7 Secrets Of Wealth Perhaps the rich seem to know something about money that the rest of the people do not know! But this does not mean that the secrets of wealth are kept secret and the rich are self-respecting, but are simply golden rules for wealth, development, preservation, and wise investment.
7 Secrets Of Wealth
- 1 7 Secrets Of Wealth
- 1.1 1. You can not become rich from your salary only
- 1.2 2. Richness needs a mentality that is completely different from the employee’s mentality
- 1.3 3. Do not spend money to buy impress others
- 1.4 4. Understand the difference between value and price
- 1.5 5. Invest other people’s money
- 1.6 6. Take advantage of time and not the moment
The key to building wealth is to look at the conduct of the self-made wealthy self-builders, because knowing the habits and behaviors of the owners of any field is the key to their treasure chest.
If you ever aspire to become a chandelier, these are seven things that every self-made millionaire knows, and you can use to build your own wealth:
1. You can not become rich from your salary only
No one denies that you can develop your career to a certain level. But at some point you will have to stop and your financial income will stop growing. Wealthy and financially savvy people know that the way to increase wealth is to make the owner work for you. The author of “The Rich Father and the Poor Father” founded his financial philosophy on this strategy.
The best way to get rich is to establish the channels (assets) from which you get income on an ongoing basis. These assets may be profits on equity or rental properties or income from business, and any business that you do not have to do on a daily basis. In order to succeed in making money working for you, you have to learn to manage it.
2. Richness needs a mentality that is completely different from the employee’s mentality
Employee works to develop the wealth of the employer. So if you’re thinking about getting rich, think of your own business now. Keep your daily job, but never take care of your business. One of the secrets of wealth is to work and work to learn, not just to work for money.
“Many middle-class people believe that setting up a private business is very risky,” says financial analyst Robert Wilson. While the wealthy understand that the biggest danger is to let your boss decide what your salary and business is. He does not care about your goals in life. ”
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The author of “The Rich Father and the Poor Father” asserts that it is better for a person to start his own business or career before he is over 30 years of age, where bankruptcy can be quickly recovered at that age.
3. Do not spend money to buy impress others
The standards of life have now turned upside down, and have become a material life dominated by appearances on gems. Be wary of falling into this trap that has made most people do not make money no matter how high the income. I know that the majority of the rich do not spend their time and money to win the admiration of others. Because they know that they have achieved success, and therefore do not care what others think.
In fact, many rich people would not have gotten rich if they had spent their hard earned money buying things bought by others. Living without their potential and rejecting the lavish lifestyle is one of the biggest secrets of America’s biggest wealthiest, according to the book “The Millionaire in the Neighboring House,” which is the bestseller. Spending your money so that you look rich before you are rich is really the shortest way to sabotage your goal of wealth.
So if you want to make progress on the financial side of your life, you must give up most of the bad habits and soukies that eat your income.
4. Understand the difference between value and price
The price is the amount paid by the buyer for a commodity, while the value is the benefit he receives after the acquisition of the commodity. What most people do not realize is that the “price” is the person’s effort and work to secure this amount (for example, 6 hours of work / full salary …) and whether it is worth paying for the value expected to be received.
Price and value vary from one person to another, although the product or Parallel Profits Review service is the same. The “price” of any effort (physical and moral) that each one makes to provide it varies from person to person. The perceptions of each one about the value of the same commodity / service vary according to different criteria and priorities.
One of the secrets of wealthy wealth is that they look at value rather than price, so they are wise in their financial decisions. You are also aware of the true meanings of price and value, which will shape your economic culture and your financial sense.
5. Invest other people’s money
One of the things you may not know about the wealthy and business people is that they do not always have enough money. It may seem strange to you, but it is true. Even if they have millions, they will never have enough money. Because the next idea will inevitably need more money than the previous idea. So they are skilled at financing their projects from the pockets of others! Here one of the secrets of wealth is also hidden.
The use of private funds and other funds (investors / banks) in financing projects and investment schemes is the smart strategy to create steady cash flows and achieve financial freedom to retire early. Of course, you’re risking more than you’re relying on your own owner, but remember what Warren Buffett said: “The risk comes from not knowing what to do.”
6. Take advantage of time and not the moment
With the financial markets falling and falling from time to time, no one can predict the direction of the market tomorrow. The rich know this fact well and do not try to imagine themselves successful traders.
“The time factor is more important than the right moment,” says Peter Lazarov, director of financial planning who manages $ 10 million in assets. The majority believes that choosing the right moment for investment is the key to wealth. While the rich know that relatively stable time and return are the two most important factors in capital growth. ” This may seem to you illogical! But the way of wealth lies in the unpopular method of buying, keeping, and forgetting