7 Lessons from
"Money Works" 📚📚📚
by Abhijeet Kolapkar
"Money Works" by Abhijeet Kolapkar is a comprehensive guide to personal finance. Here are seven key lessons from the book:
1. The Importance of Financial Literacy:
• Understanding basic financial concepts is crucial for making informed decisions.
• Knowledge is power when it comes to managing your money effectively.
2. Start Saving Early:
• Even small amounts saved consistently can grow significantly over time due to compounding interest.
• The earlier you start saving, the more time your money has to work for you.
3. Create a Realistic Budget:
• Tracking your income and expenses helps you identify areas where you can cut back and save.
• A budget is essential for achieving your financial goals.
4. Manage Debt Wisely:
• High-interest debt can be a major financial burden.
• Prioritize paying off high-interest debt and avoid accumulating unnecessary debt.
5. Invest for the Long Term:
• Investing is key to building wealth.
• Focus on long-term investments like stocks, mutual funds, and real estate.
6. Diversify Your Investments:
• Spreading your investments across different asset classes reduces risk.
• A diversified portfolio can help protect your wealth from market fluctuations.
7. Insurance is Essential:
• Protecting yourself and your assets with adequate insurance is crucial.
• Life, health, home, and car insurance are essential components of a financial plan.
Remember: These are just a few key takeaways from the book. "Money Works" offers much more in-depth information and practical advice on various aspects of personal finance.
The Guide To Financial Literacy 💵
@Business_Library
"Money Works" 📚📚📚
by Abhijeet Kolapkar
"Money Works" by Abhijeet Kolapkar is a comprehensive guide to personal finance. Here are seven key lessons from the book:
1. The Importance of Financial Literacy:
• Understanding basic financial concepts is crucial for making informed decisions.
• Knowledge is power when it comes to managing your money effectively.
2. Start Saving Early:
• Even small amounts saved consistently can grow significantly over time due to compounding interest.
• The earlier you start saving, the more time your money has to work for you.
3. Create a Realistic Budget:
• Tracking your income and expenses helps you identify areas where you can cut back and save.
• A budget is essential for achieving your financial goals.
4. Manage Debt Wisely:
• High-interest debt can be a major financial burden.
• Prioritize paying off high-interest debt and avoid accumulating unnecessary debt.
5. Invest for the Long Term:
• Investing is key to building wealth.
• Focus on long-term investments like stocks, mutual funds, and real estate.
6. Diversify Your Investments:
• Spreading your investments across different asset classes reduces risk.
• A diversified portfolio can help protect your wealth from market fluctuations.
7. Insurance is Essential:
• Protecting yourself and your assets with adequate insurance is crucial.
• Life, health, home, and car insurance are essential components of a financial plan.
Remember: These are just a few key takeaways from the book. "Money Works" offers much more in-depth information and practical advice on various aspects of personal finance.
The Guide To Financial Literacy 💵
@Business_Library
👍21❤7
A WISE MAN ONCE SAID
1. Don’t call someone more than twice continuously. If they don’t pick up your call, presume they have something important to attend to;
2. Return money that you have borrowed even before the person that borrowed you remember or ask for it. It shows your integrity and character. Same goes with umbrellas, pens and lunch boxes.
3. Never order the expensive dish on the menu when someone is giving you a lunch/dinner.
4. Don’t ask awkward questions like ‘Oh so you aren’t married yet?’ Or ‘Don’t you have kids’ or ‘Why didn’t you buy a house?’ Or why don't you buy a car? For God’s sake it isn’t your problem;
5. Always open the door for the person coming behind you. It doesn’t matter if it is a guy or a girl, senior or junior. You don’t grow small by treating someone well in public;
6. If you take a taxi with a friend and he/she pays now, try paying next time;
7. Respect different shades of opinions. Remember what's 6 to you will appear 9 to someone facing you. Besides, second opinion is good for an alternative;
8. Never interrupt people talking. Allow them to pour it out. As they say, hear them all and filter them all;
9. If you tease someone, and they don’t seem to enjoy it, stop it and never do it again. It encourages one to do more and it shows how appreciative you're;
10. Say “thank you” when someone is helping you.
11. Praise publicly. Criticize privately;
12. There’s almost never a reason to comment on someone’s weight. Just say, “You look fantastic.” If they want to talk about losing weight, they will;
13. When someone shows you a photo on their phone, don’t swipe left or right. You never know what’s next;
14. If a colleague tells you they have a doctors' appointment, don’t ask what it’s for, just say "I hope you’re okay". Don’t put them in the uncomfortable position of having to tell you their personal illness. If they want you to know, they'll do so without your inquisitiveness;
15. Treat the cleaner with the same respect as the CEO. Nobody is impressed at how rude you can treat someone below you but people will notice if you treat them with respect;
16. If a person is speaking directly to you, staring at your phone is rude;
17. Never give advice until you’re asked;
18. When meeting someone after a long time, unless they want to talk about it, don’t ask them their age and salary;
19. Mind your business unless anything involves you directly - just stay out of it;
20. Remove your sunglasses if you are talking to anyone in the street. It is a sign of respect. Moreso, eye contact is as important as your speech.
21. Never talk about your riches in the midst of the poor. Similarly, don't talk about your children in the midst of the barren.
22.After reading a good message try to say "Thanks for the message".
APPRECIATION remains the easiest way of getting what you don't have....
❤️♥️
@Business_Library
1. Don’t call someone more than twice continuously. If they don’t pick up your call, presume they have something important to attend to;
2. Return money that you have borrowed even before the person that borrowed you remember or ask for it. It shows your integrity and character. Same goes with umbrellas, pens and lunch boxes.
3. Never order the expensive dish on the menu when someone is giving you a lunch/dinner.
4. Don’t ask awkward questions like ‘Oh so you aren’t married yet?’ Or ‘Don’t you have kids’ or ‘Why didn’t you buy a house?’ Or why don't you buy a car? For God’s sake it isn’t your problem;
5. Always open the door for the person coming behind you. It doesn’t matter if it is a guy or a girl, senior or junior. You don’t grow small by treating someone well in public;
6. If you take a taxi with a friend and he/she pays now, try paying next time;
7. Respect different shades of opinions. Remember what's 6 to you will appear 9 to someone facing you. Besides, second opinion is good for an alternative;
8. Never interrupt people talking. Allow them to pour it out. As they say, hear them all and filter them all;
9. If you tease someone, and they don’t seem to enjoy it, stop it and never do it again. It encourages one to do more and it shows how appreciative you're;
10. Say “thank you” when someone is helping you.
11. Praise publicly. Criticize privately;
12. There’s almost never a reason to comment on someone’s weight. Just say, “You look fantastic.” If they want to talk about losing weight, they will;
13. When someone shows you a photo on their phone, don’t swipe left or right. You never know what’s next;
14. If a colleague tells you they have a doctors' appointment, don’t ask what it’s for, just say "I hope you’re okay". Don’t put them in the uncomfortable position of having to tell you their personal illness. If they want you to know, they'll do so without your inquisitiveness;
15. Treat the cleaner with the same respect as the CEO. Nobody is impressed at how rude you can treat someone below you but people will notice if you treat them with respect;
16. If a person is speaking directly to you, staring at your phone is rude;
17. Never give advice until you’re asked;
18. When meeting someone after a long time, unless they want to talk about it, don’t ask them their age and salary;
19. Mind your business unless anything involves you directly - just stay out of it;
20. Remove your sunglasses if you are talking to anyone in the street. It is a sign of respect. Moreso, eye contact is as important as your speech.
21. Never talk about your riches in the midst of the poor. Similarly, don't talk about your children in the midst of the barren.
22.After reading a good message try to say "Thanks for the message".
APPRECIATION remains the easiest way of getting what you don't have....
❤️♥️
@Business_Library
❤83👍50🔥4👎1
10 important lessons from the book
"Procrastination" 📚📚📚
by Jane B. Burka and Lenora M. Yuen
"Procrastination" by Jane B. Burka and Lenora M. Yuen offers valuable insights and practical strategies for overcoming procrastination.
1. Understand the root causes: Procrastination is often driven by fear, perfectionism, lack of motivation, or difficulty managing time. Recognizing these underlying factors is crucial in addressing and overcoming procrastination.
2. Break tasks into manageable chunks: Large tasks can be overwhelming and lead to procrastination. Breaking them down into smaller, more manageable steps makes them less daunting and easier to tackle.
3. Set clear goals and deadlines: Clearly define your goals and establish realistic deadlines. This helps create a sense of urgency and accountability, making it less likely to put tasks off.
4. Prioritize tasks: Identify the most important tasks and prioritize them accordingly. This helps you focus on what truly matters and prevents you from getting caught up in less important activities.
5. Overcome perfectionism: Perfectionism often leads to procrastination as individuals fear not meeting their own high standards. Embrace the idea of "good enough" and recognize that perfection is not always necessary or achievable.
6. Develop effective time management skills: Learn to manage your time effectively by setting aside dedicated blocks for specific tasks, minimizing distractions, and utilizing tools like to-do lists and calendars.
7. Utilize strategies to overcome resistance: The book suggests various strategies to overcome resistance, such as setting specific rewards for completing tasks, finding an accountability partner, or using visualization techniques to imagine the positive outcomes of completing a task.
8. Cultivate self-compassion: Be kind to yourself and avoid self-criticism when you experience setbacks or struggle with procrastination. Cultivating self-compassion helps you bounce back and stay motivated.
9. Seek support when needed: If procrastination becomes a persistent problem, consider seeking support from a therapist, coach, or support group. They can provide guidance, accountability, and help you develop effective strategies.
10. Practice self-reflection and self-awareness: Regularly reflect on your procrastination patterns, triggers, and progress. Developing self-awareness allows you to identify and address underlying issues, making it easier to overcome procrastination in the long run.
Remember, overcoming procrastination is a journey that requires patience, persistence, and self-reflection. By implementing these lessons from "Procrastination," you can develop strategies to overcome procrastination and achieve your goals more effectively.
@Business_Library
"Procrastination" 📚📚📚
by Jane B. Burka and Lenora M. Yuen
"Procrastination" by Jane B. Burka and Lenora M. Yuen offers valuable insights and practical strategies for overcoming procrastination.
1. Understand the root causes: Procrastination is often driven by fear, perfectionism, lack of motivation, or difficulty managing time. Recognizing these underlying factors is crucial in addressing and overcoming procrastination.
2. Break tasks into manageable chunks: Large tasks can be overwhelming and lead to procrastination. Breaking them down into smaller, more manageable steps makes them less daunting and easier to tackle.
3. Set clear goals and deadlines: Clearly define your goals and establish realistic deadlines. This helps create a sense of urgency and accountability, making it less likely to put tasks off.
4. Prioritize tasks: Identify the most important tasks and prioritize them accordingly. This helps you focus on what truly matters and prevents you from getting caught up in less important activities.
5. Overcome perfectionism: Perfectionism often leads to procrastination as individuals fear not meeting their own high standards. Embrace the idea of "good enough" and recognize that perfection is not always necessary or achievable.
6. Develop effective time management skills: Learn to manage your time effectively by setting aside dedicated blocks for specific tasks, minimizing distractions, and utilizing tools like to-do lists and calendars.
7. Utilize strategies to overcome resistance: The book suggests various strategies to overcome resistance, such as setting specific rewards for completing tasks, finding an accountability partner, or using visualization techniques to imagine the positive outcomes of completing a task.
8. Cultivate self-compassion: Be kind to yourself and avoid self-criticism when you experience setbacks or struggle with procrastination. Cultivating self-compassion helps you bounce back and stay motivated.
9. Seek support when needed: If procrastination becomes a persistent problem, consider seeking support from a therapist, coach, or support group. They can provide guidance, accountability, and help you develop effective strategies.
10. Practice self-reflection and self-awareness: Regularly reflect on your procrastination patterns, triggers, and progress. Developing self-awareness allows you to identify and address underlying issues, making it easier to overcome procrastination in the long run.
Remember, overcoming procrastination is a journey that requires patience, persistence, and self-reflection. By implementing these lessons from "Procrastination," you can develop strategies to overcome procrastination and achieve your goals more effectively.
@Business_Library
👍26❤4
Here are 10 lessons from
"The Little Book of Common Sense Investing" 📚📚📚
by John Bogle:
1. Invest in the Whole Market: Instead of trying to pick individual stocks, Bogle advocates for investing in low-cost index funds that mirror the entire market, providing broad diversification and minimizing risk.
2. Costs Matter: High fees and expenses can significantly erode your investment returns over time. Keeping costs low is crucial to maximizing your long-term gains.
3. The Power of Compounding: Compounding returns are your best friend in investing. The longer you stay invested, the more your money grows, as you earn returns on your returns.
4. Stay the Course: Successful investing requires discipline and patience. Stick to your long-term strategy, even during market downturns, and avoid making impulsive decisions based on short-term market movements.
5. Ignore Market Noise: The financial media often focuses on short-term market fluctuations, which can lead to irrational decisions. Focus on long-term fundamentals and ignore the noise.
6. Time in the Market Beats Timing the Market: Trying to time the market by predicting highs and lows is extremely difficult and often leads to worse outcomes. It’s better to stay invested through all market conditions.
7. Don't Chase Performance: Past performance is not indicative of future results. Avoid chasing hot stocks or funds that have recently performed well, as they may not continue to do so.
8. Diversification Reduces Risk: Spreading your investments across a variety of asset classes and sectors helps mitigate risk, as it reduces the impact of any single investment's poor performance on your overall portfolio.
9. Index Funds Outperform Most Active Funds: Over the long term, most actively managed funds fail to outperform the market. Index funds, with their lower costs and broad diversification, typically provide better returns.
10. Understand What You Own: It’s important to know the basics of what you’re investing in. Educate yourself on the fundamentals of investing, and ensure that your portfolio aligns with your financial goals and risk tolerance.
Bogle’s core message is that simplicity and low costs are key to successful investing. His approach emphasizes long-term thinking and minimizing unnecessary risks and expenses.
@Business_Library
"The Little Book of Common Sense Investing" 📚📚📚
by John Bogle:
1. Invest in the Whole Market: Instead of trying to pick individual stocks, Bogle advocates for investing in low-cost index funds that mirror the entire market, providing broad diversification and minimizing risk.
2. Costs Matter: High fees and expenses can significantly erode your investment returns over time. Keeping costs low is crucial to maximizing your long-term gains.
3. The Power of Compounding: Compounding returns are your best friend in investing. The longer you stay invested, the more your money grows, as you earn returns on your returns.
4. Stay the Course: Successful investing requires discipline and patience. Stick to your long-term strategy, even during market downturns, and avoid making impulsive decisions based on short-term market movements.
5. Ignore Market Noise: The financial media often focuses on short-term market fluctuations, which can lead to irrational decisions. Focus on long-term fundamentals and ignore the noise.
6. Time in the Market Beats Timing the Market: Trying to time the market by predicting highs and lows is extremely difficult and often leads to worse outcomes. It’s better to stay invested through all market conditions.
7. Don't Chase Performance: Past performance is not indicative of future results. Avoid chasing hot stocks or funds that have recently performed well, as they may not continue to do so.
8. Diversification Reduces Risk: Spreading your investments across a variety of asset classes and sectors helps mitigate risk, as it reduces the impact of any single investment's poor performance on your overall portfolio.
9. Index Funds Outperform Most Active Funds: Over the long term, most actively managed funds fail to outperform the market. Index funds, with their lower costs and broad diversification, typically provide better returns.
10. Understand What You Own: It’s important to know the basics of what you’re investing in. Educate yourself on the fundamentals of investing, and ensure that your portfolio aligns with your financial goals and risk tolerance.
Bogle’s core message is that simplicity and low costs are key to successful investing. His approach emphasizes long-term thinking and minimizing unnecessary risks and expenses.
@Business_Library
👍18❤2👏1
💵💡 8 NEW AI TOOLS FOR FREELANCERS
💵 1. Kickresume.com - An AI-powered resume builder that automates resume writing. Using GPT-4, it can generate tailored resume drafts in seconds. It also offers cover letter creation, resume optimization tools, and a library of resume examples. This helps freelancers and entrepreneurs craft professional resumes more quickly.
💵 2. Supercreator.ai - An AI video creation platform designed to simplify and accelerate video making without compromising quality. Leveraging computer vision and NLP models, it guides users through the video production process, condensing hours of work into just minutes. This appeals to content creators.
💵 3. Stockimage.ai - An AI design tool that simplifies creating high-quality visual elements like images, illustrations, and graphics. Powered by GANs, it generates customized designs tailored to projects. This appeals to graphic designers and visual creatives.
💵 4. Postdoga.com - An AI content repurposing platform that automates syndicating existing content across multiple social platforms from a single upload. This streamlines content distribution and appeals to social media marketers.
💵 5. Mysk.com - A platform for AI chatbot development without coding through an intuitive GUI. This platform empowers building intelligent conversational agents, appealing to businesses seeking automation.
💵 6. MeetCody.ai - A virtual assistant that automates routine business tasks through AI, simplifying workflows. This appeals to businesses seeking to streamline processes and focus resources.
💵 7. Repurpose.io - An AI-powered content repurposing tool that optimizes existing content for distribution on various platforms. This appeals to content creators seeking to maximize reach.
💵 8. Scovender.co - A free SEO optimization tool providing actionable AI insights. This appeals to online marketers seeking to improve organic search performance.
@TradingBusinessBooks
💵 1. Kickresume.com - An AI-powered resume builder that automates resume writing. Using GPT-4, it can generate tailored resume drafts in seconds. It also offers cover letter creation, resume optimization tools, and a library of resume examples. This helps freelancers and entrepreneurs craft professional resumes more quickly.
💵 2. Supercreator.ai - An AI video creation platform designed to simplify and accelerate video making without compromising quality. Leveraging computer vision and NLP models, it guides users through the video production process, condensing hours of work into just minutes. This appeals to content creators.
💵 3. Stockimage.ai - An AI design tool that simplifies creating high-quality visual elements like images, illustrations, and graphics. Powered by GANs, it generates customized designs tailored to projects. This appeals to graphic designers and visual creatives.
💵 4. Postdoga.com - An AI content repurposing platform that automates syndicating existing content across multiple social platforms from a single upload. This streamlines content distribution and appeals to social media marketers.
💵 5. Mysk.com - A platform for AI chatbot development without coding through an intuitive GUI. This platform empowers building intelligent conversational agents, appealing to businesses seeking automation.
💵 6. MeetCody.ai - A virtual assistant that automates routine business tasks through AI, simplifying workflows. This appeals to businesses seeking to streamline processes and focus resources.
💵 7. Repurpose.io - An AI-powered content repurposing tool that optimizes existing content for distribution on various platforms. This appeals to content creators seeking to maximize reach.
💵 8. Scovender.co - A free SEO optimization tool providing actionable AI insights. This appeals to online marketers seeking to improve organic search performance.
@TradingBusinessBooks
👍9❤5
7 lessons from
The Six Disciplines of Strategic Thinking: 📚📚📚
Leading Your Organization into the Future by Michael D. Watkins and Fred Sanders:
1. Embrace a Systems Perspective
Watkins emphasizes the importance of adopting a systems perspective in strategic thinking. This means understanding how different parts of an organization interact and influence one another, allowing leaders to make more informed decisions that consider the broader context.
2. Develop Mental Agility
A crucial lesson is the need for mental agility. Leaders should cultivate the ability to adapt their thinking and strategies in response to changing circumstances. This flexibility enables them to navigate complex challenges and seize new opportunities effectively.
3. Recognize Patterns
The book highlights the significance of pattern recognition in strategic thinking. By identifying trends and patterns in data and behavior, leaders can anticipate potential threats and opportunities, leading to more proactive decision-making.
4. Engage in Structured Problem-Solving
Watkins advocates for a structured approach to problem-solving. This involves breaking down complex issues into manageable components, analyzing them systematically, and developing actionable solutions, which enhances clarity and effectiveness in decision-making.
5. Cultivate Political Savvy
Understanding the dynamics of power and influence within an organization is essential. Watkins teaches that political savvy allows leaders to navigate organizational politics effectively, build alliances, and garner support for their initiatives.
6. Visioning for the Future
A key discipline is the ability to create and communicate a compelling vision for the future. Leaders should articulate a clear and inspiring vision that aligns with their organization’s goals, motivating their teams to work towards a common purpose.
7. Continuous Learning and Adaptation
Finally, Watkins emphasizes the importance of continuous learning. Leaders should remain open to feedback, seek new knowledge, and adapt their strategies based on lessons learned from both successes and failures, fostering a culture of growth and innovation.
These lessons from The Six Disciplines of Strategic Thinking provide a comprehensive framework for leaders to enhance their strategic thinking capabilities, enabling them to lead their organizations effectively in an ever-changing environment.
@TradingBusinessBooks
The Six Disciplines of Strategic Thinking: 📚📚📚
Leading Your Organization into the Future by Michael D. Watkins and Fred Sanders:
1. Embrace a Systems Perspective
Watkins emphasizes the importance of adopting a systems perspective in strategic thinking. This means understanding how different parts of an organization interact and influence one another, allowing leaders to make more informed decisions that consider the broader context.
2. Develop Mental Agility
A crucial lesson is the need for mental agility. Leaders should cultivate the ability to adapt their thinking and strategies in response to changing circumstances. This flexibility enables them to navigate complex challenges and seize new opportunities effectively.
3. Recognize Patterns
The book highlights the significance of pattern recognition in strategic thinking. By identifying trends and patterns in data and behavior, leaders can anticipate potential threats and opportunities, leading to more proactive decision-making.
4. Engage in Structured Problem-Solving
Watkins advocates for a structured approach to problem-solving. This involves breaking down complex issues into manageable components, analyzing them systematically, and developing actionable solutions, which enhances clarity and effectiveness in decision-making.
5. Cultivate Political Savvy
Understanding the dynamics of power and influence within an organization is essential. Watkins teaches that political savvy allows leaders to navigate organizational politics effectively, build alliances, and garner support for their initiatives.
6. Visioning for the Future
A key discipline is the ability to create and communicate a compelling vision for the future. Leaders should articulate a clear and inspiring vision that aligns with their organization’s goals, motivating their teams to work towards a common purpose.
7. Continuous Learning and Adaptation
Finally, Watkins emphasizes the importance of continuous learning. Leaders should remain open to feedback, seek new knowledge, and adapt their strategies based on lessons learned from both successes and failures, fostering a culture of growth and innovation.
These lessons from The Six Disciplines of Strategic Thinking provide a comprehensive framework for leaders to enhance their strategic thinking capabilities, enabling them to lead their organizations effectively in an ever-changing environment.
@TradingBusinessBooks
👍26❤5
7 Ways to Build Financial Wealth
(By Robert Kiyosaki)
-
Your financial wealth is your responsibility.
If you desire to be rich, it is one that can be yours if you follow the path laid out below.
1️⃣ Savers Are Losers.
👉🏻 Compounding the problem is that the interest rate paid by most savings accounts trails behind the rate of inflation.
👉🏻 In other words, your money sitting in a bank - while earning interest - is becoming less valuable.
👉🏻 Building real financial wealth begins with educated investing, not with saving money.
2️⃣ Pay Yourself First.
👉🏻 If you use your income to pay for your bills and financial obligations first, you'll end up with nothing short-term or long-term.
👉🏻 In the short-term, you are unable to invest in what will provide escape from living paycheck to paycheck.
👉🏻 In the long-term, you will have nothing to live on during retirement.
👉🏻 Paying yourself first means that when money comes in, you designate a portion of it to purchasing income-producing assets before one cent goes to anyone or anything else.
3️⃣ Expand Your Means.
👉🏻 Just like the riches always concentrate on creating money and you will expand your means.
👉🏻 Create money by purchasing assets that pay for what you want.
4️⃣ Focus on Moving to the Right Side of the CASHFLOW Quadrant.
👉🏻 As shown in the picture below, those who are able to create and maintain wealth are found on the right side of the quadrant.
👉🏻 Regardless of which quadrant you are presently in, becoming rich begins - and ends - with a commitment to take the necessary steps to move and stay on the right side of the quadrant.
👉🏻 Where you are in the CASHFLOW Quadrant today isn't as important as where you focus, because today's focus will create tomorrow's reality.
5️⃣ Pay Taxes Like the Rich.
👉🏻 If you want to become rich, you need to keep more of what you make and pay less in taxes.
👉🏻 Use the tax laws that are already set up to help you keep what is yours - provided that you are making your money from the right side of the CASHFLOW Quadrant.
6️⃣ Mind Your Own Business.
👉🏻 When you forget to mind your own business, you eventually end up owning a job instead of a business.
👉🏻 B's and I's create systems (build automated process for their investing or entrepreneurial pursuits) that can run with or without them.
👉🏻 They think in terms of scalability.
👉🏻 By making processes scalable, exponential growth is only a matter of adding additional resources - namely other people's time and money - instead of longer hours and harder work on your part.
👉🏻 This is what it means to "mind your own business."
7️⃣ Diversify Your Portfolio.
👉🏻 If you only diversify within one asset class, you are exposing yourself completely to the weaknesses of that one asset class.
👉🏻 True diversification comes from investing across different investment vehicles (asset classes) such as real estate, commodities, businesses, and paper assets.
@Business_Library
(By Robert Kiyosaki)
-
Your financial wealth is your responsibility.
If you desire to be rich, it is one that can be yours if you follow the path laid out below.
1️⃣ Savers Are Losers.
👉🏻 Compounding the problem is that the interest rate paid by most savings accounts trails behind the rate of inflation.
👉🏻 In other words, your money sitting in a bank - while earning interest - is becoming less valuable.
👉🏻 Building real financial wealth begins with educated investing, not with saving money.
2️⃣ Pay Yourself First.
👉🏻 If you use your income to pay for your bills and financial obligations first, you'll end up with nothing short-term or long-term.
👉🏻 In the short-term, you are unable to invest in what will provide escape from living paycheck to paycheck.
👉🏻 In the long-term, you will have nothing to live on during retirement.
👉🏻 Paying yourself first means that when money comes in, you designate a portion of it to purchasing income-producing assets before one cent goes to anyone or anything else.
3️⃣ Expand Your Means.
👉🏻 Just like the riches always concentrate on creating money and you will expand your means.
👉🏻 Create money by purchasing assets that pay for what you want.
4️⃣ Focus on Moving to the Right Side of the CASHFLOW Quadrant.
👉🏻 As shown in the picture below, those who are able to create and maintain wealth are found on the right side of the quadrant.
👉🏻 Regardless of which quadrant you are presently in, becoming rich begins - and ends - with a commitment to take the necessary steps to move and stay on the right side of the quadrant.
👉🏻 Where you are in the CASHFLOW Quadrant today isn't as important as where you focus, because today's focus will create tomorrow's reality.
5️⃣ Pay Taxes Like the Rich.
👉🏻 If you want to become rich, you need to keep more of what you make and pay less in taxes.
👉🏻 Use the tax laws that are already set up to help you keep what is yours - provided that you are making your money from the right side of the CASHFLOW Quadrant.
6️⃣ Mind Your Own Business.
👉🏻 When you forget to mind your own business, you eventually end up owning a job instead of a business.
👉🏻 B's and I's create systems (build automated process for their investing or entrepreneurial pursuits) that can run with or without them.
👉🏻 They think in terms of scalability.
👉🏻 By making processes scalable, exponential growth is only a matter of adding additional resources - namely other people's time and money - instead of longer hours and harder work on your part.
👉🏻 This is what it means to "mind your own business."
7️⃣ Diversify Your Portfolio.
👉🏻 If you only diversify within one asset class, you are exposing yourself completely to the weaknesses of that one asset class.
👉🏻 True diversification comes from investing across different investment vehicles (asset classes) such as real estate, commodities, businesses, and paper assets.
@Business_Library
👍25❤2🔥1
They say that once in a distant province, robbers entered a bank.
▪️One of them shouted at the entrance:
"Do not move! The money belongs to the bank, but the life belongs to you!”
Everyone present lay down quietly on the floor.
This is an example of how a term changes the perception of the world.
▪️One woman lay provocatively on the table, but the robber told her:
“This is a robbery, not a rape. Behave accordingly!”
This is an example of how a professional should behave - concentrate on the goal.
▪️In the process of escaping from the robbery scene, the youngest of the robbers (with an academic degree) said to the oldest, who had barely graduated from primary school:
“Hey, old man, maybe we can count how much we took?”
The old man answered angrily:
“Don’t be stupid, that’s a lot of money to count. Let’s wait until they announce on the news how much the bank has lost.”
It's called experience—experience is more important than degree these days.
▪️After the robbers disappeared, the bank director told the accountant to call the police. The accountant replied:
“Wait, let’s first add to the stolen amount the 5 million that we stole last month and say that they were also stolen.”
This is called taking advantage of every opportunity.
▪️The next day the news announced that the bank had been robbed in the amount of 100 million. The robbers counted the loot, but only counted 20 million. The robbers began to grumble:
“We risked our lives for the unfortunate 20 million, while the banking authorities stole 80 million without blinking an eye. It's probably better to study how the system works instead of being a simple robber."
It's called knowledge is power!
▪️The bank director was very pleased, especially that his losses on the stock exchange were disguised as a robbery.
This is called not being afraid of risk.
“Give a man a gun and he can rob a bank.
Give a man a bank and he can rob everyone!”
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▪️One of them shouted at the entrance:
"Do not move! The money belongs to the bank, but the life belongs to you!”
Everyone present lay down quietly on the floor.
This is an example of how a term changes the perception of the world.
▪️One woman lay provocatively on the table, but the robber told her:
“This is a robbery, not a rape. Behave accordingly!”
This is an example of how a professional should behave - concentrate on the goal.
▪️In the process of escaping from the robbery scene, the youngest of the robbers (with an academic degree) said to the oldest, who had barely graduated from primary school:
“Hey, old man, maybe we can count how much we took?”
The old man answered angrily:
“Don’t be stupid, that’s a lot of money to count. Let’s wait until they announce on the news how much the bank has lost.”
It's called experience—experience is more important than degree these days.
▪️After the robbers disappeared, the bank director told the accountant to call the police. The accountant replied:
“Wait, let’s first add to the stolen amount the 5 million that we stole last month and say that they were also stolen.”
This is called taking advantage of every opportunity.
▪️The next day the news announced that the bank had been robbed in the amount of 100 million. The robbers counted the loot, but only counted 20 million. The robbers began to grumble:
“We risked our lives for the unfortunate 20 million, while the banking authorities stole 80 million without blinking an eye. It's probably better to study how the system works instead of being a simple robber."
It's called knowledge is power!
▪️The bank director was very pleased, especially that his losses on the stock exchange were disguised as a robbery.
This is called not being afraid of risk.
“Give a man a gun and he can rob a bank.
Give a man a bank and he can rob everyone!”
@Business_Library
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10 Life Changing Quotes From
-
" The Law of Success" 📚
-
by Napoleon Hill
-
1. “Imagination is a faculty of the mind which can be cultivated, developed, extended and broadened by use.”
2. “Everyone needs a change of mental environment at regular periods, the same as a change and variety of food is essential. The mind becomes more alert, more elastic and more ready to work with speed and accuracy after it has been bathed in new ideas, outside of one’s own field of daily labor.”
3. “Money is necessary, but the big prizes of life cannot be measured in dollars and cents.”
4. “I know that I have the ability to achieve the object of my definite purpose, therefore I demand of myself persistent, aggressive and continuous action toward its attainment.”
5. “Bravery is physical; courage is mental and moral.”
6. “Success comes only when you act on what you know and believe. What your mind can conceive and believe, you can achieve!”
7. “No man has a chance to enjoy permanent success until he begins to look in a mirror for the real cause of all his mistakes.”
8. “Prayer based upon FAITH always works.”
9. “You have been endowed with the power to use the most highly organized form of energy known to man, that of thought.”
10. “Success in life depends upon happiness, and happiness is found in no other way than through SERVICE that is rendered in a spirit of love.”
These quotes are just a glimpse of the wisdom shared in "The Law of Success." The book provides detailed insights and practical advice on achieving success in various areas of life.
@Business_Library
-
" The Law of Success" 📚
-
by Napoleon Hill
-
1. “Imagination is a faculty of the mind which can be cultivated, developed, extended and broadened by use.”
2. “Everyone needs a change of mental environment at regular periods, the same as a change and variety of food is essential. The mind becomes more alert, more elastic and more ready to work with speed and accuracy after it has been bathed in new ideas, outside of one’s own field of daily labor.”
3. “Money is necessary, but the big prizes of life cannot be measured in dollars and cents.”
4. “I know that I have the ability to achieve the object of my definite purpose, therefore I demand of myself persistent, aggressive and continuous action toward its attainment.”
5. “Bravery is physical; courage is mental and moral.”
6. “Success comes only when you act on what you know and believe. What your mind can conceive and believe, you can achieve!”
7. “No man has a chance to enjoy permanent success until he begins to look in a mirror for the real cause of all his mistakes.”
8. “Prayer based upon FAITH always works.”
9. “You have been endowed with the power to use the most highly organized form of energy known to man, that of thought.”
10. “Success in life depends upon happiness, and happiness is found in no other way than through SERVICE that is rendered in a spirit of love.”
These quotes are just a glimpse of the wisdom shared in "The Law of Success." The book provides detailed insights and practical advice on achieving success in various areas of life.
@Business_Library
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Money isn't the only thing of value you own. Your time and skills are valuable as money. Think about it.💼💰💵
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Plan for Achieving Moral Excellence
Benjamin Franklin had a plan for achieving moral perfection in 13 weeks. Every week he improved in one of the virtues.
1. Abstinence.
Don't eat to the point of stupor, don't drink to the point of intoxication.
2. Silence.
Speak only what can benefit others or yourself.
3. Love of order.
Let each of your things have its own place; Let there be a time for every thing you do.
4. Determination.
Decide to do what you must; and carry out what you decide unswervingly.
5. Thrift.
Don't waste anything.
6. Hard work.
Don't waste time.
7. Sincerity.
Do not resort to harmful deception.
8. Justice.
Never offend people.
9. Moderation.
Avoid extremes.
10. Cleanliness.
Do not allow the slightest dirt.
11. Calmness.
Don't worry about little things
12. Chastity.
Indulge in lust rarely, only for health or to prolong the family line.
13. Meekness.
Follow the example of the Prophets.
@Business_Library
Benjamin Franklin had a plan for achieving moral perfection in 13 weeks. Every week he improved in one of the virtues.
1. Abstinence.
Don't eat to the point of stupor, don't drink to the point of intoxication.
2. Silence.
Speak only what can benefit others or yourself.
3. Love of order.
Let each of your things have its own place; Let there be a time for every thing you do.
4. Determination.
Decide to do what you must; and carry out what you decide unswervingly.
5. Thrift.
Don't waste anything.
6. Hard work.
Don't waste time.
7. Sincerity.
Do not resort to harmful deception.
8. Justice.
Never offend people.
9. Moderation.
Avoid extremes.
10. Cleanliness.
Do not allow the slightest dirt.
11. Calmness.
Don't worry about little things
12. Chastity.
Indulge in lust rarely, only for health or to prolong the family line.
13. Meekness.
Follow the example of the Prophets.
@Business_Library
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