1. You need Financial Education
Most students leave school with zero financial skills.
They learn how to make money but have no idea how to make more money from their money or how to spend it.
You need financial education to take charge of your money.
2. Difference between the Rich and Poor
Rich:
1st - Needs
2nd - Investments
3rd - Wants
Poor:
1st - Wants
2nd - Needs
3rd - Investments
This is the only reason the rich have their money work for them and why the poor and middle-class work for their money.
3. Change Yourself
Accept that you are the problem instead of blaming your family for not being rich.
When you realize you’re the problem your environment changes.
You can change yourself by following this simple step-by-step framework
4. Use Accounting to keep your Money
Accounting is the most important subject if you want to be rich.
Assets: Put money in your Pocket.
Liabilities: Takes money out of your Pocket.
Rich people acquire assets while Poor are busy fulfilling their needs by acquiring liabilities.
5. How taxes benefit the Rich
Historically the poor and middle class voted taxes to only tax RICH.
Instead of punishing the rich, taxes punish the poor and middle class.
The poor are taxed before expenses but the rich have a corporation that's taxed after expenses.
6. Don’t confuse your Profession with your Business
You first work for your boss then for the government through taxes and finally for the bank that owns their mortgage.
But forget to increase your asset column.
You can keep your day job and put your money into assets.
7. Your mind is your most valuable Asset
100 years ago industry was wealth.
Today information is wealth.
Train your mind how to:
• Leverage money
• Find opportunities
• Hire intelligent people
Take calculated risks with an informed decision.
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