Four valuable things to keep in mind while creating wealth
Robert Kiyosaki, the author of the captivating book that provides plethora of knowledge about each and every financial term, the essence of developing the accurate financial aptitude about how we make use of the money which we earn by investing our time so that we get most of it as time, the most essential commodity is energy whether the kind of work in which we are infusing our mental potential and physical energy is generating that much of output? Have you ever found yourself asking these questions from yourself?
For example:- You are employed in an Indian company which is paying you 50,000/- a month while working for 22 days and 8 hours each day where your hourly rate is 285/- about which you have no idea as most of you are employed in a company that gives you remuneration but is it your value after toiling so hard?
Smartly conquering the risks:
Winner is not the one who gets frightened by the different types of risk but rather the one who is well-aware of the vital facts that whenever even you are buying product it does has certain amount of risk attached to it as well, despite the fact that the future is unpredictable before investing the need of the hour is to have a mastery in financial education as money making is not a rocket science but a skill to be learnt.
According to the researches, only 24 percent of the Indian population is financially literate, the first way to start is by teaching kids from the scratch about the history of money, how it is a storehouse of value and the acceptable standard of payment.
Becoming well versed with these two terms:- assets and liabilities, asset as the word itself implies anything that is beneficial or profitable for us while liability on the other hand that takes money out of our pockets. Mastering the art of transforming your liabilities into your assets.
Understanding the relationship between risk and control.
Do your own research, invest in yourself by not becoming the one who relies on financial advisors.
Don’t let fear and greed hinder your financial growth.
Financial education is your greatest asset:
Bid goodbye to being the victim of “SOS” (Shining Syndrome Disease)- It is high time to begin the new era of minimalism one cannot consume more than what the planet can replenish every year what should step in change which is inevitable. Are you the one adding clutter to your house which is not adding any value in your life and the one who is a part of the pop-culture, to buy everything that is in trend irrespective of asking yourself does the essentials matter or to run in the race of the pop culture?
STOP GETTING TRAPPED IN THE VICIOUS CYCLE OF PAYING, INVEST IN KNOWLEDGE, BONDS, CRYPTO-CURRENCY, REAL ESTATE, GOLD AND PAPER ASSETS. In order to gain insight into where to invest in 2022 refer the following link:
The concept of the “cash-flow quadrant” or the ESBI ( E stands for Employee who aspires to be confined in his shell of gaining a predictable income by securing a safe job, S stands for those who are self-employed or small-business owners who operate solely like the restaurant owners, insurance agents whose income is determined by their work and efforts only, while B stands for Business owners who own business and have a workforce under them who handle the insider activities from recruiting to training, the business which would go on even when the owner is engrossed in other work or ill. No doubt the richest people like Bill gates the co-founder of Microsoft, Jeff Bezos the founder and executive chairman of amazon, I in the fourth quadrant stands for Investors the ones who own assets for whom the most essential commodity or money works) introduced by Kiyosaki in his book “rich dad-poor dad” that emphasizes upon the importance of the interdependency of how the type/ nature of one’s income decides how much wealth will be accumulated along with the clarity of where one is standing in terms of financial independence.
The idea of ensuring that income keeps coming is to start something of your own along with investing so that you can live freely than remaining in the constant fear of losing your job.
The simple concept that makes all the difference by paying yourself first:
As mentioned by Kiyosaki in his book, when he was in debts and had a pile of bills to pay but he paid himself first. “Intelligence solves problems and produces money. Money without financial intelligence is money soon gone. In order to be successful in any field self-discipline is the key by paying ourselves first the money is getting allocated to the asset column directly and enabling a better and secure flow of cash than paying to everyone before and depending upon the leftover.