We all know that money alone doesn't make us happy. But to hell with that. We can only say that without doubt, if we reach a level of financial freedom. Here are ten steps from “Rich Dad Poor Dad” from Robert T. Kyosaki, which are just amazing!
1. Build a reason that is bigger than yourself
This step is all about how to leverage yourself to be hyper productive. Sometimes it’s really hard to motivate yourself, if you just motivate yourself out of personal reasons. If you are one of those people, you can call yourself really happy. So this is for the people who have problems with motivation. We easily tend to say “I’m good with what I have”. So what you want to do is build a belief system, where you tell yourself reasons WHY you want to do that, except of being rich. This really can be everything. Maybe it’s something like helping other people, building your mom a house that she always deserved or just make the world a better place. But it really doesn’t matter what exact reason it is. All you want to create is a reason that motivates you in your downphases.
2. Make the choice to be rich every single day
You have to build up momentum. A learning curve is always exponential. If you don’t put in the work every day, you will lose your momentum and like in every other skill, a comeback is always harder than you think. By the way: Robert Greene talks in Mastery about 10000 hours you have to put in, to completely master a skill. If we view “making money” as a skill, it will take you approximately 3 years to get you to the 3000-hours-mark, when you put in 3 hours a day! So make sure that you minimize the time you waste in front of the TV or smartphone. Do something!
3. Choose friends carefully
Your friends define who you are. So pick carefully who you hang out with. That doesn’t mean you have to drop your current friends. Just mix it up a little bit and re-evaluate what you get out of your relationship and maybe how you can boost both of your lives.
4. Master one thing, then the next
It’s really important that you don’t focus on too much at a time, because the quality of all will suffer from multitasking. Pick your most important skill for yourself right now and stay with it. Don’t let yourself be distracted by other things, which are less important. Of course, if you are really good at multitasking, you can do it, but most people just aren’t.
5. Learn self-discipline
To get rich is, in the most a cases, a very long journey. So make sure that you are properly prepared. Warren Buffett for example needed 50 years to get his first billion. So it’s a key factor in your journey that you learn self-discipline and endurance to dedicate yourself to what’s most important for yourself. It’s more like a marathon than a 100 meter track race.
6. Make sure that you get your invested money back
This is maybe the rule which is the less surprising for you, because it’s mostly common sense. But on your journey you can’t afford to lose a lot of money in investments. So make sure that you don’t speculate, but that you invest in businesses and in stocks that are safe. Don’t follow the trends. Train your investment skills and make own decisions. You could do that by reading both “security analysis” and “the intelligent investor” by Benjamin Graham or get yourself professionally coached. In case that you don’t have enough time to do that, just pay your brokers well. You don’t want to get consulted by a guy, who works nine to five in a bank and has only interest in making money for himself.
7. Buy your luxuries only from your assets
I know this sucks. But this is the reason because the rich get richer and the poor get poorer. The poor buy luxuries from their income, so that they can keep up with the high class people. But the truth is: The rich only buy luxuries from their assets, which means that they still have their income left to invest. So you should only buy luxuries when you have built big assets that make enough money, that you can pay the luxuries from that.
Have fun and stay humble!
Credits: Gruenderspirit
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