How To Become Rich?

by otopenews

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


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