How to become rich?
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.
- 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.
- 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)
- 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