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We are told since childhood that the proven process for achieving financial security is-
But most people in the world are following the same process and we already know that the majority are not wealthy instead, they are poor. So this process cannot be a method to be financially secure or free.
We need to think and reflect on this "No one, school, college, course can teach you everything about money, they can teach you about how to earn a living."
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Singer Rihanna nearly went bankrupt after overspending. She then sued her financial adviser.
Adviser: Was it really necessary to tell her that if you spend money on things, you will end up with the things and not the money.
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--not directly but it can buy you some other things that can lead you to the path to happiness-
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The trick is to try new things you can and stay curious.
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Try this 50:30:20 rule.
Break down your income after tax -
Reflect on the 'why' before you 'buy'.
Stay away from bad debt.
Clear your loans faster (either by paying extra EMIs per year or by increasing your EMIs every year).
Saving is not s*xy, but we should save for emergencies and our dreams.
Savings give you the ultimate F*ck-you power (The power to walk away from a job you hate, to handle a medical emergency without deleting your reserves, to move into your place, and the power to live life on your terms.
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Insurance is like a parachute; if you don't have it the first time you need it, you won't need it again.
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Learn from the mistakes of others-
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Numbers don't drive money decisions, Our biases do, and our emotions do.
Our emotions make us do some very stupid things. I know that we are all prone to biases that we don't even know we have. Sellers capitalize on this, so no choice is presented neutrally. For example-
Cognitive Bias- FRAMING EFFECT.
It means no information is presented neutrally. Given 2 Options, we'll always pick a story we like.
Assume, You are in a supermarket, and see a delicious product there, its packing says
Most of us choose option 1 but see, these both are the same things but presented differently.
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It was quite interesting reading about these cognitive biases, this book has mentioned 13 biases. These are very thought-provoking, I researched and found a book that has given some more details about 100 such Biases with daily life examples, and how to overcome them just by thinking critically named
THE BIASED LENS (100 Cognitive Biases with their daily life examples and ways to overcome them)
I recommend you go and understand around 100 biases in that book, and I assure you that you will not be the same as you are now.
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IDEAS CURATED BY
CURATOR'S NOTE
This book is by an Indian Author "Ankur Warikoo". He has been terrible with his money management nearly all his life. This was because he was never taught anything about money. All that he was taught was how to earn a living. So he set out to write this book for his younger self, sharing everything he had been taught while adulting. It is practical, has no technical jargon, and teaches how to earn, spend, and put money to work.
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