<ul><li>For rich people, the their asset generates more than enough to cover expenses, with the savings reinvested into the assets. So assets continue to grow and they keep getting more rich.</li><li>"Compound interest is the 8th wonder of the world" - Consistently investing money will grow exponentially over a long period of time. Keep investing patiently and let the compound interest do its magic.</li></ul>

“Rich don’t work for money, they let money work for them.”

<ul><li>It should not be Savings = Income - Expense, it should be  Expenses = Income - Savings.</li><li>Rich buys luxuries last.</li><li>Think about paying yourself fast, not government taxes or bills.</li></ul>

"Pay yourself first"

A good metric of Wealth is, if you stop working today, how many days will you survive with current expenses.

Metric of wealth

<ul><li>Pay well to the people generating your assets, than people giving you liabilities.</li><li>Trade properties with bigger properties.</li><li>Use money to make more money by generating more assets.</li></ul>

Generate assets

Although we have been successful in our careers, they have not turned out quite as we expected. We both have changed positions several times-for all the right reasons-but there are no pension plans vesting on our behalf. Our retirement funds are growing only through our individual contributions. Michael and I have a wonderful marriage with three great children. As I write this, two are in college and one is just beginning high school. We have spent a fortune making sure our children have received the best education available. One day in 1996, one of my children came home disillusioned with school. He was bored and tired of studying. “Why should I put time into studying subjects I will never use in real life?” he protested. Without thinking, I responded, “Because if you don't get good grades, you won't get into college.” “Regardless of whether I go to college,” he replied, “I'm going to be rich.”

moneyandinvestments

Money & Investments

books

Books

Kiyosaki is best known for his book Rich Dad, Poor Dad, the #1 New York Times bestseller. Kiyosaki followed with Rich Dad's CASHFLOW Quadrant and Rich Dad's Guide to Investing.

Robert T. Kiyosaki

Rich Dad, Poor Dad

It would motivate me for work I have done by clicking on it and algorithms

You must first determine your budget before taking any meaningful measures. Do you realize how much debt you have in total? How much do you charge?You may begin by making a list of all of your existing debts.Consider the following scenario:credit card debt $6500.54student loan $11,074.44car loan $8,284.10second credit card debt $2,366.15other expenses $2,545.63Be as precise as possible. No numbers should be cut off. Be as precise as possible

3. Make a financial plan

Putting more money toward your debt is the key to paying it off quickly. This is why the first step is to closely examine your budget. Are there any expenditures that you could eliminate? Are you able to reduce your overall spending?

2. Reduce Your Expenses

Now that we’ve established what constitutes good and bad debt, we can go on to discuss revenue. You should have a clear view of your finances and the revenue you can earn each month before you can think about paying off your debt.So, if you made the same amount of money as you do today, how long would it take you to pay off all of your debt? Is it better to wait three months or twenty years? It’s overwhelming when you think about it in those words. How are you going to pay off all of that debt?

1. Earnings First

Work hard, stay positive, and get up early. It's the best part of the day.

What’s up, it’s @hackedongrowth here, The majority of individuals nowadays are in debt. Maybe you owe money on your school loans? Or a home loan? Perhaps you owe a lot of money to your business? Whether you’ve maxed out your credit card or are drowning in a sea of business loans, figuring out how to get out of debt might be difficult.

personaldevelopment

Personal Development

4 Methods for Paying Off Debt

The tools that exist today for tracking and managing financial operations are outdated. Furthermore, payment complexity is increasing as businesses become global. Large companies try to keep up by creating homegrown solutions with many engineers and operations specialists. For example, companies like Airbnb and Uber have 200+ employees tracking their real-time financial health. Then there are the breakdowns in these payment operations, such as when Citibank accidentally wired $900M to a hedge fund.

Companies need better software to manage day-to-day finance

<ul><li>Payouts send money outside of the business, such as bank wires and ACH, paying vendor invoices, creating transaction logs, etc.</li><li>Payins bring money into the business by accepting various payment methods, optimising payment routes and authorisation rates, identifying fraud and failure, allowing for rewards, gift cards, payment splitting, etc.</li></ul> The payment acceptance methods - credit cards, e-wallets, crypto, gift cards, bank transfers - differ by company and geography and can take months to implement. For payouts, a bank transfer involves a series of manual approvals.

Payins and payouts are mostly manual

Financial Operations (FinOps) could be an emerging software category with a huge opportunity to rethink the way businesses manage their money. As a result, it is expected that a number of companies will build solutions. Both payins and payouts can organise workflows into layers on top of the existing primitive workflows. These layers are:<ul><li>Moving payments</li><li>Ledger/reconciliation to record payment entries and connect to the ERP.</li><li>Dashboard - the ability to see and search transactions</li><li>Intelligence - the ability to set alerts and catch errors.</li></ul>

The opportunity to build

Building in this category requires building trust and reducing friction in the onboarding. The product needs to be highly reliable and likely needs to be added on top of existing products at first. Setup cannot be overly complex, as this is what the buyer wants to avoid. To get to market, early design partners and product marketing are critical. Leadership across the company should find it easy to understand and get insights into the real-time financial health of the company.

Building principles

As companies continue to expand globally and new payment methods are created, there is an increasing need for a new generation of  “financial operations” (FinOps) to help businesses manage their money.

“Financial operations” (FinOps) is an emerging software category with a massive opportunity to streamline, automate, and optimize how we move money, while giving the entire organization a real-time view of a business’s financial health.

Discover the world of business and economics.

economics

Economics

business

Business

How to Move Money in the 21st Century

HEIKIN - Average,  ASHI - PaceHeikin Ashi pattern represents the average pace of the prices. These patterns are useful for getting an idea of the price trend.

Heikin Ashi Pattern

The regular candlestick patterns have no correlation between two consecutive candles. However, a Heikin Ashi bar is based on the previous day's low, high, open and closing prices. The bar starts from the middle of the previous day's candle.

Heikin Ashi vs Regular Japanese Candlestick Pattern

The size, color and relative direction of the candlestick help draw conclusions about the trend of the price movement. Advantages -<ul><li>Smoothness of price movement </li><li>Helps remove noise or false signals.</li><li>Easier trend analysis</li></ul>Disadvantages -<ul><li>Lagging indicator</li><li>Can't spot reversal in time</li><li>Late exits</li><li>Not efficient on lower timeframes</li></ul>

The Heikin Ashi candles do not show true prices. Use it as an indicator to understand the market trendDon't use this pattern for scalping strategies.

Caution!

Learning how to be a better investor/ trader

A valuable tool in technical analysis, Heikin-Ashi charts smooth out price action, and with candlestick charts can make it easier to spot trends and reversals when trading.

Heikin-Ashi: A Better Candlestick

Being your own boss, bringing ideas to life, and hustling to hit goals are just some of the thrills of entrepreneurial pursuit. And while it might be easy to picture yourself having your own business, getting it to prosper takes hard work and time. One way to factor in your success is to establish an entrepreneur salary.
If you want to maximize your earnings by paying yourself first, follow this guide to learn how much entrepreneurs make in each city, and what the steps are to building an entrepreneurship salary.

Being Your Own Boss

The average entrepreneur salary in the United States is $44,000, though salary can vary between $16,500 to $184,500 and depends on various factors including skills, experience, and location. As you gain more experience, your entrepreneur salary has a chance of increasing as well. Many entrepreneurs see owning a business as a passion and might forgo paying themselves a salary. However, establishing an entrepreneur salary can be seen as a way to reward your hard work and accomplishments. After all, you put a lot of work into your business, and you deserve to be paid for it.

The Salary of an Entrepreneur

It can be easy to mix up your personal and business finances if there’s not a defined line between the two. Having a set plan to track your business income and expenses is the first step to building your entrepreneur salary. Start with opening a business bank account, and move all of your company’s income and expenses to it. You can also apply for a business credit card to help build credit.

Building an Entrepreneur Salary: Separate Your Personal and Business Finances


Paying yourself an entrepreneurship salary can prove that your financial well-being depends on the success of your business, and shows to employees and investors that you are committed to it. In addition to that, it indicates to the IRS that your business is legitimate. Establishing an entrepreneur salary from the beginning will help you keep accurate financial records and help you paint a better picture of what the company’s costs are and what issues need to be addressed.

Find Out How to Pay Yourself First

It takes some research to figure out how much you should be paying yourself. According to the IRS, all employers must receive a reasonable compensation, which is essentially something comparable to wages of employees with a role similar to yours. Start your research by looking at how much similar entrepreneurs are being compensated for in your area. You can also research positions that align with yours in other companies or ask other business owners in your industry.

Reasonable Compensation

When deciding how much to pay yourself, it’s important to take taxes into account. There are advantages and disadvantages of taking a payout or reinvesting in your company. Consulting with an accountant can be a good way to figure out which tax regulations affect your type of business entity. They will guide you through how to make the most of your deductions, shareholder distributions, and any other tax breaks.

Taxes

Scheduling your paychecks will help you manage your business’s expenses better. Generally, companies will schedule employees’ pay on a weekly or monthly basis. Talking to your accountant can help you decide if it’s better to pay yourself weekly, twice a month, or monthly. Having a consistent schedule can also help you manage your finances. Additionally, it will assure the IRS that everything is being accounted for since inconsistent withdrawals could potentially trigger a tax audit of your company.

Payday


You need to decide how you will pay yourself. It’s worth noting that IRS ownership compensation requirements differ depending on your type of business entity: <ul><li>Sole proprietorship</li><li>General partnership: An entity with two or more business owners. </li><li>Limited partnership: An entity with two or more business owners, with at least one being a limited partner.</li><li>C corporation: An independent legal entity separate from the business owners.</li><li>S corporation: An independent legal entity separate from the business owners; owners report revenue as personal income.</li><li>Limited liability company (LLC)</li></ul>

Picking A Payment Method

Paying yourself through the salary method is essentially the same as getting paid in the workforce. You’ll be paid on a regular schedule and it will be a fixed amount or based on the hours worked. If your business is registered as a C corporation or an S corporation, you are legally required to receive a regular salary. This means it will include withholdings for Medicare, Social Security, and federal and state income taxes.Business entities that can use the salary method:<ul><li>C corporation</li><li>S corporation</li><li>LLC (if treated as a corporation for tax purposes)</li></ul>

The Salary Method

When using the owner’s draw method, you will withdraw money from your business revenue to pay your entrepreneur salary as you see fit. Instead of a regular fixed income, this allows for greater flexibility and the possibility of adjusting how much money you earn depending on your business performance. Business entities that can use the draw method: <ul><li>Sole proprietorship</li><li>General partnership</li><li>Limited partnership</li><li>LLC</li></ul>

The Draw Method

<ul>
<li>Employee Compensation: If you have one or more employees, you’ll want to consider their salary and what was promised to them.</li>
<li>Cash Flow: Successful business owners have a clear understanding of their company’s financial reports.</li>
<li>Growth Rate: Planning for growth is important for your business to keep flourishing.</li>
<li>Personal Finance: One last thing to consider when setting your entrepreneurship salary is what you can afford.</li>
</ul>

Consider Factors That Affect Your Compensation

The average entrepreneur salary is $44,000. Follow these five steps to pay yourself first and find out the entrepreneur salaries in different cities.

entrepreneurship

Entrepreneurship

startup

Startups

The Entrepreneur Salary: 5 Steps to Paying Yourself First

My co-authors and I then did a similar experiment requesting online donations to the American Red Cross. Some people were asked for contributions directly, while others were asked to donate by voting for whether they liked chocolate or vanilla best. Again, people might have found this odd or even frivolous for a charity focused on providing relief in dire circumstances. But the strategy worked: People given a choice donated 28% more than those who weren’t.

Voting System While Donating

Similar results have been found in a host of domains. Asking people “<a href="https://sparq.stanford.edu/solutions/dont-just-vote-be-voter">to be a voter </a>” instead of asking them “to vote” significantly increased turnout. Students told <a href="https://psycnet.apa.org/record/2012-29450-001">“please don’t be a cheater” </a>rather than “please don’t cheat” were half as likely to engage in unethical behavior.

Use Nouns Instead Of Verbs

Popular content often has a particular word in common: You. Whether it’s on the news (e.g., “Is there a dangerous chemical in your water? Learn more after the break”) or online (e.g., “5 Tips You Can Use to Land Any Interview”) the most read or watched stuff often uses second-person pronouns.So instead of saying “we need help” or “every dollar helps,” nonprofits seeking donations might instead opt for “we need your help” or “every dollar you give helps.” If you can, try using names as well. This makes it feel like more than a generic or boilerplate request, but one targeted directly at them.

Use "You"

problemsolving

Problem Solving

communication

Communication

teamwork

Teamwork

How Nonprofits Can Encourage Donors to Give More

When someone on your team asks for a raise (assuming they're deserving), but you don't have the budget to increase their pay, can you give someone a promotion to keep up their morale? Just saying "no" to a pay raise or lying to them and saying it could happen in a few months will likely not end well. Instead, redirect the conversation toward the real cause. If you can fix that, you will have a greater impact.

Feeling undercompensated

The best way to find out why someone wants a raise is to ask them. Questions that can help to uncover the issue.<ul><li>What's your least favourite part about your job?</li><li>What's one thing we could do to improve how our team works?</li><li>How do you experience your workload? Do you feel overworked or underworked?</li></ul> Ensure that you are actively listening. Rephrase the message to confirm you understand it.

Get to the root cause

You may be unable to increase their financial compensation, but you can instead focus on providing them with career growth. Studies show that growth is a significant perk people want at work, even more than money. <ul><li>Introduce them to a mentor further along in a similar career.</li><li>Buy them a book or course that will help to develop them.</li><li>Empower them to take on a project to solve an important problem.</li></ul>

Give them new projects to work on

If you are transparent about your company's financial situation, when raises are considered, and your limitations, your employee looking for a raise will be more willing to wait. Transparency creates a deeper level of trust between employers and employees. However, a lack of transparency could lead to a toxic culture that causes people to leave.

Be more transparent

How to deal with one of your team members feeling undercompensated but giving them a pay increase is not an option. 

Should you give someone a promotion without a raise? In the 9th edition of Ask LH, we discuss what to do when you can't give someone a pay increase.

career

Career

corporateculture

Corporate Culture

humanresources

Human Resources

Promotion without a Raise? What to Do When Money is an Issue

As the chart shows, if you want to build wealth, there are really only two things to get right:<ul><li>Increase the difference between your income and expenses</li><li>Save that difference and grow it exponentially over time</li></ul>That’s it.This chart shows you exactly how much you need to save, and the rate  you need to compound it at, in order to reach your goals!

How to Build Wealth: This Chart Tells All

Worrying about whether your wealth is growing by 6% or 8% per year won’t matter so much if you can’t make enough money to reliably save and invest each month.Here’s an overview of three ways to earn enough income to start some serious wealth accumulation.<ol><li>Pick a high-paying job</li><li>Make money with side hustles</li><li>Start a business, full or part time</li></ol>

How to Increase Your Income and Save More

To invest money for high rates of return, you usually either need to take on increased risk, increased volatility, or decreased liquidity.Here’s an overview of how to achieve your target rate of return. Usually you’ll want a blend of several of these asset classes for optimal diversification:How to produce 0-3% annually:<ul><li>Treasuries</li><li>Corporate bonds</li><li>Municipal bonds</li><li>Savings accounts</li></ul>How to produce 3-8% annually:<ul><li>Preferred stock</li><li>Peer-to-peer lending</li><li>Index funds</li></ul>

How to Achieve a High Growth Rate on Your Savings Pt.1

How to produce 8-12% annually:<ul><li>High-yielding dividend stocks </li><li>Emerging markets and other international stocks or ETFs trading at low valuations.</li><li>High-quality Real Estate Investment Trusts and Master Limited Partnerships</li><li>Investment strategies employing the use of cash-secured puts and covered calls to give good returns even in overvalued markets</li><li>Certain alternative investments that offer decent returns in exchange for lower liquidity</li></ul>How to produce 12-15% annually:<ul><li>Top-quartile private equity</li><li>Direct real estate investing</li></ul>How to produce 15%+ annually:<ul><li>Be a world-class investor</li><li>Start a successful business</li></ul>

How to Achieve a High Growth Rate on Your Savings Pt.2

This is a comprehensive guide on how to build wealth and make more money.  Includes specific information on investments and a financial freedom calculator.

Everything You Need to Know About Wealth Building 

50% of a person’s happiness is determined by their genetic makeup, researchers discovered. A new study considers the roles both nature and nurture play in a person’s happiness.

Nature & Nurture

The self-help industry is booming, fuelled by research on positive psychology – the scientific study of what makes people flourish. At the same time, the rates of anxiety, depression and self-harm continue to soar worldwide. So are we doomed to be unhappy, despite these advances in psychology?

Doomed To Be Unhappy?

According to an <a href="http://sonjalyubomirsky.com/wp-content/themes/sonjalyubomirsky/papers/LSS2005.pdf">influential article</a> published in Review of General Psychology in 2005, 50% of people’s happiness is determined by their genes, 10% depends on their circumstances and 40% on “intentional activity” (mainly, whether you’re positive or not). This so-called happiness pie put positive-psychology acolytes in the driving seat, allowing them to decide on their happiness trajectory. (Although, the unspoken message is that if you are unhappy, it’s your own fault.)

It’s Your Own Fault

50% of a person's happiness is determined by their genetic makeup, researchers discovered. A new study considers the roles both nature and nurture play in a person's happiness.

Understand yourself and those around you.

psychology

Psychology

health

Health

Why Some People Find It Harder to Be Happy - Neuroscience News

Coin Runs on its own blockchain network Requires advanced blockchain knowledge and coding skills Blockchain development is more costly and takes time

Crypto Development Option - 1

Token Can be built on existing blockchains with an established user base Fairly simple to create with pre-existing tools and open-source code Token development is faster, simpler, and relatively cheap

Crypto Development Option - 2

Creating a token on an existing blockchain can leverage its reputation and security. While you won't have complete control over all aspects of your token, there is still a lot of customization available.If you're looking to push the limits of what a coin or blockchain does, creating a coin with its own blockchain would likely be better. Creating a new blockchain and coin is certainly harder than issuing a crypto token. But if done right, it can bring lots of innovation and new possibilities. Binance Smart Chain, Ethereum, Solana, and Polygon are good examples.

Pros & cons 

Your choice of a token or coin will change depending on the customizability and utility we want. -- The costs involved depend on the work needed, like external developers and time.-- Before creating your own crypto, you'll need to consider its utility, tokenomics, and legal status. -- After your choice of blockchain, consensus mechanism, and architecture are all needed for the development stage. -- Next, you could consider an audit of your project and a final legal check. -- While pretty much anyone can create a cryptocurrency, developing a solid project requires serious work and dedication.

Options/ Differences To Consider When  Deciding Blockchain Strgy

Countries around the world have their own laws and rules regarding cryptocurrencies. Some jurisdictions may even ban the use of cryptocurrencies. Consider fully your legal obligations and any compliance issues you might face.

Legal, compliance, Rules Of Market Engagement

Creating a token on an existing blockchain can leverage its reputation and security. While you won't have complete control over all aspects of your token, there is still a lot of customization available. There are a variety of websites and tools available to create your own token, especially on BSC and Ethereum.

When To Go Token Mint

If you're looking to push the limits of what a coin or blockchain does, creating a coin with its own blockchain would likely be better. Creating a new blockchain and coin is certainly harder than issuing a crypto token. But if done right, it can bring lots of innovation and new possibilities. Binance Smart Chain, Ethereum, Solana, and Polygon are good examples.

When To Coin From Scratch 

The costs involved are linked to the methods and setup you choose. If you're creating a coin and blockchain you'll likely have to pay a whole team over multiple months. A code audit from a reliable team can also cost around $15,000 (USD). At its cheapest, a simple token on BSC can be done for $50. When we average this out, to create a cryptocurrency with some chance of success, you'll likely need to spend thousands of dollars on its creation, marketing, and community building.

Cost of creating your own cryptocurrency

Making some sense of cryptocurrency development basics for beginners.

Learn to create your own cryptocurrency coin or token with a mix of blockchain development, smart contracts, consensus mechanisms, and other tools.

crypto

Cryptocurrency

How to Create Your Own Cryptocurrency? | Binance Academy

Find 100+ Ideas and Facts about Money - Curated from interesting sources like Books, Podcasts & Articles - Genuine Insights from like-minded Users like You!