Learning Is Like Building Wealth - Deepstash

Learning Is Like Building Wealth

The more we learn, the more we can apply that to create value for other people. The more value we create for others, the more we would earn.

Like knowledge, one has to be generous with money, trying not to cling to it. Even if we lose some money in some get-rich-quick scheme or dumb investment, we can easily earn it back, provided we don’t lose our character or soul.

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MORE IDEAS FROM Money Principles I’d Tell My 17-Year-Old Self - Darius Foroux

We need to adopt healthy financial habits, taking care of our money and trusting the process that builds wealth through saving and investment.

Keep content with your current life and enjoy what you can, while saving big. As you grow into your thirties and forties, save and invest as much as you can.

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How We Use Money

There is a natural tendency to spend the money we earn, instead of saving or investing. If we watch how rich people utilize wealth, we can learn a lot from them and change our financial mindset.

One has to invest money no matter how less the income is, choosing something that is secure and gives decent returns, like an index fund.

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Don’t be scared of what will happen to you when you retire. If you have followed the basic principles of saving, investing and learning(self-improvement), you will do fine.

Have a year’s worth of financial buffer and work on your skills to keep improving and seeing more money added to your account as you progress.

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Remember that money is freedom.

Whenever we buy something, we are giving up our time and freedom, because if we save that amount, and become extremely rich, we would have a lot more freedom to do whatever we want.

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RELATED IDEA

A Definition of Personal Finance

Personal finance is about managing your own money - how much you spend, save, get into debt, and invest.

How you manage your money will depend on your age, education, ambition, family, and country of residence. While this guide will give you enough input to work out a strategy, you should always consider your own personal situation.

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How to get wealthy

You don't need to earn a lot of money to become rich if you have healthy financial habits.

If you want to get wealthy, you need to consider three things:

  1. Earn
  2. Save
  3. Invest.

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Jamie DIMON, CEO OF JP MORGAN

”Investing should be a permanent thing. Save, invest. Save, invest. Guessing at market tops, market bottoms – that is a complete loser’s game. I’ve never seen anyone win at it. The smartest investor in the world, Warren Buffett, would say that is not the way to invest.” 

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