20 best financial and wealth concepts

1. If you rely on earning a wage or salary to put money in your pocket, you will be forever caught up in the vicious cycle of needing money, earning money and spending money

2. The “Get Rich Slowly” approach is faulty because it takes a lifetime of work, it’s dependent on getting lucky with your investments, and even if you do get rich, you’ll be too old to enjoy it.

3.  If you think you can afford it, you can’t. When you buy something cheap, like a candy bar or a pair of $10 sandals, you never ask “can I afford this?” or “how can I make this purchase work?”. If you are trying to justify a large purchase to yourself, then you can’t really afford it.

4.  The key to controlling debt is to control instant gratification. It’s much easier not to eat chocolate cookies if you don’t bring them home from the grocery store, and it’s easier to avoid debt if you don’t buy useless things. When you’re thinking about buying something, think about whether you really need it, whether you’ll still be using it 6 months from now, and so on.

5.  Find a need, create a business to meet it and affect millions (or fewer but for lots of money per sale), exceed expectations, plan the business to lead to a major liquidation event down the road, sell, let that money earn for you for the rest of your life and live off the income. The more your money works, the less you will have to work.

6. The vast majority of millionaires became rich by being in their own business.

7. People don’t pay to satisfy your need to do what you love, they pay for you to solve their problems.

8. Most businesses work best if they are kept simple rather than made complicated; therefore simplicity should be a key goal in design and unnecessary complexity should be avoided.

9.  Use the wisdom, knowledge, and skills of other people to further your own cause. Not only will such assistance save you valuable time and energy, it will give you an aura of efficiency and speed. That’s how billionaires are made.

10. People are frugal in guarding their personal property; but as soon as it comes to squandering time they are most wasteful of it (the one thing in which it is right to be stingy).

11. Being wealthy is not about money, fancy cars, expensive vacations, or vacation homes in Fiji. Being wealthy means being healthy, being surrounded by great friends and family, and the freedom to live life how you want to live it.

12. Use the 80/20-Rule. Give 80 percent of your effort to the top 20 percent (most important) activities. Another way is to focus on exceptional opportunities that promise a huge return. It comes down to this: give your attention to the areas that bear fruit.

13. Opportunities are everywhere, people just don’t see them. Whenever you hear people complaining or you observe inefficiencies, those are great opportunities to start a business!

14. If you have a great idea but someone is already doing it, don’t worry and do it anyway! There will always be competition, and you should aim to be better than them, not to run away from them.

15. A terrific way to grow your business is to have amazing customer service. When you surprise and delight your customers with your service, they will do your advertising for you. Figure out what kind of service your customers expect and then exceed it: if they expect a call with hours, try to call within 1 hour; if they expect to have to search for your contact number, put it in bold at the top of the webpage; etc.

16. On the flip side, no matter how awesome your product is, if people deal with crappy customer service then they’ll be left with a bitter taste in their mouths.

17. There are only two ways to influence human behavior: you can manipulate it or you can inspire it.

18. The Mediocre is filled with hope: hope that your stocks go up, that you get a promotion, that your employer stays in business, and so on. Hope is not a good plan. If you don’t control the variables in your plan, then you can’t control the outcome.

19. Teaching people doesn’t subtract value from what you do, it actually adds to it. When you teach someone how to do your work, you are, in effect, generating more interest in your work. People feel closer to your work because you’re letting them in on what you know.

20. If you want to be successful, you have to be willing to disappear for a while.

 

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