Today lets discuss the behavior & the thinking that will not just make you rich but also help keep you rich!
1. Compounding is confusing
Compounding can make a small amount of money to start with, a huge sum defying all the logics. Good Investing isn’t just about high rate of return, its more so about time. The earlier you invest the better the compounding works for you later in the life.
2. Enough is never enough
There is no reason to risk all you have for what you don’t have! Don’t put all eggs in one basket. Always keep some emergency cash, always have enough to survive while you try to thrive!
3. Staying wealthy is harder than getting wealthy
There are thousand ways to be wealthy but to stay wealthy you will need a bit of fear, and a lot of money management skills to not risk what you for what you don’t. As warren buffet says – “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.”. To remain wealthy you just not need to make money you need to know how to preserve your capital. In order to make more money you need to be more comfortable to have it, hold it and not just spend it.
4. Wealth is what you don’t see
Spending money to show people, on things you buy for show-off is the fastest way to lose wealth! Wealth is made of your financial assets that may not be easily visible to the outer world.
5. Be Happy
To be wealthy, we need to feel good about other people being prosperous. If you have a deep seated idea that rich people are not nice, you are never gonna make it!
That’s all folks, want to know more? I recommend Reading two of the great books that helped me create this post.