"pay yourself first" has a much more profound meaning than simply taking a small amount of money and putting it aside. you are not supposed to just put it aside. there is more to it than that. you are supposed to put it aside, but then put that money to work, and keep doing it consistently for the rest of your life.
Got this book as a gift for my 10th birthday. I didn't get it then, but have made sure to read it at least once a year every year after I turned 13. I am 16 now and have read this book 4 times, on my fifth read now. It is my favourite book and I see now how immensely lucky I am that my relative saw the importance of me understanding money as young as 10. Really, truly a timeless story. Thank you for the video.
@@TheSUPERHAPPY1 Yeah, haha, thought it was a bit odd. Didn't reply after that. Thanks for that! It really is such a wonderful little book; it helps that it's so short and to-the-point. Easy to digest and re-read indeed. All the best!
@@TsarOfRuss for me the key take away was in the last chapter, where he teaches us to love to work, make work your best friend. That is the key to impressing others, as well as getting promotions, which will help you to save and invest more.
The single book that changed my entire life. I was a single Sailor living the bachelor life 4-5 years ago, and I was stacking liabilities. My networth was negative$20k...however, after reading this book I decided to change my spending and now my net worth is over $300k. Great book!
This is an awesome build, there is a place for learning, and there is a place for action after learning. You definitely applied what you learned, hence the +ve result. God bless you sailor. May we all have the grace to apply our new knowledge per time.
5:30 5. Power of Passive income - powerful idea. This is exactly what got me to investing. Thinking like a programmer, I just wanted to automate income. It's a legal slave! Great description there Swedish investor!
A lot of valuable information shared in this presentation. 1. The doer or the people who take action are the ones most likely to be successful 2. It always good to act when the time is right and figure out a way to let your money work for you.
Granted I'm not the brightest bulb in the chandelier, but somehow I've adhered to all of the above and have retired comfortably and without a single debt; and I have money earning money. However, along the way I have been more than generous to others and extravagant toward myself at times (on and off only). I guess my greatest talent is instinct and discipline to reinforce what instinct dictates. Anyone could learn a lot from this short video -- but don't forget to incorporate discipline into your financial journey. And a little fear (of being without) doesn't hurt either. 5/2019
patrick ryan I really like this comment, thanks for sharing 😁 This book can turn some people with the right mindset into millionaires, but others won't make a dime from it. Definitely boils down to discipline, as you say.
I have been living from paycheck to paycheck but I have been unable to live the life I want or save money. I have been reading financial literacy related books like, rich dad poor dad, the intelligent investor, think and grow rich etc. and am changing drastically how I deal with money. I'll get back here and comment when i reach my goal. Wish me luck fam
Sir Frank, I’ve been following Dave Ramsey and Chris Hogan for nearly a year. Both have their own RU-vid and podcasts. DR has the 7 Baby Steps to Financial Wealth. Look them up. I like the order of the steps. It’s helped me prioritize my money.
I think it all boils down to what gets you motivated and going. People can definitely become wealthy by following the take-massive-action advice of Grant Cardone, and the same goes for the advice given in The Richest Man in Babylon. But no one will get rich by just hearing the advice, so it has to speak to you loud enough for you to get your butt off the couch 😉
Love the content about matter of LUCK, both winner and loser have the same opportunities. Winner wins because they are taking actions constantly and are prepared when opportunities come, losers only start working when they see the chance. That makes all the differences
LEARNNG POINTS 1) YOU SHOULD SAVE FIRST FOR YOURSELF BEFORE SPENDING EVERYTHING 2) WITHOUT AFFRAID TAKE A CHANCE OPPORTUNITY WHENEVER YOU GET AND PUT YOUR ALL EFFECT TO TAKE ADVANTAGES
I honestly love your videos! You really have the power to keep us interning while learning few tips. Keep your project running my friend. Already shared your videos to a few friend 🇬🇧🇧🇷
10% is cute, but minimum of 30% is ideal and reasonable, for any income level. Your rent/mortgage/shelter expenses, should never exceed 30% anyway, so that leaves you 40% to play with. If you can’t stash 30% of your earnings you don’t really want it.
30% is cute, minimum of 50% is better for everyone. If you aren't saving at least 50% you're really just pretending to save. After all, we can't all live with our parents.
Seriously, WTF.... don't reference slave ownership as smart business. "If you decide to keep your slaves, they will breed. Even the kids will breed eventually." That's seriously fucked up that you would say that.
THE RICHEST MAN IN BABYLON SUMMARY 1. Pay yourself first. 2. Man of action are favoured by the goddess of luck 3. Wealth is not a matter of income 4. Act when the time is right 5. The power of passive income
Rich in money but poor in ethics wealth measured in money alone is flawed logic, money will eventually be abolished for money allows all sorts of atrocities and injustices to occur
6:21 hahahaha yet another financial idea pretending that the resources available in the game are unlimited - idiots - sustainability is always the most key factor in longterm survivability, a fact that far too many wealthy types have neglected = poor investing philosophy
I first incounter this book as audio book sometime in 2016. I listen to it for about 6times now. I'm still excited whenever I play it. It's you are actually there. Your imagination takes you. A highly recommended book. Makes your pocket fat than ever before. Thanks TSI.
Mark I totally agree. The storytelling of George Clason is definitely getting you pumped up about getting started with the concepts - such as "pay yourself first". I've only gone through it twice though, which pales in comparison to your 6 times haha.
Nuestro gobierno está poniendo a tantas familias en situaciones difíciles, usted me ha ayudado mucho a mí y a mi familia, Sra. Leesa, imagínese invertir $ 1,000 y recibir $ 5,200 en unos días.
Sorprende ver otra operación con la Sra. Leesa Spencer , actualmente estoy en mi quinta operación con ella y mi cartera ha crecido enormemente. Sus señales semanales son altamente rentables.
Income is more important than expenses. You can reduce your expenses to a point, but there is no limit on how much you can earn. Thanks for the summary, I may have just saved myself a lot of time reading a book that I don't believe in.
I get to know about the following thoughts of a successful mentor, firstly , we should invest in ourselves, secondly ,goddess of luck always favors men of action , thirdly, wealth and income are totally different thing, fourthly, one should act at the right time, and lastly passive income is effective and powerful.
Starting with you first video and going true all of them now👍 thank you for sharing, and I hope you passive income from you youtube videos is higher then mine 😄
I’ve read 4 books and they took me a while to finish them let me tell you. When I ended them I understand them completely. After I read them I watched your videos about those specific books and I was completely mind blown away. Im thinking about not reading anymore and just watching your excellent elaborated book videos and not starting a book anymore. PS: i have a notebook where I write the name of the book and then the whole book review and takeaways. Should I start books or only watch takeaways and review videos from you different sources?
Read summaries to know if it's something you need to learn or expand on. If it is then read the book and pause and think. Every 30 min to really digest and understand the contents.
6:00 "Your money will work for you while you go to class, while you hang out at the gym, and even while you're sleeping. It's modern day slavery. And best of all...." Me: "There's no human suffering required?" Swedish Investor: "It's 100% LEGAL!!!"
Its relativly small and the pages are small too it can be finished ezily by reading 1 chapter a day its 11 chapters most dont pass 15 pages for each chapter its a story that u go through while actually learnning alot about finance and investment in a fun way just dont throw an eye on the "gods" being overly used for no reason tho its a great book and an intertainning story enjoy!
Never did think I'll get the chance again by I have to thank Mr pavil Conrad for his assistance and skillful efforts to pulling good profits off our recent trades.
This man is underrated he makes me $35,000 in one month of trading the best part of it is you get to watch your investment grow from the amount invested ride to the actual goal agreed he teaches me also while in trading love his services .
Becky Milton sure he is my mentor he trades on my behalf and profit for me he Also offers teaching services for new investors/student who are willing to learn he pattern he use in making Consultpavilconrad@gmàil com With the investment of $2400 I gained back $14,550 after two weeks of trading such a good contract trader
Glad that you liked it! The goal with this channel is to tech investing and personal finance in a simple, enjoyable and profitable way so that's great!
I wasted 40 minutes of my life listening to the audio book, guessed what it was about, then sought your summary for confirmation. Thanks Swedish Investor for your summary.
There is so much more to this book, which is not explained in the video. The seven cures for lean purse, the five laws of Gold, the struggles of Dabasir and so much more .
When we look at wealth in a simple way, wealth becomes easy to acquire. People are looking for speculative and complexe ways to build wealth, that mindset is wrong. The first law of wealth, track your savings, the same can be said, in a business, you can track your returns. The second law, maximise returns by eliminating risk. If risk is still in the equation, you are doing something wrong. If risk is involved, you want to minimize it.
thanks, great summary, as someone who read rich dad poor dad, Id def say law 1 2 4 and 5 were also mentioned there in other ways. Great book for sure, if you havent read other basic financial books. Have a good one
This video also helped me out by ideas of improving my personal finance , making money , teaching me how to spend money, invest money. This video also taught me the ideas of making passive income and earn income from the save money.
One of the things they do need to discuss ( openly) is the chapter were you use energy to create some value, beacuse its the most misunderstood and a thing i was not aware of, but at the same time i know there is a big lonliness problem that i think could be solved by having simply better communication with the workers and a value met with the value you work for, i dont get why that is sutch a bad thing, i like that people have opinions and a diffrent skills beacuse it means more knowledge to learn from, if someone is a carpenter and trys to teach me then i listen to them beacuse i dont know a thing about that trade, but if they want to learn from my trade then its in my opinion a win win situation
Hello i have a question the taxes in Sweden is about 45% so if you made 1mil you would only keep 650k so what do you do do you base your company in a tax haven country?
Hey, I’m Paramjeet Kaur..... Today I got my piggy bank with the help of this short clip. Honestly speaking, it’s true that if we can pay to others then why not to us? It’s just 10% of r income we have to pay ourselves. Because it is best way to pay off our debts and after paying them it become very easy to save money and invest it for more money.
The exact number is not where the magic happens here - the most important thing is that you put some money aside each month so that you have something that can start to grow. I'd say 10% after income tax and national insurance is a nice round figure to start with, as a minimum. Increase it when you feel comfortable and/or at every salary increase.
Just letting you know the sound of the marker/chalk against the board at the beginning is really annoy me. I wonder if others have the same problem. I don't have the gut to watch this clip again.
