October 11, 2024
Grow wealthier, without losing your health
And no, it's not about the money, money money. There's better ways to build long term wealth.
We lost everything
Hi,
I'm John.
In July 2021, I thought I was smart. I put some money with a friend to invest in crypto, and promptly lost everything when it crashed.
That made me realise that long-term wealth, matters far more than short term riches.
Since Sep 2016, I've been investing, primarily in stocks. For the past 6 years, our assets have dipped, crashed and burnt. And we still lived to tell the tale.
How?
You don't have to chase the next meme-coin
Nah, it's not crypto or nothing. There are better principles.
Save more than you earn
Saving more ultimately helps you to build a runway to greater wealth. You can earn $100k a year, and still be poor, because you're busy keeping up with the Joneses.
Grow your earnings
Growing your skills, will ultimately grow your income. In today's ultra competitive hiring market, being mediocre, is going to make you mediocre earnings. Want that?
Nurture your assets
Assets are things that make money as you sleep. It can be a stock, a business, or your own enterprise. But the sustainable way to long term wealth is to invest, not speculate. And yes, 'investing' on that meme-coin, is not investing.
Keep your mind
Whilst everyone else is losing their mind over the latest crash, you have to keep yours.
Save more
Being Frugal is not a bad thing. Especially when it makes you wealth.
Wanting more things is a definite way to go broke, fast. You don't have to eat grass everyday.
Just some days.
earn more
Be kickass in what you do
You can grow your earnings exponentially, if you can prove that you're that good. And when people can't do and can't figure out what you do, that's when they start paying you crazy amounts.
Nurture your assets
Grow your money, without losing sleep
Stop chasing after the latest fad. Or staying up to watch the market seesaw. Here's how to keep your peace, whilst everyone is losing theirs.
Being wealthy, isn't about being rich fast
Wealth is a long-term game.
Be patient
The reason why you lose your money, is because you couldn't wait to be rich slowly. How do you get rich without getting lucky? You do it slowly. Being patient, is a difficult virtue, but the most important virtue. Especially when you're trying to build the next diamond. It's not going to come faster because you were impatiently scrapping the dust.
Play long term games with long term people
If you want to grow your wealth, the best way to do that is with others. Others keep you accountable. And they help push you to the next level in what you do.
Stop losing
Warren Buffett's two rules on investing?
#1 - Don't lose. #2 - Follow rule number 1.
Why? Because when you dam the downside, you maximise the upside.
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