How To Become Rich?

How to become rich?

A checklist

About the Self:

  • Be passionate and alive. Meditate
  • Know your issues/weaknesses. Have strategies to deal with them. How do you deal with Fear and Greed?
  • Leverage your strengths.
  • Learn from the mistakes of others rather than your own.
  • Check in with your state of mind frequently. The right perspective creates the right mindset.
  • Look out of the box, think for yourself, and serve yourself rather than the man
  • Self-Reliance is a virtue.
  • If it’s easy it is probably expensive.

About Time:

  • Plan ahead
  • Make a to-do list
  • Take action on what matters.
  • Gain Momentum.
  • Which actions will matter in 1, 2, 5, 10 years?
  • Kill time wasters. Create a not to do list.
  • Have goals in multiple areas of your life.
  • Convert time to value. (Rather than entertainment)
  • Do something to get out of the rat race.
  • Measure stuff.

About Saving:

  • Be aware of lifestyle inflation.
  • Save aggressively. 30%, 40%, 50% of your income.
  • Create rather consume. Have a creator mindset. Develop a product, an idea.
  • Saving time is more important than saving money. (If you spend that time usefully)
  • Use your saved money to create more money.
  • Liabilities, financial or otherwise need to justify their cost.
  • Save on the tax bill. (legally)

About Investing:

  • Invest in what you understand, learn about the investments you do not yet understand.
  • Create your own investing edge.
  • Accumulate assets rather than liabilities. Assets create more money, liabilities cost money to maintain.
  • Compound interest in the most powerful force in the universe.
  • Productive Credit provide access to larger assets
  • Buy Low Sell High.
  • Investing is not Gambling
  • Have an exit plan for every trade.
  • Evaluate the options to invest in something. The devil is in the detail. Fees.
  • Diversify your assets and your sources of income.
  • Financial independence is possible.
  • Rebalance your portfolio.
  • Organise your investments according to your current capacities:
    • Little Risk
    • Low Risk
    • Medium Risk
    • High Risk
    • Extreme Risk

About Friends and Family:

  • You become the average of the five people you most frequent.
  • Behind every great man and women, there is a great network of friends and family.
  • A great network of friends and family, takes time and energy, to nurture and grow.
  • Relationships are the greatest source of happiness.
  • Being a parent is hard work, but worth it.

About Play:

  • The best things in life are free. It’s true.
  • Work hard, play hard. 🙂

About Society:

  • Network.
  • Wealth without society is valueless.
  • The level of freedom of society is a sum of the values of those within.
  • Without a free society, it is impossible to live free.
  • Protect the jewel of freedom fiercely. You owe this to people, those that died for you and those that will carry your genes, ideas, culture and values.

These ideas aint’t mine. They come from the many books I read, interviews I heard and great people I had conversations with.