The 5 Principles Behind the 10 Secrets
Curated from: InstituteofTrading
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1. Acceptance: The First Step to Financial Freedom
- Acceptance of capitalism's benefits, despite its flaws, is key to financial growth.
- Respecting money as a tool without becoming emotionally tied to it ensures that you use it wisely.
- Seeking alternative education sources, such as learning from real-world entrepreneurs, provides practical financial knowledge that traditional schools often miss.
- Traveling also broadens perspectives, helping you evaluate different economic systems and make smarter financial choices, ensuring your freedom and security in various financial ventures.
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Self-Determination: Taking Control of Your Finances
- Understanding assets and liabilities is crucial. Owning a home with a mortgage may seem like an asset, but it is often a liability until paid off (the bank owns it until it is paid off; you are an income generating machine for the bank).
- Renting can offer more financial flexibility, freeing up money for higher-yield investments (REITs).
- Building your own investment portfolio, rather than relying on traditional pensions, ensures better returns and long-term security.
- Taking control of these aspects allows for greater financial autonomy and growth.
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Freedom: The Ultimate Financial Asset
- Valuing your time is essential to achieving financial freedom.
- Time, unlike money, cannot be replaced, so using it wisely matters.
- Avoid low-value activities, such as excessive smartphone use, which can drain your productivity and waste precious hours. (check my profile for an article about ""
- By focusing on meaningful tasks and optimizing how you spend your time, you can unlock greater financial potential and lead a more purposeful life.
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Risk IQ: Understanding and Managing Financial Risks
- Risk is subjective and varies by situation. What might seem like a high risk to one person may be minimal to another with higher liquidity or income.
- Liquidity, or buying power, enables you to take calculated risks, making it easier to seize opportunities.
- By maintaining accessible cash reserves, you can better manage financial risks and take advantage of strategic investments that enhance your financial growth.
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Hierarchy: Seeking Proper Role Models and Information
- Mainstream media often promotes misleading financial ideas for profit, so it's crucial to seek unbiased, data-driven sources.
- Choose role models who demonstrate financial wisdom and long-term success rather than celebrities whose wealth may not be sustainable.
- Following individuals with genuine liquid wealth (1m+ in cash) and practical advice can guide you on your path to financial success, ensuring you're learning from those with proven expertise.
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IDEAS CURATED BY
CURATOR'S NOTE
Anton Kreil - ex Goldman Sachs trader explains 5 principles behind 10 Secrets to Achieve Financial Success
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