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10 Golden Rules for Millionaires
Six years ago I had a net worth of $0.
Now I& #39;m a millionaire and retired.
These are the ideas that will make you wealthy.
// THREAD
Six years ago I had a net worth of $0.
Now I& #39;m a millionaire and retired.
These are the ideas that will make you wealthy.
// THREAD
1. Create more than consume
Live a life dedicated to creating rather than consuming.
This is the quickest way toward wealth.
Why?
Creators continually provide value to the world.
(therefore they are continually rewarded)
These rewards come monetarily and spiritually.
Live a life dedicated to creating rather than consuming.
This is the quickest way toward wealth.
Why?
Creators continually provide value to the world.
(therefore they are continually rewarded)
These rewards come monetarily and spiritually.
Create more than consume
Wealthy people create more than consume.
EX
Lottery winners go broke quickly.
Their money was handed to them.
All they know how to do is spend it.
They never learned the right way.
Want to be wealthy?
Look at consumer culture and do the opposite.
Wealthy people create more than consume.
EX
Lottery winners go broke quickly.
Their money was handed to them.
All they know how to do is spend it.
They never learned the right way.
Want to be wealthy?
Look at consumer culture and do the opposite.
2. Invest in Yourself
You are the greatest investment.
Always level up the fundamentals:
Love / Life / Health / Career
Listen to podcasts.
Read. Learn. Create
Thanks to the Internet, you can learn almost anything for free.
Once you provide value, the money soon will follow.
You are the greatest investment.
Always level up the fundamentals:
Love / Life / Health / Career
Listen to podcasts.
Read. Learn. Create
Thanks to the Internet, you can learn almost anything for free.
Once you provide value, the money soon will follow.
Invest in Yourself
Putting yourself first is viewed as a selfish act. But, it& #39;s the opposite.
Invest in yourself before you give to others. If you do not, you will have nothing to give.
A life dedicated to improvement opens up a world of opportunities for you AND for others.
Putting yourself first is viewed as a selfish act. But, it& #39;s the opposite.
Invest in yourself before you give to others. If you do not, you will have nothing to give.
A life dedicated to improvement opens up a world of opportunities for you AND for others.
3. Take calculated risks
Every wealthy person I know has taken on risk.
Iff you want to grow money you can& #39;t always play it safe. You will never get ahead. You will always be settling for the middle of the pack.
To get ahead you must stand out.
Every wealthy person I know has taken on risk.
Iff you want to grow money you can& #39;t always play it safe. You will never get ahead. You will always be settling for the middle of the pack.
To get ahead you must stand out.
Take calculated risks
Some of you may be defensive in nature.
This my suggestion: Use the 80/20 rule
80% in Safe Investments
20% in Aggressive Investments
NOTHING in between
This will help you sleep at night while giving you the needed exposure to get ahead.
Some of you may be defensive in nature.
This my suggestion: Use the 80/20 rule
80% in Safe Investments
20% in Aggressive Investments
NOTHING in between
This will help you sleep at night while giving you the needed exposure to get ahead.
4. Track your net worth
Tracking your net worth is like getting on the scale if you want to lose weight. You need to know your financial health before you can make progress.
Your net worth is a reflection of your finances AND your habits that created your financial status.
Tracking your net worth is like getting on the scale if you want to lose weight. You need to know your financial health before you can make progress.
Your net worth is a reflection of your finances AND your habits that created your financial status.
Track your net worth
Tracking your net worth helps you build momentum. Once you start it& #39;s hard to stop.
You will want the numbers to grow higher & higher.
Once you get into this routine your mindset will shift. And you will look for opportunities to make the numbers rise.
Tracking your net worth helps you build momentum. Once you start it& #39;s hard to stop.
You will want the numbers to grow higher & higher.
Once you get into this routine your mindset will shift. And you will look for opportunities to make the numbers rise.
5. Understand how taxes work
Understanding how taxes work in your country is the quickest/easiest way to generate wealth.
The Truth
Taxes are complicated is to keep smart people at the top. Smart people are capable of exploiting loopholes.
LEARN THE LOOPHOLES
Understanding how taxes work in your country is the quickest/easiest way to generate wealth.
The Truth
Taxes are complicated is to keep smart people at the top. Smart people are capable of exploiting loopholes.
LEARN THE LOOPHOLES
6. Understand assets vs liability
Poor people buy liabilities and then don’t understand why their stuff keeps them poor.
“Know the difference between an asset and a liability, and buy assets. Rich people acquire assets. Poor people acquire liabilities." - @theRealKiyosaki
Poor people buy liabilities and then don’t understand why their stuff keeps them poor.
“Know the difference between an asset and a liability, and buy assets. Rich people acquire assets. Poor people acquire liabilities." - @theRealKiyosaki
Understand assets vs liability
Want to be rich? Spend money on assets.
Examples:
Stocks/Investments/Royalties/Rental-income
Assets generate money. They put money in your pocket.
If you are going to make money (and want to make even more money) spend it on assets.
Want to be rich? Spend money on assets.
Examples:
Stocks/Investments/Royalties/Rental-income
Assets generate money. They put money in your pocket.
If you are going to make money (and want to make even more money) spend it on assets.
7. Automate your Investments
Less mental real-estate is the goal.
Have investments set to automatic. Have money taken out of your paycheck directly. So, when payday comes your money is automatically saved.
Set it up properly and you will never think about it.
Less mental real-estate is the goal.
Have investments set to automatic. Have money taken out of your paycheck directly. So, when payday comes your money is automatically saved.
Set it up properly and you will never think about it.
8. Only invest in what you understand
“Never invest in a business that you do not understand." -Warren Buffett
Not knowing why severely limits your ability to learn from past mistakes. Being able to reflect on past performance is the easiest way to get ahead.
“Never invest in a business that you do not understand." -Warren Buffett
Not knowing why severely limits your ability to learn from past mistakes. Being able to reflect on past performance is the easiest way to get ahead.
Only invest in what you understand
Buying what you don& #39;t know leads to weak hands.
Strong hands = conviction
You will have a better understanding that will allow you to hold through peaks and valleys.
This will lead to exceptional returns.
Buying what you don& #39;t know leads to weak hands.
Strong hands = conviction
You will have a better understanding that will allow you to hold through peaks and valleys.
This will lead to exceptional returns.
9. Adopt the 1 Month Rule
Are you going to buy something brand new?
Delay the purchase for 30 days.
If you still want to buy the product next month.
Then do it.
This will stop you from buying irrationally.
Advertisers try to get you to impulse buy for a reason.
Fight back.
Are you going to buy something brand new?
Delay the purchase for 30 days.
If you still want to buy the product next month.
Then do it.
This will stop you from buying irrationally.
Advertisers try to get you to impulse buy for a reason.
Fight back.
Adopt The 1 Month Rule
When you make a purchase you think it will bring you happiness forever. It will not.
Think about hedonistic adaptation.
The rush lasts for 2 weeks. Tops.
Then you move onto something else.
Learn to rule your emotions or they will rule you.
When you make a purchase you think it will bring you happiness forever. It will not.
Think about hedonistic adaptation.
The rush lasts for 2 weeks. Tops.
Then you move onto something else.
Learn to rule your emotions or they will rule you.
10. Learn to Create Leverage
You won’t get wealthy by trading time for money. And you can’t do it all yourself (networks are so valuable).
Ways to Leverage
- Audience
- Systems
- Knowledge
- Time (others time)
- Financial (others $)
Leverage means work smarter, not harder.
You won’t get wealthy by trading time for money. And you can’t do it all yourself (networks are so valuable).
Ways to Leverage
- Audience
- Systems
- Knowledge
- Time (others time)
- Financial (others $)
Leverage means work smarter, not harder.
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