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1 - Invest in yourself;
The point here is: people do many things with money, but they fail to invest in themselves;
They complain about a promotion that didn’t come, a job that wasn’t offered... but they just complain. They don’t act to improve the main asset they have: themselves.
And here, there are two sides: it’s not just the person looking for a job but not seeking ways to improve their skills. There’s also the one who reached a high position and simply got comfortable. Instead of updating themselves, they look for other professionals to fill the gap they leave.
That’s why, if you want to stop being poor, you need to understand one thing: poverty starts and ends with you.
You need to improve yourself to improve the world around you. You need to acquire knowledge to climb higher in your job and have more money.
2 - Leave amateurism behind and become semi-professional;
Here’s an analogy: the amateur has a checking account that they use to feed a vicious cycle of paying debts and impulsive spending.
The semi-professional, on the other hand, has a business with a checking account where they make planned expenses and invest their money.
3 - Don’t work for money;
When you work for money, your motivation dies with the first paycheck (Taleb: the three most destructive addictions are heroin, carbohydrates, and a monthly salary).
Even when your ultimate goal is to be rich, don’t work for money, work for your wealth;
That’s why, in the title of the video, I talk about DECISIONS you need to make. Most of us only WANT money, and when the first paycheck of the month comes, we feel satisfied. That’s not enough to stop being poor.
You need to DECIDE to be rich, DECIDE to work for wealth and building assets. Only then will you have a chance to escape poverty.
4 - Have assets, not liabilities;
When we start to have a little money, a clear sign of ingrained poverty comes into play:
We start wanting several LIABILITIES, thinking they are actually ASSETS;
This happens with cars, houses, and many things...
But here’s a very easy trick to never fall into this trap again and clearly distinguish what is a liability from an asset:
When acquiring this asset, does it cause money to LEAVE your wallet? It’s a liability;
When acquiring this asset, does it cause money to ENTER your wallet? It’s an asset.
So, very simple examples:
Bought a beachfront house, but at the end of the month, you have to use part of your salary to pay its costs? Liability.
Bought a beachfront house, and the rent you charge when you’re not using it covers its costs? Liability (there’s no money entering your wallet).
Bought a beachfront house, and the rent you charge when you’re not using it covers its costs AND THERE’S STILL MONEY ENTERING YOUR WALLET? Asset.
That’s how you know the difference. An asset makes money flow into your hands, a liability makes money become a stock where there’s only outflow.
5 - Diversify how you earn income.
Now that you’ve discovered the correct way to acquire assets, here’s another key secret: don’t rely on just one source of income.
That’s why, for example, investments are very important;
You don’t need to be rich to invest, but you need to invest to stay rich.
And the thing is that you have to diversify not only your income sources but also the ways these incomes come to you.
Bonus:
Bonus tip: you probably came to this video wanting to never be poor again, and maybe you even really liked the video, felt motivated by it, but then you’ll sit down, do something else, and forget to apply everything I just told you in your life.
That’s why here’s a very important phrase you need to keep in mind, which is the bonus decision you need to make:
Excess motivation does not compensate for lack of action.
So, when you finish this video, don’t let it fade away in some corner of your memory. Practice. Take all these decisions and MAKE THEM, truly and once and for all in your life.
Because, otherwise, unfortunately, there’s a good chance you’ll remain poor.
And then, you reach an even worse level: you become a person who could be rich but prefers to waste potential by having everything needed to get there, except the attitude.
4 авг 2024
