One of the most significant effects of DeFi is that users now have more control over their assets. However, many of the most popular DeFi initiatives provide tools for users to manage their assets, such as purchasing, selling, and transferring digital assets. As a result, consumers can earn interest in their digital assets. DeFi allows consumers to keep their sensitive data private. asset management is considered one of the most useful decentralized finance applications for users.

1. Asset Management

Know-Your-Customer (KYC) protocols are extensively emphasized in traditional banking systems. KYC rules are the company's most important compliance instrument for implementing anti-money laundering (AML) and counter-terrorist financing (CFT) measures. KYC rules frequently conflict with DeFi's privacy efforts. DeFi addresses this problem using a more recent notion known as the Know-Your-Transaction (KYT) method. This method implies that the decentralized infrastructure would be more concerned with transaction behaviors and digital addresses than with the users' identities.

2. Compliance and KYT

In DeFi, DAOs are the centralized financial institutions' counterparts, making them one of the pillars of decentralized finance use cases. Centralized financial entities play a significant role in the traditional system.These organizations function as administrative bodies that oversee basic financial operations like fundraising, asset management, and governance implementation. On the other hand, DAOs are decentralized by nature and do not follow the boundaries set by central governments or agencies.

3. Decentralized Autonomous Organizations(DAOs) 

DeFi projects like DeFi Pulse and CoDeFi Data are delivering a lot of value in terms of analytics and risk management. Subsequently, businesses have become more agile as a result of these competitive advantages.

4. Data Analytics

Tokenized derivatives may be created using smart contracts, which has become one of the most interesting DeFi use cases.

5. Derivatives

Composability is one of the key design principles of DeFi protocols, which means that different components of a system can readily connect and communicate with one another. Here, many people compare DeFi development to building with legos, earning the moniker "money legos" in the process.Also, Ethereum developers and product teams can now build and launch <a href="https://bit.ly/3Kv09WS">DeFi protocols </a>with the full-stack tooling and security integrations they require, thanks to Truffle's smart contract libraries, Infura's API suite, and Diligence's security tools.

6. Infrastructure tooling

In recent times, blockchain-based digital identities are gaining more traction. However, pairing them with the DeFi protocols would give them easy access to the global economic system. Moreover, the new type of digitized identity would help the underprivileged access DeFi apps from anywhere on the internet. Also, it could be one of the potential use cases.

7. Digital identity

Insurance is a major financial industry that has proven to be one of the most prominent DeFi use cases.However, a variety of novel insurance options have emerged to assist customers in obtaining coverage and protecting their assets. Moreover, with the successful implementation of smart contracts, all the issues with the current system can be solved.

8. Insurance

As the traditional banking systems are getting out of the competition due to DeFi, the emergence of a lending and borrowing use case proves to be vital.However, the DeFi ecosystem is appropriate for peer-to-peer borrowing and lending. Several DeFi projects concentrating on this use case have already entered the market. Likewise, Compound and Pool together have autonomous interest-based protocols for borrowing and lending assets.

9. P2P lending and borrowing

Users can vote and exchange value on the outcome of events in blockchain-based prediction markets, which harness the crowd's wisdom.However, market prices serve as crowdsourced indicators of an event's likelihood. Augur, a popular DeFi betting platform, offers prediction markets for election results, sporting events, economic events, and other topics.

10. Prediction Market

The Ethereum blockchain ecosystem gave the world new technological capabilities, including digital assets, smart contracts, and decentralized applications (DApps).All of these tools have become essential components of decentralized finance initiatives as they addressed the primary problems in the previous system, DeFi projects quickly became mainstream successes. You can make an entry into the DeFi system with the help of top-tier DeFi development companies.

Conclusion

Traditional finance has found its hideout as DeFi has started to take control. However, the future

crypto

Cryptocurrency

moneyandinvestments

Money & Investments

Top 10 Decentralized Finance (DeFi) Use Cases

As far as comparisons go, I’m off to a bad start! :( If I’m being honest, I’ve probably only gotten a couple of hours of reading in during the past few weeks. Wait, can we include blogs and reading finance news on the Internet?… If so, I definitely do that 30+ mins each day!

88% of Millionaires Read 30 Mins or More Every Day


Furthermore, 63% of wealthy people spend less than 1 hour daily “surfing the Internet.”Well, I guess I FAIL in this category, too. My wife and I usually spend about 1 hour watching TV each night, maybe a little more if we’re hooked on a fun series (like our most recent fav, Ted Lasso). But, this TV habit will be kicked shortly when we invite a little one into our home and all our free time disappears! ;)

Most Millionaires (67%) Watch Less Than 1 Hour of TV Daily

Woohoo! I definitely align with this one. I love what I do for work currently – and so does my wife!Probably the most interesting thing I learned about this survey question is how the financially struggling people answered… While most “rich” people liked what they did, 96% of “poor” people said they did NOT like what they did for a living.Surprising? Not surprising? Maybe when you have financial stability it changes the way you perceive your work?

Most Rich People (86%) Like What They Do for a Living

This makes sense. What’s the point of accumulating a bunch of money if you’re not healthy enough (or alive) to enjoy spending it!? Investing your money coincides with investing in your health.My wife and I work out at least 4 times a week. Lately, it’s been more like 6 times a week!  (Again, this habit will probably go out the window when we have kids haha.)

76% of Millionaires Exercise at Least 4 Days a Week

Other frugal stats for millionaires:30% of wealthy people clip coupons8% shop at thrift stores!This dispels the myth that rich people splash around money without thinking. It’s actually the opposite… Most wealthy people are quite intentional with spending, looking for added value and discounts wherever possible. My wife and I are proud to say we align well with this spending habit. We love us some Goodwill bargains.

67% of Millionaires Said They Were “Frugal With Their Money”

Ah, crap. Not only did my wife and I blow $8k+ on vacations last year ($4k on our Hawaii trip alone), but this year we’ve got $10k in our travel budget! Oooops.But, this is a habit I’m OK not conforming to. Vacationing is something I want to incorporate more into my life, not less. Well, that’s how I feel today… Maybe I’ll be singing a different tune later in life.

Most Wealthy People (55%) Spend Less Than $6,000 on Vacations Each Year

Only 6% of surveyed wealthy people buy lottery tickets. Whereas, 77% percent of survey respondents who struggle financially play the lottery weekly. My wife and I don’t play the weekly lotto. But we love going to Vegas every now and then and playing craps (at the cheapest table we can find). Gambling can be fun… But not as a lifestyle!(Ooooh this reminds me, I have to write a post about a book I read called The Luck Factor which has a great section on “lucky” people and how they pick lotto numbers.)

Wealthy People Do Not Buy Lottery Tickets (94%)

personaldevelopment

Personal Development

10 Millionaire Spending Habits -- How Do You Compare?

Metaverse platforms intentionally limit the size of their digital worlds, so they can parcel out pieces of land to be bought and sold on virtual real estate marketplaces.Across the top 4 metaverse platforms — Sandbox, Decentraland, Cryptovoxels, and Somnium — there were over $500 million worth of virtual real estate sales just last year. Virtual real estate got a boost during the pandemic, when people started spending more time online, and then another one when Facebook changed its name to Meta.

What Is Virtual Real Estate?

Virtual real estate is a highly speculative investment. Still, there are some basic principles to evaluating virtual real estate. <ul><li>Building something interactive on the land can raise a property’s value because it allows you to charge for admission or lease out space.</li><li>Heavily-trafficked areas are also going to be worth more. The more avatars that visit a property, the more you can make from foot traffic or selling ad space.</li><li>Being close to other valuable properties can make yours more valuable. </li><li>The value of virtual real estate depends entirely on how much other people value it — just like money.</li></ul>

How Much Is Virtual Real Estate Worth?

<ul><li>The future of the metaverse is still uncertain. </li><li>There’s no way to know which metaverse platforms will stand the test of time. </li><li> Digital land can be infinitely replicated. And yet scarcity of land is what gives it value. So virtual land is vulnerable to a high level of volatility.</li><li>When you buy virtual real estate, you’re also buying something that’s not tied to reality. People just don’t need virtual property the same way they need physical property. </li><li>Metaverse platforms rely heavily on blockchain technology. Most use cryptocurrencies for processing real estate transactions, which are highly vola<warningtag>tile in and of themselves. </warningtag></li></ul>

The Risks of Investing in Virtual Real Estate

Ultimately, the value of virtual real estate depends entirely on how much other people value it — just like money.

technologyandthefuture

Technology & The Future

Is Virtual Real Estate in the Metaverse a Good Investment?

Intellectually, we may know that money can’t buy happiness, but some part of us still cling to the thought that we’d feel better if we were rich. Yet when we really look at wealthy people, we wonder if they are any happier than the average person. Hence, we dive deeper and come up with questions like:Do wealthy people laugh more, experience more joy, or have greater fulfillment in their lives? Perhaps some do – but how much of it is a direct result of their wealth?

You can probably enumerate a handful of wealthy people that appear to be completely miserable, and some of them feel emptier the wealthier they become! These are the very same people who are under the misconception that money is the solution to every life's problem.

I’m sure you’ve heard stories about people who won a lottery or attained a large sum of money through an inheritance and other means. These very same people had financial struggles, and after attaining a large sum of money and used it as they please, end up flat broke again, realising that money didn't solve all of their problems, but rather, has only made their lives worse.

One of the most common reasons why wealth can make us miserable is that it distracts us from what is truly important for a happy and fulfilling life. We find ourselves focusing more and more on material objects and end up feeling disconnected from our inner selves.

If you are feeling unhappy in your life right now and you’re thinking that money will solve your problems, it's time for a reality check! I won’t deny that having material abundance can make our lives a little easier.

Believe me, I know how it feels to struggle financially for I have witnessed my mom borrow money just so she can put food on our table. I know the feeling of going home from school then turning on the light's switch or the faucet, only to see them shut off, immediately realising that we were unable to pay for electric and water bills again, which then lead to my experience of having to study for my exams under the gleaming candlelight and then going to my aunt's house early in the morning the day after to take a bath before going to school.

Living a life like this felt like living on the edge of a cliff where the ground is crumbling beneath my feet, making me think that life would be so much better and easier through having money. This is true, but why is it that this has also become the reason why other people have miserably, unhappy, empty lives?

It's important for us to be clear of how we can use the money we have attained in a manner that will make us feel even happier, rather than emptier. It is also very important for us to know that having a lot of money will not automatically make us feel happy, fulfilled, and content in life. Yes money can definitely help us enjoy a greater quality of life, but only if we have a healthy attitude towards money; otherwise it will just add heavier problems.

"In the dark, bewildering, trap-infested jungle of misinformation and opaque riddles that is the world of investment, JL Collins is the fatherly wizard on the side of the path, offering a simple map, warm words of encouragement and the tools to forge your way through with confidence. You'll never find a wiser advisor with a bigger heart." -- Malachi Rempen: Filmmaker, cartoonist, author and self-described ruffian This book grew out of a series of letters to my daughter concerning various things-mostly about money and investing-she was not yet quite ready to hear. Since money is the single most powerful tool we have for navigating this complex world we've created, understanding it is critical. "But Dad," she once said, "I know money is important. I just don't want to spend my life thinking about it." This was eye-opening. I love this stuff. But most people have better things to do with their precious time. Bridges to build, diseases to cure, treaties to negotiate, mountains to climb, technologies to create, children to teach, businesses to run. Unfortunately, benign neglect of things financial leaves you open to the charlatans of the financial world. The people who make investing endlessly complex, because if it can be made complex it becomes more profitable for them, more expensive for us, and we are forced into their waiting arms. Here's an important truth: Complex investments exist only to profit those who create and sell them. Not only are they more costly to the investor, they are less effective. The simple approach I created for her and present now to you, is not only easy to understand and implement, it is more powerful than any other. Together we'll explore: Debt: Why you must avoid it and what to do if you have it. The importance of having F-you Money. How to think about money, and the unique way understanding this is key to building your wealth. Where traditional investing advice goes wrong and what actually works. What the stock market really is and how it really works. Why the stock market always goes up and why most people still lose money investing in it. How to invest in a raging bull, or bear, market. Specific investments to implement these strategies. The Wealth Building and Wealth Preservation phases of your investing life and why they are not always tied to your age. How your asset allocation is tied to those phases and how to choose it. How to simplify the sometimes confusing world of 401(k), 403(b), TSP, IRA and Roth accounts. TRFs (Target Retirement Funds), HSAs (Health Savings Accounts) and RMDs (Required Minimum Distributions). What investment firm to use and why the one I recommend is so far superior to the competition. Why you should be very cautious when engaging an investment advisor and whether you need to at all. Why and how you can be conned, and how to avoid becoming prey. Why I don't recommend dollar cost averaging. What financial independence looks like and how to have your money support you. What the 4% rule is and how to use it to safely spend your wealth. The truth behind Social Security. A Case Study on how this all can be implemented in real life. Enjoy the read, and the journey!

habits

Habits

books

Books

"In the dark, bewildering, trap-infested jungle of misinformation and opaque riddles that is the world of investment, JL Collins is the fatherly wizard on the side of the path, offering a simple map, warm words of encouragement and the tools to forge your way through with confidence. You'll never find a wiser advisor with a bigger heart." -- Malachi Rempen: Filmmaker, cartoonist, author and self-described ruffian This book grew out of a series of letters to my daughter concerning various things-mostly about money and investing-she was not yet quite ready to hear. Since money is the single most powerful tool we have for navigating this complex world we've created, understanding it is critical. "But Dad," she once said, "I know money is important. I just don't want to spend my life thinking about it." This was eye-opening. I love this stuff. But most people have better things to do with their precious time. Bridges to build, diseases to cure, treaties to negotiate, mountains to climb, technologies to create, children to teach, businesses to run. Unfortunately, benign neglect of things financial leaves you open to the charlatans of the financial world. The people who make investing endlessly complex, because if it can be made complex it becomes more profitable for them, more expensive for us, and we are forced into their waiting arms. Here's an important truth: Complex investments exist only to profit those who create and sell them. Not only are they more costly to the investor, they are less effective. The simple approach I created for her and present now to you, is not only easy to understand and implement, it is more powerful than any other. Together we'll explore: <ul><li>Debt: Why you must avoid it and what to do if you have it.</li><li>The importance of having F-you Money.</li><li>How to think about money, and the unique way understanding this is key to building your wealth.</li><li>Where traditional investing advice goes wrong and what actually works.</li><li>What the stock market really is and how it really works.</li><li>Why the stock market always goes up and why most people still lose money investing in it.</li><li>How to invest in a raging bull, or bear, market.</li><li>Specific investments to implement these strategies.</li><li>The Wealth Building and Wealth Preservation phases of your investing life and why they are not always tied to your age.</li><li>How your asset allocation is tied to those phases and how to choose it.</li><li>How to simplify the sometimes confusing world of 401(k), 403(b), TSP, IRA and Roth accounts.</li><li>TRFs (Target Retirement Funds), HSAs (Health Savings Accounts) and RMDs (Required Minimum Distributions).</li><li>What investment firm to use and why the one I recommend is so far superior to the competition.</li><li>Why you should be very cautious when engaging an investment advisor and whether you need to at all.</li><li>Why and how you can be conned, and how to avoid becoming prey.</li><li>Why I don't recommend dollar cost averaging.</li><li>What financial independence looks like and how to have your money support you.</li><li>What the 4% rule is and how to use it to safely spend your wealth.</li><li>The truth behind Social Security.</li><li>A Case Study on how this all can be implemented in real life.</li></ul> Enjoy the read, and the journey!

Jl Collins

The Simple Path to Wealth

Always when you speak to some Then make sure to Mention their Name Instead of (Bro, Buddy, ETC). It creates a culture of respect, recognition, and consideration for the discussion.

1. Call People by their name:

Writing an Email to yourself isn’t just a fun exercise for writers; everyone can (and should!) give it a try. You might wonder what should go in a letter to yourself, but the answer is, anything that is important to you! <a href="https://audiobookmc.blogspot.com/2022/02/why-you-should-write-letter-mail-to.html">Click Here to Read More.</a>

2. Write emails to yourself in the Future:

Don’t try to remember all the things Because remembering all the things is not easy stuff & Human brain isn’t made for it. So, let the things go according to Brain.

3. Do not try & remember everything:

When you Wake up then just do smile in front of the mirror & say to yourself Awesome it will help you to build Confidence & Most important is Self Love.

4. Wake up and smile at the mirror(Awesome): 

Meeting new people every week will help you to increase Your communication skill, Confidence in facing new people, & with this, you get to learn some new things from the next person. You Might do this via; Video Conference, One on One, Email, or anything which makes your Conversation.

5. Meet someone new every week:

Reading is also called the path for success, don’t keep Big Target's just start with daily 30min of reading a book or whatever you want which will help you to increase you Knowledge. after this you can increase your time according to you.

6. Read 30 minutes every day without setting any goals:

Being Gratitude is a life-changing skill in itself, it shows about your personality & your social character. It is also important because nowadays we are taking people for granted, So we have to change this mindset.

7. Say thank you even if they’re not listening to you. (Gratitude):

This means that you are should depend on your luck, you have to search for it because nothing is gone come to you on the base of luck. So, you have to daily do stuff that keeps your Energy on Full-High As well as your Motivation.

8. Don't leave inspiration to chance:

It is Not Important how much you Invest It is how Consistently you Invest, Investing is an effective way to put your money to work and potentially build wealth, Smart investing may allow your money to outpace inflation and increase in value. The greater growth potential of investing is primarily due to the power of compounding and the risk-return tradeoff. So, due to this, you have to make sure to invest every Month, Especially in your 20’s because by the age of 40-50 you are sitting on such a big Corpus you even can’t imagine it.

9. Invest every month:

Many decisions we take with Emotions like when every we are buying a car, house, phone &, etc. I am not telling you that it is not a good decision to have these things. But the point is that think about it wisely take your own time & make a Practical decision. To make a Practical decision you can use Excel Sheet to cross Check your decision.

10. Know and learn numbers before emotions:

Everyone has their own Problems But some problems are there which don’t let you sleep at night. I know that you have been Trying to short this problem but due to the issue of Procrastination, you haven’t done it. <a href="https://audiobookmc.blogspot.com/2022/01/8-tips-to-avoid-procrastination.html">Click here to Learn More about Procrastination.</a>

11. Do something about the problem that doesn't let you sleep at night:

Breathe deeply this is one of my regular based activity. Whenever you Get Anger, Confused, Pressure, Stress, or any other Situation in which your brain feels Out. then take a deeply Breathe. it will work like Clearing the ram of your phone to Brain, it will suddenly start working with more Energy. this can also work as Quick Meditation if you do Meditation regularly.

12. Breathe deeply(Sudden Meditation):

Nowadays we many of are working remotely from our comfort zone but after some we get Bored, it just because our sub-conscious Mind gets notified when you wore Cloths which you mainly ware after work(Shorts, Tees &, etc) or Night ware. So, you make sure to wear proper clothes which you ware for your Office or any other Formal ware & Also this will help you to get into proper Disciplined manner. Same for the Students.

13. Dress up nicely every day (Keeps You Disciplined):

Compliment People when they do something which touches your heart then you always make sure to Compliment that person because your few words will help to & Inspire them to work on it. This Process will transfer the Positive Energy & When you transfer the Positive Energy Eventually you are also Getting it Back.

14. Compliment people:

When we hear the word Workout then we get Flashed by the GYM. So, it doesn’t mean just GYM anything which involves to physical activity like walking, Running, Dancing &, etc. One of the worst things you do is Messing with your body eating anything like junk food, no proper workout, etc. ( from the Personal Experience)

15. Workout every day (because health is no.1 priority):

The Pomodoro Technique is a Time management system that encourages people to work with the time they have—rather than against it. Using this method, you break your workday into 25-minute chunks separated by five-minute breaks. ... After about four pomodoros, you take a longer break of about 15 to 20 minutes.<a href="https://deepstash.com/idea/188787/rule-no-14-pomodoro-technique"> Click here for more.</a>

16. Use Pomodoro technique(can also work in a lazy situation)(25+5 Rule):

Nowadays we are just following anyone on social media or in the world of WEB 3.0, we have to just follow those people who are adding value to your life, those who add Knlowedge to your Infinite brain, you have to fill your brain with the Right Kind content. “Don’t run behind the Short time Pleasure Walk with Long term Pleasure, Happiness, Well-being & Kind.”

17. Follow only positive people:

Making a proper routine will help you to get Maximum things Done on time. <a href="https://audiobookmc.blogspot.com/2022/01/15-rules-for-productivity-in-study-work.html">Click here to read more about it</a>.

18. Follow a routine(Keeps You In Discipline): 

Meditation can give you a sense of calm, peace, and balance that can benefit both your emotional well-being and your overall health. And these benefits don't end when your meditation session ends. Meditation can help carry you more calmly through your day and may help you manage symptoms of certain medical conditions.

19. 15-20 Minutes of Meditation Daily:

Sit at a place where no Disturbance With the Focus and calm & Ask yourself one question that ‘what I am doing wrong & I know it, it is Wrong. Because when we ask this question we Realise the Truth, the very bitter truth, that truth which presents a solution to us, which we may not want to hear, but it is Important for us, We always know that something is not going right with us, we Always know that we are doing something wrong, but we don't want to accept it. We just never want to accept it, we never want to admit it & that becomes the reason Why we Struggle & fail in life.

20. Ask yourself, what am I doing wrong that I know that is wrong? 

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“Don’t run behind the Short time Pleasure Walk with Long term Pleasure, Happiness, Well-being & Kind.”

Namaskaram, This a Quick Guide for Teenagers  "20 Habits you Should Know & Follow in Your 20’s" hope this will help you.

20 Habits you Should Know & Follow in Your 20’s

Each Day Grants us a limited amount of Time Capital : 24h. Or 86.400 seconds.Similarly our daily Energy is limited : a few thousands calories every morning. Collected through our nutrition and our relationships.

Our Daily Time and Energy are Limited

Most People live in either :<ul><li>Regret of their Past : Nostalgia.</li><li>Hopes for their Future : Expectations.</li></ul>Past moments can never be retrieved. We have no Power on either Past nor Future.The only Moment we can control is the Present Moment. This instant. Be conscious & mindful ; it's already gone. Concept of Mindfulness : Our instant emotions in the present moment are the only true thing we can control.

Past Moments Are Gone Forever. Mindfulness

Each of us invest this limited Time ~ Energy Capital in various universe. Here are some examples of these investments :<ul><li>Work</li><li>Family</li><li>Friends</li><li>Children</li><li>Meals</li><li>Sleep</li><li>Meditation</li><li>Art, Creation</li><li>Exercise</li><li>Learning</li><li>Day Dreaming</li><li>Etc ;</li></ul>

We should be Free to Choose Where to Invest Our Time ~ Energy

An Employee working on a Job invests his Time & Energy in a Company.Similarly an entrepreneur invests his Time & Energy in a Project or Enterprise (synonymous in latin languages). In Reward for this investment, the Employee is granted Money. Therefore Money is a conversion vehicle ; a mean of transfer for the Time & Energy invested.This money will be Available and useful for Future Transactions into more Energy or Time.

How Can Money Be Time & Energy

Money ~ Time ~ Energy

This Powerful Equation helped me reprogram my personal relationship towards Money.

Chacune de nos journée nous accorde un capital temps limité : 24h. Ou 86.400 secondes. De la même manière nous disposons d’un capital énergie limité. Quelques milliers de calories par jours. Ce…

philosophy

Philosophy

timemanagement

Time Management

Life Currencies : Time ~ Money ~ Energy

The alarm you set sleepily at 12 at night is ringing loudly at 7 in the morning. You have to leave your warm bed, eat something and get dressed. Now, leaving your cozy house is even harder than all of that hassle. Well, you do it and suddenly it's 5 pm. You have to go back home rest a bit and get ready for the next day. Such fun, right? And for what? Just to be able to pay your credit card statement in full for the next month.

How Can You Buy Yourself Out Of Slavery

Now, here is a question: Do you think that this system has ever changed in the world for the past five thousand years? Get up in the morning, work for your masters. Pay off your debt to your masters with interest and repeat again all over. Can you spot any difference between the slavery of Babylon five thousand years ago and the modern slavery of today? I will try to answer this question with the success story of a Babylonian named Dabasir who lived five thousand years ago. A story about a man who was able to achieve financial freedom...

Dabasir - From Slavery To A World-Know Trader

Long story short; Nothing has changed in five thousand years. This is both a good and a bad thing. Good, because the ways out of slavery haven't changed either. But bad, because some of us just can't get out of this loop. Thankfully, Dabasir engraved some steps that can be taken on the path to financial freedom on a clay tablets five thousand years ago and whose accuracy has not changed for generations.

It costs nothing to ask wise advice from a good friend

You can guess how Dabasir became a slave. Think about how you got your first credit card. Why did you apply? Because sometimes you spend more than you earn. Now you can have almost everything you want in installments with your credit cards. In addition to this, maybe your income is increasing from year to year, you get promotions and you go from success to success in your career. Do you notice anything? The more you earn, the more you spend. This is how Dabasir became a slave; he spent more than he earned, got into debt, and he could not pay his debts.

Spending More Than You Earn

But Dabasir was determined. He had the spirit of a free man, and he had to be free. After being a slave for a while in Syria, he fled and came to Babylon to face his debts. He had three goals:<ol><li> Separating one-tenth of his earnings,</li><li>Meeting his basic needs with the seven out of tenth,</li><li>Paying his debts in installments with the remaining.</li></ol> He became a camel trader and paid for his debts in a long time and got his freedom. And that's it. What did you expect? A Dabasir who ran from battle to battle and became rich with spoils? He was a simple slave like us.

The Three Statements

Simple and easy to understand tips to save money and manage your wealth.

The Richest Man in the Babylon. This book deals with the personal success of each of us. Success means results coming from our efforts and ability. A good preparation is the key to our success. So keep a part of what you earn with yourself. From the benefits of saving to the essentials of getting rich, this collection of educative Babylonian fables gives you timeless information on how to make money. It guides to getting rich, attracting good fortune and the five golden rules. As a guide to understanding hydro-wealth and a powerhouse has been inspiring readers for generations. You know that Babylon became the richest city of the ancient civilization because it had reserved part of its earnings for the future. Thats why citizens got everything they wanted. How can you always keep your wallet heavy, the author has taught very beautifully on this topic.

George Samuel Clason, also known as George S. Clason. George Samuel Clason was born in Louisiana, Missouri, and died in Napa, California.During his eighty two years he was a soldier, businessman and writer. He served in the United States Army during the Spanish-American War.Clason started two companies, the Clason Map Company of Denver Colorado and the Clason Publishing Company. The Clason Map Company was the first to publish a road atlas of the United States and Canada, and did not survive the Great Depression.George Clason is best known for writing a series of informational pamphlets about being thrifty and how to achieve financial success. He started writing the pamphlets in 1926, using parables that were set in ancient Babylon.

George S. Clason

The Richest Man In Babylon

Morgan Housel is a partner at the Collaborative Fund and serves on the board of directors at Markel Corporation. He is also a former columnist at The Motley Fool and The Wall Street Journal and author of the award-winning book The Psychology of Money. Tim Ferris and Morgan discuss how understanding investing and risk tolerance is more of a phycological challenge than a purely financial one.

Morgan Housel interview

Money isn’t a means to wealth, it’s a means to autonomy and independence.

The way to become a great investor is to maximize the amount of dollars you accumulate over the course of your life. Most of the time, it is not earning the highest returns. For example:<ul><li>Warren Buffett is the wealthiest investor of all time.</li><li>Jim Simons the greatest investor of all time in terms of long term average annual returns.</li></ul>Warren Buffett’s long term average annual returns are about 21% per year. Jim Simons’ are like 66 % per year. Yet, Warren Buffett is wealthier because has been investing for much longer.

How to become a great investor

Cope’s rule states that organisms get bigger over time. But there are huge downsides to being big. There’s always a sweet spot in evolution. When something becomes too big to manage, it can cause you to fail.

 The size is the strategy

“Financial Advice for My New Son”“You might think you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t. What you want is respect and admiration from other people, and you think having expensive stuff will bring it. It almost never does — especially from the people you want to respect and admire you.” “When you see someone driving a nice car, you probably don’t think, ‘Wow, that person is cool.’ Instead, you think, ‘Wow, if I had that car people would think I’m cool.’ Do you see the irony? No one cares about the guy in the car."

Most people want independence and autonomy. Having the money that you don’t have to spend becomes the most valuable thing in the world when it lets you gain control of your time. But freedom and autonomy carry a lot of responsibility with them.

Instil the value of money and the ability to control how it affects your life


Risk is just the odds that something will prevent you from achieving your goals. Everyone has very different goals and aspirations and time horizons, so everyone thinks about risk differently. If your goals lie 50 years in the future, you probably wouldn't care what will happen in the next three years. But if you're 90 years retired widow on a fixed income, you'd have a very different definition of risk.  When people argue with each other on risk, it's really people with different risk tolerances and different time horizons talking over each other.

How to approach risk

There are many things in finance that look smart and sound smart, and the numbers add up, but it's completely opposed to how the real world works. Then there are many things that investors do that are not rational but is perfectly reasonable and align with how people's heads work.  For example, people own stocks that are closest to where they live. People who live in America only own US stocks, and those in Germany only own German stocks. It's not rational, but it's very reasonable. It's easier to invest your life savings in companies you're most familiar with.

Rational vs reasonable

Buffett has a great quote on wealth where he says he wants to leave his kids enough money that they can do anything, but not so much money that they could do nothing. Give children a safety net, but not fuel. Parents shouldn't give their children money just to make their life better. Children need to know that they have to make it on their own.

Ensure your children grow up to be financially smart

Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor | Brought to you by Allform premium, modular furniture; Athletic Greens all-in-one nutritional supplement; and Tonal smart home gym. More on all three below.Morgan Housel (@morganhousel) is a partner at the Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He serves on the board of directors at Markel Corporation. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.His book The Psychology of Money has sold more than one million copies and has been translated into more than 30 languages.Please enjoy!This episode is brought to you by Allform! If you’ve been listening to the podcast for a while, you’ve probably heard me talk about Helix Sleep mattresses, which I’ve been using since 2017. They also launched a company called Allform that makes premium, customizable sofas and chairs shipped right to your door—at a fraction of the cost of traditional stores. You can pick your fabric (and they’re all spill, stain, and scratch resistant), the sofa color, the color of the legs, and the sofa size and shape to make sure it’s perfect for you and your home.Allform arrives in just 3–7 days, and you can assemble it yourself in a few minutes—no tools needed. To find your perfect sofa and receive 20% off all orders, check out Allform.com/Tim.*This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1 by Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*This episode is also brought to you by Tonal! Tonal is the world’s most intelligent home gym and personal trainer. It is precision engineered and designed to be the most advanced strength studio on the market today. Tonal uses breakthrough technology—like adaptive digital weights and AI learning—together with the best experts in resistance training so you get stronger, faster. Every program is personalized to your body using AI, and smart features check your form in real time, just like a personal trainer.Try Tonal, the world’s smartest home gym, for 30 days in your home, and if you don’t love it, you can return it for a full refund. Visit Tonal.com for $100 off their smart accessories when you use promo code TIM100 at checkout.*For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Margaret Atwood, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Balaji Srinivasan, Sarah Silverman, Dr. Andrew Huberman, Dr. Michio Kaku, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

motivationandinspiration

Motivation & Inspiration

podcasts

Podcasts

Brought to you by Athletic Greens all-in-one nutritional supplement, Allform premium, modular furniture, and Tonal smart home gym. Morgan Housel (@morganhousel) is a partner at the Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He serves on the board of directors at Markel Corporation. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.His book The Psychology of Money has sold more than one million copies and has been translated into more than 30 languages.Please enjoy!This episode is brought to you by Allform! If you’ve been listening to the podcast for a while, you’ve probably heard me talk about Helix Sleep mattresses, which I’ve been using since 2017. They also launched a company called Allform that makes premium, customizable sofas and chairs shipped right to your door—at a fraction of the cost of traditional stores. You can pick your fabric (and they’re all spill, stain, and scratch resistant), the sofa color, the color of the legs, and the sofa size and shape to make sure it’s perfect for you and your home.Allform arrives in just 3–7 days, and you can assemble it yourself in a few minutes—no tools needed. To find your perfect sofa and receive 20% off all orders, check out Allform.com/Tim.*This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1 by Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*This episode is also brought to you by Tonal! Tonal is the world’s most intelligent home gym and personal trainer. It is precision engineered and designed to be the most advanced strength studio on the market today. Tonal uses breakthrough technology—like adaptive digital weights and AI learning—together with the best experts in resistance training so you get stronger, faster. Every program is personalized to your body using AI, and smart features check your form in real time, just like a personal trainer.Try Tonal, the world’s smartest home gym, for 30 days in your home, and if you don’t love it, you can return it for a full refund. Visit Tonal.com for $100 off their smart accessories when you use promo code TIM100 at checkout.*Warren Buffett vs. Jim Simons. [06:43]What do people get wrong about the partnership between Warren Buffett and Charlie Munger? [13:45]The size is the strategy. [16:59]Six years after writing his “Financial Advice for My New Son” article for The Motley Fool, are there any points Morgan would add or amend? [20:27]While there’s no way of knowing what kind of adults our kids will grow up to be, how might we instill in them the value of money and the ability to control how it affects their lives? [23:43]What unorthodox career decision did Morgan’s father make in his 30s, and how did the family’s life change as a result? How did earlier lessons of frugality give Morgan’s parents more options later on than their more steadily affluent peers? [28:28]How Morgan’s career path meandered from Denny’s greeter to investment banker to reluctant writer. [34:18]After finally hitting his stride as a writer at The Motley Fool, what compelled Morgan to join the Collaborative Fund team? [42:15]What’s a Markel and how did Morgan get involved with it? What was it hoped he could bring to the table there? [49:07]How does Morgan approach risk? [56:32]What “fin tweet” game is Morgan playing, and what are the rules? Who are the top players in this space, and what makes them worth your attention no matter the medium? [58:59]Investors Morgan respects — even if he wouldn’t try to emulate them. [1:03:33]Don’t beat yourself up too badly if you’ve ever been gamed by the market. Even Warren Buffett still makes mistakes. But would his younger version have made the same decisions he makes today? What made the early days of the pandemic such an uncertain time for even the most seasoned investors — Buffett and Housel alike? [1:09:37]Sometimes it’s the counterintuitive bets that elevate an investor into deity or demigodhood in the pantheon of the money-minded — whether it’s Benjamin Graham, Walt Disney, or Michael Moritz. [1:19:11]Notes on leverage and the “buy, borrow, die” approach to investing, and making sense of conflicting, diametrically opposed advice from seemingly intelligent, rational parties with differing opinions. [1:28:37]Sometimes peace of mind matters more than profit. [1:33:44]Is it better to be an antediluvian penny pincher who dies rich, or a high-roller who casts fistfuls of dollars into the sea only to pass away penniless? Maybe the middle ground is healthier than either extreme. [1:36:01]How does Morgan recommend someone of means ensure their children don’t grow up to be horrible, entitled, and generally useless to society? [1:40:13]Biographies and memoirs Morgan recommends (and what they can teach us about current events). [1:48:19]How can you increase the likelihood that you will not respond in moments of panic by doing what cripples you financially? Morgan weighs in. [1:52:26]In Morgan’s experience, how does someone who comes into money effectively allow themselves to enjoy it without succumbing to the all-too-common temptation to sink it all under a mountan of status symbols nobody really cares about? For his own part, what does his financial comfort allow him to enjoy, and how does he scratch the itch when he’s pestered by such temptations? [1:57:27]Preparing for financially bumpy long hauls, and “understanding the difference between a fee and a fine.” [2:07:15]A handful of journalists and writers Morgan would choose as trusted informants in a world without Twitter or in-depth news sources. [2:10:37]Morgan’s hall of fame for books about investing and finance, and how Dan Gardner’s book The Science of Fear has made him think about fear. [2:17:02]Morgan’s advice for helping someone (like me) regain a regular cadence of writing if COVID or other life interruptions have derailed such efforts, and a glimpse into what his own writing process looks like. [2:19:18]Tolerance for petty annoyance as a valuable life skill. [2:25:48]How did training as a competitive ski racer prepare Morgan for USC and, eventually, a world-class writer for The Motley Fool? [2:30:53]What does Morgan think is true, but is actually just good marketing? [2:39:17]What looks unsustainable, but is actually a new trend we haven’t accepted yet? [2:40:57]What has been true for decades that will stop working, but will drag along stubborn adherence because it has such a long track record of success? [2:43:50]Which of our current views would change if our incentives were different? [2:45:46]What are we ignoring today that will seem shockingly obvious in a year? [2:48:11]Money is not spreadsheets. It’s dopamine and cortisol. [2:49:06]Thoughts on near-future innovations both frightening and fascinating. [2:50:10]Websites Morgan thinks are worth your while. [2:55:23]Stories or points in The Psychology of Money Morgan wishes people paid more attention to. [2:57:39]Parting thoughts. [2:59:02]*For show notes and past guests, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsors.Sign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Margaret Atwood, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Balaji Srinivasan, Sarah Silverman, Dr. Andrew Huberman, Dr. Michio Kaku, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tim Ferriss is a self-experimenter and bestselling author, best known for The 4-Hour Workweek, which has been translated into 40+ languages.  Newsweek calls him "the world's best human guinea pig," and The New York Times calls him "a cross between Jack Welch and a Buddhist monk."  In this show, he deconstructs world-class performers from eclectic areas (investing, chess, pro sports, etc.), digging deep to find the tools, tactics, and tricks that listeners can use.

The Tim Ferriss Show

#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor

To monetize your expertise you must get clear on what you know, its value, and who can benefit from it. The following six questions will help you figure that out so you can create value for your customers, clients, and yourself.

Monetize Your Expertise

What single topic of expertise is your focus?<ul><li>The more focused the expertise you choose to monetize, the easier it will be to do so.</li><li>Try completing this sentence: "I use my expertise to help people ______."</li><li>Boiling down your expertise to one sentence helps focus your efforts and define the value you offer.</li></ul>

The Single Topic of Expertise that Is Your Focus

What separates you from other experts in your field?<ul><li>Come up with 3-5 unique things that separate you.</li><li>Unique traits few others have.</li><li>Unconventional beliefs about things like what makes a good social media consultant.</li><li>Experience building successful products.</li><li>Your points of differentiation won't make you the right choice for everyone, but they will make you an attractive candidate.</li></ul>

What Makes You Unique

Who needs your expertise?<ul><li>Lots of people have problems they don't realize are problems.</li><li>It's easier to sell to someone who seeks a solution than someone who doesn't know they need one.</li><li>Your answer to this question will determine your target audience so give it some serious thought.</li></ul>

The People Who Need Your Expertise And Solutions

How will your expertise change a person's life?<ul><li>People buy things that provide value.</li><li>Figure out how your expertise will help people move from point A to B in their lives or careers.</li><li>Creative entrepreneurs who pay for your expertise go from wasting time, effort, and money on content and marketing without tangible results to using it in ways that grow their audience and business.</li></ul>

Providing Real Value

What's the best way to deliver your expertise?<ul><li>Determine which delivery methods will most effectively package your expertise and format your product or service.</li><li>Consulting calls, e-books, videos, etc.</li><li>Figure out which delivery method your target audience will most want to consume and how you will be most comfortable or skilled at delivering it.</li></ul>

Delivering Your Expertise In The Best Way Possible

What are your monetary goals?<ul><li>Why do you want to monetize your expertise in the first place? Is it a secondary revenue stream?</li><li>How much do you need to make to justify the time and effort you put into it? And how quickly do we need to get to that level?</li></ul>

Your Money Goals

Want to know how to monetize your expertise? These six questions will help you figure out how to create value for customers and yourself.

career

Career

How To Monetize Your Expertise: 6 Questions To Ask Yourself

<ul><li>A growing online community championing quitting work before the age of 65 has emerged with hashtags like #EarlyRetirement, #RetireBefore30, and #FinancialIndependence.</li><li>The movement built on aggressive saving, investment, and frugality has found a new audience - and come up with new strategies for piling up cash.</li><li>You need to reach a net worth 25 times your annual cost of living to theoretically live off your savings for the rest of your life.</li><li>If you can bump up your savings and increase your income, you could get there even faster.</li></ul>

#RetireBefore30

<ul><li>People underestimate the length of their life.</li><li>Nursing homes and retirement communities are exorbitantly expensive.</li><li>Health care costs more as you age.</li><li>Family planning is difficult to predict.</li><li>Access to premium Medicare and pension funds depends on the number of years you work.</li><li>The market can be unpredictable.</li></ul>

Retiring Early Is Risky

<ul><li>College degree, no student debt.</li><li>Partner to share expenses.</li><li>No children or relatives to care for.</li><li>Access to health care.</li><li>Choice of where to live.</li><li>But all of this comes at a price.</li></ul>One example is the case of Taybeepboop, a 28-year-old post-production freelancer who paid off her college debt in under a year and eventually saved enough to buy a home. Her financial advisor encouraged her to share her financial story on TikTok, but it came at a high price.

The Advantages of Retiring Early 

The popular-on-TikTok movement claims with enough scrimping, sacrificing, and investing, you can quit work while you’re still young. But is it worth it?

What It Takes to Actually Retire by 30

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