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The Best Investment Decision I Have Ever Made
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We live in a competence economy
Power lies in the hands of those who know how to solve problems that society needs an answer to. That’s why we need to improve our skills if we want to survive, let alone be successful.
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Consider education like food, water, air, and exercise. You need a constant supply.
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“You will either step forward into growth, or you will step backward into safety.” - Abraham Maslow
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Four Steps To Building Wealth
- Don’t Be a Consumerist: keep your expenses as low as possible without sacrificing the quality of life. Spend money on things that yield lasting benefits.
- Have An Emergency Fu...
Benjamin Graham - Warren Buffett’s mentor
“Money isn’t making that much difference in how you and I live. We’re both going down to the cafeteria for lunch and working every day and having a good time. So don’t worry about money, because it won’t make much difference in how you live.”
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The Slow And The Fast Way To Build Wealth
- The long-term approach to wealth building: If you’re younger and your income limits allow, open up a Roth IRA. Invest in mutual funds and ETFs while making sure you have enoug...
9 Ways To Building Wealth Fast
- Save on vehicles. Before buying a car, investigate vehicle reliability, pricing and financing.
- Rent. Most rentals offer more flexibility in case you need to move. Also, not having the mortgage payment allows you to start saving earlier.
- Don’t be a consumerist, buy only the things you really need.
- Save a percentage of your income so you have more money to invest.
- Work hard on your current work regardless of your feelings for it. It’s easier than finding a new great opportunity and may lead you into a promotion.
- Educate yourself even if it doesn’t bring any immediate benefit, being educated opens new opportunities on the long run.
- Invest in yourself and your marketing to open up new opportunities.
- Being an entrepreneur is the best way to maximize your earnings, short of being an investor. Try it, even if it fails the learning from it will be invaluable in your next attempt.
- Real estate won’t make you rich overnight, but it’s a solid strategy to increasing your network.
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Investing
... is the trading of your money today for a lot more money in the future. It is a high yield over the long term.
What happens to your money
Banks don’t like to give away their money. That mindset is reflected in the interest rates of checking and savings accounts of 0,5% and 0.9% avg. annual interest respectively.
When you deposit your money in the bank, the bank turns around and invests that money at 7% a year or more. After they collect their profit, they give a tiny shaving of it to you.
Portfolio and Diversification
- Your portfolio reflects your long-term wealth building investment strategy – not the short term. It includes everything you own. Your retirement accounts, your investment accounts, even your home are types of investments.
- Diversification is a way to describe owning multiple types of investment assets. Diversification is smart because you both protect yourself from failure and position yourself to take advantage of multiple robust methods for building wealth.