Mind Your Own Business in Personal Finance! Learn how to make money WORK FOR YOU. Ep # 5/9
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- čas přidán 12. 09. 2024
- How to get rich? Do you really want to become wealthy? If yes, you should simply mind your own business. But, what does it mean to mind your own business in personal finance? Minding your own business means to buy assets that buy a passive income for you without your personal presence and efforts. You can be an attorney, banker, engineer or physician by profession. But, you should mind your own business as well. That is how to become rich. Rich Dad and Poor Dad are two characters in Robert's Rich Dad Poor Dad book which teach how to be rich in different financial and social settings.
The poor and the middle class are conservative financially. They seek jobs and play safe because there is no depth in their asset column as compared to their liabilities. Consequently, they cannot take the calculated risks. They do not know how to become rich from nothing. If they ever lose their job, their mortgaged house and car start to eat them alive. These mortgaged houses and cars are in essence a liability, not asset. So, the only way out of this rat race of “Get up, go for a job and pay bills” is to buy assets that produce passive income. Income-producing real estate, stocks, commodities, and bonds are examples of such assets.
Here is a word of advice especially for youngsters. You should first understand the difference between asset and liability. Watch the video to know more.
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1) "Rich Dad Poor Dad" by Robert Kiyosaki: amzn.to/2WTmCYu
2) “Rich Dad's Cashflow Quadrant” by Robert Kiyosaki: amzn.to/36LAWTX
3) “Fake Money, Fake Teachers, Fake Assets” by Robert Kiyosaki: amzn.to/2SbYjAx
4) “Increase Your Financial IQ” by Robert Kiyosaki: amzn.to/3aY7Zrb
5) “Before You Quit Your Job” by Robert Kiyosaki: amzn.to/36PRZUX
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8) "The 4-Hour Workweek" by Tim Ferriss: amzn.to/2nrViAE
9) "The Lean Startup" by Eric Ries: amzn.to/2o9tiSG
10) "Eat That Frog: 21 Great Ways to Stop Procrastinating" by Brain Tracy: amzn.to/2mBY6uI
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Yes, i want to be wealthy. Your suggestions are good. But i need a more detailed strategy to eat money. Thank you for thought provoking content.
Stay tuned! You will get much more detailed guidelines to make riches. Thank you for appreciation!
Thank you for your content .. So , basically, one has to start saving until theres enough to buy assets.*sigh*.. question.. could you share more details on financial literacy, specifically on assets and liabilites... thank you 🙂
@@JoinMrSmart yyaaassss 😁😁
You're welcome! Absolutely, financial literacy is key. Stay tuned for more on assets and liabilities.
It is really a long way to start from scratch and save enough money to buy income generating assets. However, it is highly successful way to get rich in the long run.
Abu Turab Thank you for appreciation.
I would love to see review and lessons of "Think & Grow Rich" in animations.
Abu Turab Yes, Mr Smart will bring a complete series of animated lessons of "Think & Grow Rich" by Napoleon Hill.