How to become rich?

A checklist

About the Self:

• Be passionate and alive. Meditate
• Know your issues/weaknesses. Have strategies to deal with them. How do you deal with Fear and Greed?
• Leverage your strengths.
• Learn from the mistakes of others rather than your own.
• Check in with your state of mind frequently. The right perspective creates the right mindset.
• Look out of the box, think for yourself, and serve yourself rather than the man
• Self-Reliance is a virtue.
• If it’s easy it is probably expensive.

About Time:

• Plan ahead
• Make a to-do list
• Take action on what matters.
• Gain Momentum.
• Which actions will matter in 1, 2, 5, 10 years?
• Kill time wasters. Create a not to do list.
• Have goals in multiple areas of your life.
• Convert time to value. (Rather than entertainment)
• Do something to get out of the rat race.
• Measure stuff.

About Saving:

• Be aware of lifestyle inflation.
• Save aggressively. 30%, 40%, 50% of your income.
• Create rather consume. Have a creator mindset. Develop a product, an idea.
• Saving time is more important than saving money. (If you spend that time usefully)
• Use your saved money to create more money.
• Liabilities, financial or otherwise need to justify their cost.
• Save on the tax bill. (legally)

About Investing:

• Invest in what you understand, learn about the investments you do not yet understand.
• Create your own investing edge.
• Accumulate assets rather than liabilities. Assets create more money, liabilities cost money to maintain.
• Compound interest in the most powerful force in the universe.
• Productive Credit provide access to larger assets
• Buy Low Sell High.
• Investing is not Gambling
• Have an exit plan for every trade.
• Evaluate the options to invest in something. The devil is in the detail. Fees.
• Diversify your assets and your sources of income.
• Financial independence is possible.
• Rebalance your portfolio.
• Organise your investments according to your current capacities:
  • Little Risk
  • Low Risk
  • Medium Risk
  • High Risk
  • Extreme Risk