income
• Mortgage with equity + extra principal payments
• Small side hustle or rental property

You’re still working hard but now your money is working too.

What Kind of Assets Should You Start Building?

Let’s keep it real. You don’t need a million dollars.
You need momentum.

Here are assets every firefighter should aim to own over time:

1. Investments That Grow

• Index Funds or ETFs
  Own hundreds of companies in one fund (S&P 500, TSX Composite, etc.)
• Dividend Stocks
  Get paid just to hold them
• Retirement Accounts
  401(k), RRSP, TFSA — this is your long-term financial bunker

2. Cash Reserves (Emergency Fund)

• 3–6 months of expenses in a high-interest savings account
• This is your financial air tank — keeps you breathing when life hits hard

3. Equity in Real Property

• Own your home? Start making extra principal payments
• Ready to go further? Buy a rental property that cash flows (with smart analysis)

4. Income-Producing Side Hustles or Businesses

• Firefighter fitness coaching
• Carpentry or landscaping
• Apparel or digital products
• Online brand (YouTube, eBooks, investing content)

Build something once. Let it pay you again and again.

How to Reduce Liabilities (Without Hating Life)

You don’t need to be a minimalist monk.
But you do need to control the leaks.

Start here:

❌ Cancel Useless Subscriptions

If you don’t use it weekly, lose it.

❌ Ditch the Payment Mentality

If you can’t buy it without a payment, you can’t afford it yet.

❌ Don’t Lease Things That Depreciate

Cars, boats, furniture... If it drops in value, own it cheap or not at all.

✅ Use Debt Only to Acquire Assets

If you’re going into debt, it better build long-term value (not short-term ego).

Real Fireground Example

“One of our guys sold his leased Tacoma, bought a used F-150 for $10K cash, and put the $650/month he was saving into dividend stocks. Four years later, his portfolio’s worth $35K and pays him $80/month and his truck’s still rolling strong.”

The Real Flex? Ownership.

• Owning your vehicle outright
• Owning a rental property that pays you every month
• Owning dividend stocks that grow while you sleep
• Owning your time because you’re not drowning in payments

That’s the goal.

Not “rich guy” nonsense.
Freedom. Leverage. Confidence.

Recap: How to Shift Toward Ownership