Focus on increasing income, not saving
Instead of saving money, invest it in anything you can. Test things, try things, build things, all with the purpose of generating income. Once you become good at generating income, the whole world opens up to you. Most people only know one way of generating income and that’s keeping the awful job. Don’t be that person.
Invest most of your income
Believe it or not, if you want to be rich, you can’t afford to be spending your income. Although you’re earning money, you shouldn’t increase the quality of your life until your investments, not your salary, allow it.
The biggest reason some people accelerate to riches is because they live like they are poor when they don’t have to. The quickest way to build wealth is to invest between 50% to 80% of your income and live on what’s left.
Invest only in what you understand
Here’s the truth: people lose money when they don’t know what they are doing! Don’t be like that! If you are passionate about art, do art. If you are passionate about farming, invest in a farm.
Look at what you do in your spare time, find a space where this interest of yours can be monetized and then do that!
The biggest mistake most people make is they throw money at things they don’t understand!
That’s how you end up taking a 2nd mortgage on your house to buy Bitcoin at USD$18,000.
Money is a numbers game
You have to get comfortable with numbers. All you need to understand are basic mathematics: addition, subtraction, division, multiplication and percentages. That’s really all there is to it, you know why? Because money isn’t real!
Money is a measurement unit!
It has no intrinsic value – it’s just pieces of paper with people on it.
It’s sole purpose is to help you determine how much value somethign has and facilitate an accurate exchange. In order to measure correctly, you need to know math 101. Know your numbers!
How much you make – how much you spend = how much you’re left with
You can only control the time you put in
Everyone has the same 24 hours in a day, yet not everyone is spending it in the same way. Time is something that is exclusively under your control – you decide if you want to spend the next hour growing or watching paint dry.
Successful people use time to make themselves more successful while mediocre people try to justify their lack of action.
If someone puts in 40 hours a week and you put 80 or 100, your growth and your success accelerates considerably. Give it a couple of years and they are so far behind you that they’ll never be able to catch up.
You need to stop thinking that there are shortcuts in life. It will take you X amount of hours to make this dream of yours a reality, hours nobody else can put in except you.
Be very careful when you are sacrificing the future for the present because the present soon becomes the past and the future is inevitable.
Let your assets buy your toys
Wealth building lesson:
Rich people don’t work to buy stuff, they work to buy money-making machines!
If you earn money and then you spend it on something, you no longer have the money but if you buy a money-making machine, you can buy anything you want with the money the machine is making for you. This is a very simple but powerful concept you have to embrace in your life.
Not many people know this, but there’s a point in someone’s wealth growth which we call The Great Barrier; where the individual will never be poor again.
The great barrier is when your money-making machines are making enough money to buy other money-making machines – your wealth is actively making you wealthier. This is why the rich are constantly getting richer, they passed the great barrier.
Negotiate everything! Not because you are cheap, but because you want as much value for your money as you can. You probably earned that money with effort, the moment you spend it, you put a price on that effort – remember how money is just a measurement unit? The more value you can charge for your effort, the richer your reality becomes.
And guess what?
Reality is negotiable!
You can negotiate a better life for yourself because negotiation allows you to accelerate your growth – it means negotiating and getting a raise, negotiating your responsibilities, negotiating your happiness with your friends or your spouse. Sometimes, it might even mean negotiating with yourself!
If you don’t like something in your life or want something to change for the better, start negotiating for it!
Don’t spend money you don’t have
It wouldn’t be a list of the best money advice out there without this one. Stop spending money you don’t have!
You don’t have to keep up appearances, you don’t have to go into debt just to satisfy your desire for a bigger tv.
Learn to live without one, until you can finally afford it.
Debt is the modern day evolution of slavery! Somebody owns your effort until the debt is repaid.
Bet on your strengths, hire your weaknesses
You are not a swiss army knife! The best advice one can receive in this department is:
Go all in on your strengths!
There are some aspects of life and business which come easier to you than others; you will find them more natural and people take notice.
This is your golden ticket to the next level. This is where you are able to add the most value, it’s your edge, your competitive advantage.
You might lack talent or skills in a particular area, but guess what? Your strength will allow you to hire and outsource these. If you don’t know where to start, become a freelancer for the 1 skill you think you can do best.
There’s someone out there who’s the total opposite of you and will gladly outsource this deficit to you! In time, you’ll start bringing money in, you’ll grow and more doors will open as you do.
The more valuable you become, the more you earn
If you’re dissatisfied with how much you’re earning, the answer is pretty simple: Do things that are more valuable than you currently do – the market will pay you for it, in exact proportion to your contribution.
You can get this done in 2 simple ways:
- Do more of what you already do or do it more efficiently.
- Acquire a new skill that allows you to do something more valuable.
Both of these will bring you more income.
Most people focus on the second one long term, because the first one is already maxed out – you only have a certain number of hours in a day to work, use all of that.
Value comes as a result of your ability to connect the dots that lead to valuable answers. The more dots you connect, the more connections you can make.
In this case, dots are ideas, skills, human connections, habits and more.
People can lose wealth, due to unforeseeable circumstances, but you can never lose your intrinsic value, nor can anyone take it away!
Money is a tool, treat it as such
Money makes things go faster, like fuel on a fire. You don’t necessarily need money to build something valuable, but the truth is, it definitely helps!
But be careful if you are not used to having tools. A chef’s knife is awesome in the hands of someone who knows how to use it, it allows the chef to do this job more effectively and efficiently.
In the hands of a newbie, it either doesn’t make a difference or even worse, it can cause harm.
The same way as any other tool, the more you use it, the more comfortable you become around it, you even begin to enjoy using it, because you know it so well.
Money is exactly like this!
Use other people’s money to build wealth
There’s just so much you can do using your own money. Wealth building takes time and the returns aren’t as high as you were led to believe.
Early on, you will probably have just your own self to rely on. Invest your time and money, until you understand how wealth is created.
Once this is achieved, in order to access the second level of wealth, you will need to build a network and leverage it for more success.
There are certain opportunities or levels in this game of money to which you don’t have access to, unless you know how to use other people’s money.
Many people think it’s a fantasy world that people would just give you money to invest but the rich use it every day.
This is literally why banks exist.
You put money in the bank and the bank gives it away to someone else who knows how to use other people’s money to make more.
Here’s a quick example:
You only have $20,000 to invest.
So you go to the bank and get $80,000 more – that’s other people’s money, in order to buy a $100,000 property.
You owe the bank $500 per month to cover the 20 year mortgage.
The property is a good find so you rent it for more than enough to cover your expenses and mortgage.
Your tenant is now paying for your property.
Property prices double every 10 years on average.
So in 20 years, when the property is paid in full, your $20,000 is now worth $400,000.
That, my friend, is how rich people get super-rich, using other people’s money.
Learn the fundamentals, not the tactics
Although the environment changes, we people stay the same. We react to the same things, we feel the same things – we don’t change much.
These 15 pieces of business advice were as valid 1000 years ago as they are today, the only difference is that we used gold coins and you probably had more brothers and sisters.
The problem with jumping on the new hot thing is that tactics become outdated. Instead, focus on and learn the fundamentals.
Learn how to sell and you will be able to sell anything as long as you live.
Learn how to talk to people and you will be able to connect with anyone.
Tactics are for now, while fundamentals last forever.
Passive income is worth 10x earned income
This is a big one for us. Why? Most entry-level investors look at what’s called the ROI – return on investment. More advanced and sophisticated investors look at ROT – return on time.
$50,000 per year in passive income is way more valuable than a job that pays $250,000 and you have to work 80 hour weeks. Why? Because passive income buys you freedom.
It doesn’t block out time for you and it allows you to expand your value in the marketplace.
The BEST TIME to start is right now!
If you want to build, build now. If you want your life to matter, start manifesting yourself into the world.
Timing will never be perfect!
You’re consuming this content right now because you’re not like everyone else, or at least you don’t want to end up like everyone else.
The opposite of success isn’t failure. It’s inaction. Your life doesn’t change because you’re not changing.
If you don’t want to fall in the same trap as everyone else, start today, not tomorrow, not on Monday, not next year. Today!
Do something you’ve been postponing immediately after you read this article. That’s how you move ahead!
You have no excuse in saying that you didn’t have the information, that you don’t have the guidance, the motivation or don’t know what to do.
Every millionaire and billionaire out there recognizes these for what they are – intellectual gold!
We’ve condensed hundreds of books, meetings, advice from mentors into a clear list cohesively put together by our own experience.
Do with it as you wish!
We actually have a couple more and we’re considering doing a part 2 for this sometime in the future.
What should we include in Part 2?
What is the best money advice you’ve ever received? Let us know in the comments and the best ones will make it to Part 2!
Bonus: Do not be a slave to the money
To thank our readers who actually reach this part of the article, we have this bonus advice just for you!
We know that money is on everyone’s mind and it would solve many of the problems you’re facing right now.
Go get the money, but don’t lose yourself in the process.
We’ve witnessed first-hand people who in their pursuit of wealth, have sacrificed health, family, their dreams and desires and ended up miserable.
What we are trying to say is this:
You can get rich but still lose everything important!
And we want you to get everything you want in life.
We’ve learned that a life is as beautiful as the way you live it and the people you share it with.
We hope you learned something today and that these will stick with you for the rest of your life.
We like to take this opportunity and thank everyone who’s made it this far into the video.
Although we’ve never met, please know that we appreciate you and congratulate you for the choice you’ve made today to read this article.
If this article resonated with you, please write 100% in the comment section.
That way, we know we’ve done our job right and also can tell who’s made it to the end of the article.