If you are born poor, it’s not your fault but if you die poor then it is your fault.
When Bill Gates said these words, he was perhaps one of the youngest millionaires in the world. Bill Gates is a college drop out and the richest person alive on the planet. One thing that Bill Gates’ presence on this planet confirms is that Conventional Education is not important for being Successful and Making Money.
Everyone wants to be a millionaire but only a handful of people are ready to do what it takes to be a millionaire while the rest do not even know what it takes to be a self made millionaire. For all those who wants to be a millionaire but do not know how to; here is a list of things you need to start doing now:
Surround yourself with people who are on making millions:
“What is missing from education is not how to make money but how to spend money—what to do after you make it”
You need to surround yourself with people who will provide you with the required financial education. You need to understand how money works and stop working for money. People who make money for them are successful while people who work for money end up being a part of the rat race. It is extremely important for you to start with your financial education today and find out the difference between Asset and Liability.
Reframe your Mind:
“Rich people acquire assets, poor and middle class acquire liabilites, but they think they are assets”
Reframing the mindset is rather about understanding the difference between Asset and liability and stopping yourself from acquiring liabilities. It is extremely important for you to work hard, earn money and acquire assets with them instead of acquiring liabilities. At times your dream house is going to be a liability the best way to skip it is to acquire assets that will help you buy your dream house.
Deliver Unexpected Value:
“When I want a bigger house, I first buy assets that will generate the cash flow to pay for the house”
How are you willing to generate a source of income that will help you acquire assets? By doing work? If you aim to do the regular work and acquire assets from the money you earn then let me tell you, money you will get after doing regular work will take you nowhere. You will have to start doing things you love doing pay for the houseand you will have to start delivering more than it is expected. Deliver great values and you will see customers lining up for your services. Do not miss the opportunity. Create a business out of it and start acquiring assets and get closer to your first billion.
Choose your Customers Wisely:
“An intelligent person hires people who are more intelligent than they are”
This is where your entrepreneurial skills are going to come in use. You need to find a set of customer who will pay you the right amount of money. You will have to see that you are finding the right customers at the right age and using it for your advantage. Do not let anyone determine the value of your work, be really diligent about your prices and make sure it reflects in your work.
Invest for long term:
“Remember the Golden Rule. He who has the Gold makes the Rule”
You have the choice, enjoy your life today or retire early and then make the most of life. One can always work hard, earn money and spend it on the luxuries and end up with nothing at the end of career but a wise man or say it as Financially Educated man will go ahead and acquire assets—read make long term investments—will retire early and then start living the dream of his life. The money you invest will grow big enough to grow on its own.
One thing people ignore is the power of starting early. Compound Interest is the eight wonder of the world; use it in your favor or it will destroy you.