Saving does not lead to wealth: 12 unpleasant but true facts about money - ForumDaily
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Saving does not lead to wealth: 12 unpleasant but true facts about money

Money is a taboo topic. If you talk about them a lot, people think you're weird. In a world that screams about virtue, you need to work hard to earn money or keep silent about it. But Australian blogger Tim Danning thinks differently. He shared 12 thoughts about money that may annoy you, but are ultimately very powerful. Edition Highload prepared a translation of his blog. Next - from the first person.

Photo: IStock

Few get rich on high wages

“Get a diploma and find a good job” - these attitudes created our reality.

But in reality, the most financially successful people are either investors or business owners. But not wage slaves. Harsh, but it's true.

Sure, some executives get rich, but most employees don't. And these leadership positions are a giant pain in the ass that requires you to be away from your family and constantly attend useless meetings.

Young people now understand this. This is why finding a new job is never difficult because the value of employment changes. New types of work are becoming more and more popular.

Earn money from side jobs, passive income, investing, and maybe even an online business. Otherwise, you will probably work hard all your life.

The children of rich parents have a huge flaw that they do not notice

William Vanderbilt is one of the wealthiest trust fund babies ever. Right before his death in 1920, he told the New York Times that his life had never been happy. He called inherited wealth a worse vice than being born without arms and legs.

It is as much death to ambition as cocaine is to morals.

On the subject: How to effectively manage money: tips from an American billionaire

One of my school friends was the son of an oil magnate. We all worked as pizza delivery guys when we were young. And he was at home in his room with a pool the size of my current family home. They gave him everything and he did nothing. He found weed and smoked it until his lungs turned black. He is now 30 and looks like Simpson's grandfather.

You don't want "free" money. It is better to earn them, because then you will receive comprehensive lessons that will make you rich.

Poverty is hard in every sense

Some preach that money is evil. They tell you that making money online is a scam and working part time will lead to burnout.

So their decision is to do nothing. Practice taking care of yourself. Watch Netflix because you deserve it. Stay at work and get paid less than you're worth. Be patient. Make peace with your boss. Late payment of bills is normal. Life is hard, and the economy has done it to us.

Yes, it went.

I would never recommend that you believe all this crap. Poverty is terribly hard.

It's easiest to focus on being moderately wealthy and use the money to outsource things you don't want to do.

Of course, you can't make a million dollars a year, and that's okay. But at least try to live with dignity.

This whole story about how money can't buy happiness is a joke. Lack of money prevents you from being happy because you cannot afford any of the life experiences that you would like to experience before you die.

Poor people ask, "How much does it cost?"

Price by itself means nothing.

Return on investment (ROI) determines the cost of goods and services. The book can cost $300. This is much more than a $20 book on Amazon. But if she teaches you something that will make you $100, will it work? Certainly.

Stop obsessing over price. Start being obsessed with ROI.

The amount of money is 100% dependent on your actions

Stop blaming others for your financial situation.

If you have lost money, it does not deprive you of strength. No, it gives you power back. Once you realize that you are 100% responsible, suddenly the interference will disappear and only you will be left against the whole world.

Homes don't have to be investments that make you rich

People who buy houses to rent to others and demand money from them should be illegal.

Rock Renzi once said: "Homeownership is the cornerstone of a strong society." So when housing becomes unaffordable, it starts to destroy society. The gap between rich and poor is widening.

Right now, there are tax and financial incentives to own as many homes as possible. The supply of houses can even be manipulated by artificially reducing housing construction.

There are many other ways to increase wealth that governments can push us to by holding back the increase in the number of houses.

Obsession with looking rich = deep self-doubt

When someone on Hollywood Boulevard starts a Lamborgini engine, they are really telling everyone, "I'm insecure and I desperately need you to notice me."

Big business understood this, so they invented luxury brands and things instead of therapy to treat human insecurities.

Stop trying to look rich.

People are so busy with their own problems that they don't care what Rolex you're wearing or what brand your suitcase is. This is silly.

Your skills accumulate faster than investments

A lot of people talk about investing in an index fund or buying stocks. These methods outsource your capital accumulation to third parties you do not control. Laziness will bring you mediocre returns.

Instead, invest in your skills. Study what the market wants, and then charge terribly big money for them.

You'll go from $100 to $1 million faster than you think. Meanwhile, index fund investors will turn gray before their investments make a profit (and they'll be too old to enjoy the expense).

The pursuit of endless sums of money is a prison leading to a mental crisis

On the one hand, I love billionaires. They show us that much is possible in the world. They send rockets to Mars and expand our worldview. But, on the other hand, billionaires are psychos.

They are the keepers. No amount of money will ever be enough.

They always need more to satisfy their ego. They are so good at money that they are painfully bad at every other area of ​​life.

Too much money turns into a mental health crisis. Too much money creates a mental prison that limits the world and castrates reality.

Starting a business is terribly selfish

It's nice to leave work early, work in a state of flow so you're never told what to do, and make more money.

Business is selfish and we have to take care of ourselves first to make money.

As Dan Coe says, "stubborn personal motives can be stronger than material ones."

Ask a question for $30 instead of $3

This is the philosophy of my entire financial life coming from Ramit Seti.

I remind my wife every night when she wants to talk about grocery expenses. I don't care if the coffee costs $3 or $3 and 30 cents. This is not how you can get rich, contrary to what the financial gurus preach in nonsensical books.

$30 questions include:

  • What new skill will I learn this month?
  • How do I get my boss to pay me 20% more?
  • How can I customize my investments to earn higher returns?
  • What small bets can I make to pay it off within 5 years?
  • What new business could I start to increase my profits?
  • How can I reduce my debt so that I can pay less interest?

The rest is a $3 distraction.

We all start with financial stupidity

Nobody wants to hear that we all start with financial stupidity.

But let me share a little story. In 2008, a shy college professor went to the annual Berkshire Hathaway conference to ask questions of billionaires Charlie Munger and Warren Buffett.

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He was terribly nervous. His palms were sweaty. His face flushed.

In a trembling voice that sounded like a fifth grader asking a stranger for money for milk, he asked, “How does a 30-year-old non-investing professional invest?”

Warren and Charlie answered. They gave some general advice on index funds that the young lecturer found helpful.

This young lecturer was Timothy Ferris. Now he is considered a legend when it comes to finance and business. But then he was a financial dumbass.

We all start somewhere.

Start your financial education as soon as possible and make it a habit to invest in it every day.

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