OP 04 April, 2023 - 11:03 PM
(This post was last modified: 04 April, 2023 - 11:06 PM by accountica. Edited 3 times in total.)
Credit & Source: Iman Gadzhi
Summary:
Treat money as a never-ending game: Understand that reaching financial milestones isn't an endpoint, but rather part of an ongoing journey. As you achieve one goal, set new ones to keep you motivated and progressing.
Understand when to say "I don't have the appetite for that right now": Recognize when a business opportunity or venture might not be suitable for your current situation or resources. For instance, if an investment requires more time or money than you can comfortably commit, it's better to wait for a more appropriate opportunity.
Realize that it's never possible until you see it: Expose yourself to successful individuals or affluent environments to shift your perception of what's possible. For example, visiting a luxury hotel or upscale neighborhood can help you visualize a higher level of financial success.
Aim to make money fast but build wealth slowly: While you should strive to maximize your income quickly, remember that true wealth takes time and discipline to build. For instance, focus on increasing your income through high-paying jobs or entrepreneurial ventures while also investing in long-term wealth-building assets like real estate or stocks.
Ignore advice from the financially illiterate: Be cautious when taking financial advice from those who lack knowledge or experience. Instead, seek guidance from successful mentors or reliable sources like books, courses, or reputable financial advisors.
Treat money as energy that must flow: Understand that money needs to circulate to maintain its value. For example, invest in your own growth or contribute to the economy by supporting businesses and services instead of hoarding money out of fear.
Build a peace of mind fund: Create a financial safety net that can protect you during unforeseen circumstances or risks. For example, save six months' worth of living expenses in an emergency fund to cover unexpected costs, job loss, or health issues.
Recognize that money is an identity: Develop a mindset that aligns with financial success, and let your actions reflect that identity. For instance, adopt the habits of successful people, like disciplined spending, networking, and continuous learning.
Protect your reputation: Always act with integrity and maintain a strong personal brand, as your reputation can directly impact your financial success. For example, dishonest business practices may result in lost opportunities, lawsuits, or damaged relationships.
Ask hard questions in working relationships: Before entering a business partnership or hiring someone, ask tough questions to ensure you have a clear understanding of expectations and potential challenges. For example, discuss how to handle disagreements or clarify each person's responsibilities and commitments.
Understand that opportunities are different for everyone: Recognize that not all business or investment opportunities are suitable for everyone. Assess each opportunity based on your unique skills, resources, and goals. For instance, starting a tech company may be perfect for someone with programming skills but not ideal for someone with a background in finance.
Know that money flows where attention goes: Audit where you spend your time and energy, as it directly impacts your financial results. For example, focusing on learning about investments and managing your finances will likely lead to better financial outcomes than spending hours watching TV or playing video games.
Consider if losing or damaging a purchase would be too upsetting: When buying something, especially luxury items, ask yourself if the emotional cost of losing or damaging it would be too high. For instance, if losing an expensive watch would ruin your week, it might not be worth the purchase.
Remember that the velocity at which money comes in should quicken over time: As you gain experience and build wealth, your income should increase at a faster rate. For example, going from $100,000 to $1 million might take longer than going from $1 million to $10 million as your skills, network, and resources grow.
Always consider the opportunity cost: Before making financial decisions, evaluate the potential trade-offs and the value of other options you may be giving up. For example, spending $10,000 on a vacation could mean forgoing an investment in stocks that could grow significantly over time.
Beware of lifestyle inflation: As your income grows, it's important to resist the urge to increase your spending proportionally. For example, if you get a raise, it's better to save or invest the extra money instead of buying a new car or upgrading your home.
Leverage the power of compound interest: Invest your money wisely and consistently to take advantage of compound interest over time. For example, starting to invest in a retirement account in your 20s can lead to significantly higher returns than waiting until your 30s or 40s, as the interest compounds over a longer period.
![[Image: Signature-2.png]](https://i.ibb.co/Yd8jGxp/Signature-2.png)
Summary:
Treat money as a never-ending game: Understand that reaching financial milestones isn't an endpoint, but rather part of an ongoing journey. As you achieve one goal, set new ones to keep you motivated and progressing.
Understand when to say "I don't have the appetite for that right now": Recognize when a business opportunity or venture might not be suitable for your current situation or resources. For instance, if an investment requires more time or money than you can comfortably commit, it's better to wait for a more appropriate opportunity.
Realize that it's never possible until you see it: Expose yourself to successful individuals or affluent environments to shift your perception of what's possible. For example, visiting a luxury hotel or upscale neighborhood can help you visualize a higher level of financial success.
Aim to make money fast but build wealth slowly: While you should strive to maximize your income quickly, remember that true wealth takes time and discipline to build. For instance, focus on increasing your income through high-paying jobs or entrepreneurial ventures while also investing in long-term wealth-building assets like real estate or stocks.
Ignore advice from the financially illiterate: Be cautious when taking financial advice from those who lack knowledge or experience. Instead, seek guidance from successful mentors or reliable sources like books, courses, or reputable financial advisors.
Treat money as energy that must flow: Understand that money needs to circulate to maintain its value. For example, invest in your own growth or contribute to the economy by supporting businesses and services instead of hoarding money out of fear.
Build a peace of mind fund: Create a financial safety net that can protect you during unforeseen circumstances or risks. For example, save six months' worth of living expenses in an emergency fund to cover unexpected costs, job loss, or health issues.
Recognize that money is an identity: Develop a mindset that aligns with financial success, and let your actions reflect that identity. For instance, adopt the habits of successful people, like disciplined spending, networking, and continuous learning.
Protect your reputation: Always act with integrity and maintain a strong personal brand, as your reputation can directly impact your financial success. For example, dishonest business practices may result in lost opportunities, lawsuits, or damaged relationships.
Ask hard questions in working relationships: Before entering a business partnership or hiring someone, ask tough questions to ensure you have a clear understanding of expectations and potential challenges. For example, discuss how to handle disagreements or clarify each person's responsibilities and commitments.
Understand that opportunities are different for everyone: Recognize that not all business or investment opportunities are suitable for everyone. Assess each opportunity based on your unique skills, resources, and goals. For instance, starting a tech company may be perfect for someone with programming skills but not ideal for someone with a background in finance.
Know that money flows where attention goes: Audit where you spend your time and energy, as it directly impacts your financial results. For example, focusing on learning about investments and managing your finances will likely lead to better financial outcomes than spending hours watching TV or playing video games.
Consider if losing or damaging a purchase would be too upsetting: When buying something, especially luxury items, ask yourself if the emotional cost of losing or damaging it would be too high. For instance, if losing an expensive watch would ruin your week, it might not be worth the purchase.
Remember that the velocity at which money comes in should quicken over time: As you gain experience and build wealth, your income should increase at a faster rate. For example, going from $100,000 to $1 million might take longer than going from $1 million to $10 million as your skills, network, and resources grow.
Always consider the opportunity cost: Before making financial decisions, evaluate the potential trade-offs and the value of other options you may be giving up. For example, spending $10,000 on a vacation could mean forgoing an investment in stocks that could grow significantly over time.
Beware of lifestyle inflation: As your income grows, it's important to resist the urge to increase your spending proportionally. For example, if you get a raise, it's better to save or invest the extra money instead of buying a new car or upgrading your home.
Leverage the power of compound interest: Invest your money wisely and consistently to take advantage of compound interest over time. For example, starting to invest in a retirement account in your 20s can lead to significantly higher returns than waiting until your 30s or 40s, as the interest compounds over a longer period.
![[Image: 81QoXii.gif]](https://imgur.com/81QoXii.gif)
![[Image: PUm4fxA.gif]](https://i.imgur.com/PUm4fxA.gif)