(Friday Filosophy 10/28/22)
Happy Freakin’ Friday!
If someone offered you a solid business opportunity that could transform you into a multi-millionaire within five or ten years, could you come up with $10,000 or $25,000 to do it? Do you always carry a few hundred dollars (or your equivalent currency) of folding money around with you in case of emergency? If your child was injured and you needed $2,000 cash for their medical treatment, could you handle that no problem, or would you have to do an easter egg hunt for the money?
If you can’t answer all of these questions in the positive, then it’s time to work on your financial literacy skills. Because for most of you, by this point in your life you should have the bare necessity stuff out of the way, and have extra money available for emergencies, unforeseen circumstances, and opportunities to leverage your wealth and/or enrich your life.
One of the first money management skills you must develop is the one of investing. This is the one I had the most trouble with, believing that this was because I didn’t earn enough. I told myself that when my income went up, I could start preparing for the future then. Of course, that was a foolish, dangerous belief, and one that kept me living in lack.
If you want to analyze the stark differences between broke and wealthy people, the breakdown is simple yet profound…
Broke people work for money. Wealthy people make their money work for them.
If you don’t transition at some point from trading hours for money and practice the concept of leverage, you will probably struggle financially for your entire life. If you haven’t done as good of a job putting your money to work for you, there are three blog posts you should read. I humbly submit they are three of the best that I’ve written on the subject of building wealth. Here they are, in the order you may want to read them:
And if topics like those float your boat, you’re going to love the fresh podcast episode just up – Overcoming a Scarcity Mindset
Other Platforms: http://ow.ly/uH5E50LjB0C
Seize the day today and hope your weekend is delicious.
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