Living on credit:
One can become rich only if the cost is kept under control. No rich person is created without austerity. One cannot become rich without austerity, spending on budget, living simply and saving money. Warren Buffett still lives in the house he bought in 1958. No matter how rich he became, he did not move house.
Being patient:
It takes patience to get rich. When any rich person makes an investment, it saves the seed, watering and fertilizing it, preserving it, nourishing it, and patiently growing the investment.
The following chart illustrates how Warren Buffett became richer over time. He had to patiently pass a few decades to make the 1958 investment a great success.
Borrowing:
Debt is the bad boss. For someone who is in debt, getting out of debt can be a huge chore, but becoming rich is even harder.
It’s like being in a ditch and trying to climb Mount Everest. Only after getting out of the pit first can the mountain be climbed.
The rich peoples are avoid personal loans and credit cards. Avoid any form of debt. You can borrow for a business that is likely to multiply the investment. They will try to avoid that too. Even if purchased, they will try to seal it as soon as possible.
Lee May, the American millionaire who collected the most ancient delights in the world and was listed in the Guinness Book of World Records, borrowed and bought only one car. Even that, he immediately shut up.
Developing literacy, world knowledge:
We need to know the current day of the world. Only then can the opportunities be properly exploited. To develop world knowledge, you need to read a lot of books. All millionaires have studied at least one degree. They make their children read well. Are also interested in developing knowledge.
• Warren Buffett reads the news every morning. Also, he spends 80% of his time reading the book.
• Take advantage of opportunities to raise money.
• Starting and running businesses that others are reluctant to do.
• Courageously seize opportunities to increase money, without fear like others.
• After the stock market crash of 1988, when everyone feared, Warren Buffett fearlessly invested heavily in Coca-Cola. It has given him a profit of over 1750%.
Understanding the greatness of compound interest:
Invest quickly to achieve the benefits of the partnership and let the money grow in the long run. Taking money in the middle is equivalent to cutting a golden egg-laying duck.
In the following chart, Christopher, who started at age 18 and continues to invest $ 5000 a month, has amassed more money than Alice, who stopped at age 28, and Barney, who started at age 28. Therefore, in order to take advantage of compound interest, you need to start investing quickly and continue.
Costs after investment:
• It doesn't matter how much we earn. How much do we save. How much we invest is important.
• Putting aside money first for their investments and living the rest of the money. There are even those who invest 75% per month.
• Ronald Reid, who worked as a gatekeeper and worked in a petrol depot, has multiplied by $ 8 million. He has saved and invested $ 40 of the $ 50 he earned that week.
Working hard and enjoying the business:
Wealthy people do what they love most without having to borrow the business they do. They work hard. Are investing in the business. In which Mann expands further. Thereby making a good profit in the industry. For the pleasure of being in that business without working for money, making money multiplies by doing business. Many people like and are interested in even the professions that they are reluctant to do.
Having a good circle of friends:
The rich help each other by keeping a good circle of friends among themselves. They exchange their money-raising strategies. They do not associate themselves with a time-wasting crowd. Often do not divorce. They run a family with only one wife. That wife is also a good mentor to them.
Be generous to the fly:
All the wealthy give generously to charity. They are repaying the debt they owe to society. They take great pleasure in doing so and such joy is reflected in all parts of their lives. Continuing to fly prompts them to be more frugal and invest.
.jpg)