Learn more about personaldevelopment with this collection
How to create a diversified portfolio
How to analyze stocks and bonds
Understanding the basics of investing
To become wealthy, one must learn to take risks.
Insanity is defined as doing the same thing over and over again, and expecting different results. If you wish to change your current financial state, you'll need to start handling your finances differently.
The biggest change needed is to take risks. Every financially successful person have taken risks to get where they are, and it is so because they manage these risks rather than fear them.
Taking those bigger chances and handling those bigger risks will reap higher rewards, and make a bigger income.
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MORE IDEAS ON THIS
Invest in Assets, and avoid Liabilities
Knowing the difference between an asset and a liabiltiy is necessary to ensure you're making strong investment decisions.
Asset - Makes you money
Liability - Costs you money
Invest in more assets, l...
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Fear and greed can drive financially ignorant people to make irrational decisions.
If you have money, you are likely to focus on all the new things it can buy (greed). If you don't have it, you worry you might never have enough (fear).
People who are ignorant about ho...
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Because we're not trained in financial intelligence in school it's up to us as individuals to develop this trait by ourselves. We are only likely to become rich or financially independent once we have both a stronf financial IQ and a firm, ambitious mindset to support it. In the end, what you inv...
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Your profession pays the bills, but your business is what will make you wealthy.
Profession is what you do from 9-5. It is what pays the bills, buys the groceries and covers other living costs.
Business, is what you invest your money and time, to grow your assets. Inv...
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Despite being vital for both personal and societal prosperity, we receive no training in financial intelligence.
Being rich is not about being talented or capable. The world is full of such people, and most of them are poor. What they lack, is financial intelligence, an apt...
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Understand the tax rules to help you minimize your taxes.
By becoming aware of how the "system" works in your country, you may be able to regally reduce how much money the goverment takes from you.
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Financial self-education and a realistic appraisal of finances are the building blocks of growing wealthy.
Earlier you start at building your personal wealth, the better. If you begin at 20, you're far more likely to become rich, than at 30.
Set financial goals based ...
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Laziness and arrogance can drive even financially knowledgeable people to poverty.
Personality pitfalls, like laziness and arrogance can hamper and even reverse the journey to wealth. Laziness is ignorance to certain variables, or even avoiding to make the right financial d...
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The road to wealth is long, so you must keep yourself motivated.
Journey to wealth is hard, long, and trying. It's easy to lose heart when you watch your risky investment suddently tumble. During such setbacks, you'll need to find ways to stay motivated.
Make lists of...
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Structure and routine are important, but in excess, they may stop you from growing. Taking certain risks can be healthy and rewarding.
Challenge yourself to take a risk each day, do something new or differently, anything that pushes you out of your comfort zone.
Giving equity to employees means making them shareholders, aka owners of the business. Some things to consider:
Escaping from your comfort zone is a necessity in order to rise above the masses. Even though your daily routine feels safe and pleasant, that doesnโt mean itโs beneficial. In fact, the safer you feel, the less likely youโll do anything to make progress .
A comfort zone isn...
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