In this world, money is the only language that everyone knows, from the poor to the rich. It has become the biggest thing in life for some people; it is like oxygen.
So we can’t say that money is not important. It is important for your dreams and survival.
People have different perspectives on money because it depends on our geographical location and how we are raised.
Our family’s attitudes towards money and what we learn about it play a significant role. Essentially, the environment decides our perspective towards money.
For example, if someone is born into a rich family, discussions about how to make wealth and start a business are common.
However, in a poor family, the focus might be on paying bills, paying loans, and fulfilling basic needs.
Money won’t make you happy, but:
Money itself has no elements that cause direct happiness. For example, if you buy a new car, it doesn’t bring happiness; it simply brings excitement towards that car.
The same applies to an iPhone—it may provide some excitement, but not permanent happiness.
It’s a short-lived feeling, and over time, you might get bored with it. Therefore, it’s not true happiness.
So why do we need money? Essentially, money can make us happy indirectly.
For example, if you have more money than you need, you become free from financial worries and feel a sense of satisfaction. This freedom and satisfaction can make you happy.
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So, I watched many videos on money, listened to podcasts, and learned from experts. Then I found out that four factors are common in every book and podcast, repeating the same ideas.
1. Ownership and investment
The key factor is to start as early as possible. Why? Because if you start investing at the age of 25 or 30, you may see returns by the time you are 40 or 50.
However, if you start in your 50s, you might not have much time left to enjoy your money. Therefore, I recommend that you invest as much as you can afford in your favorite companies without waiting.
Try to invest more; it is the best way to become wealthy earlier in life. This is powerful advice. For example, Warren Buffett bought his first stock at 11 years old. So why are you waiting?
Start investing now. If you don’t have money to invest, start a small online business. It’s easy and only requires three things:
- Focus
- Consistency
- Self-criticism
Spend money you received from investment returns instead of your income.
UNIQUE + VALUABLE SKILL
Skill is a powerful weapon for making millions of dollars. This is crazy, but most people get stuck because they follow others’ paths and don’t choose unique ways or different skills.
- Look at Elon Musk; he is a master of technology and engineering.
- Bill Gates and Mark Zuckerberg are masters of software development.
- Steve Jobs was a master of marketing and leadership.
- Similarly, Warren Buffett is a master of investing.
Finding skills that are highly demanding in the market is crucial. For example, the skill of product design is in high demand. However, that alone is not sufficient.
Other factors matter most. For instance, if you master product design but still struggle to earn a lot of money from it, you need additional strategies.
Firstly, learn from your competitors. Identify those who are excelling and earning more than you.
Observe them closely, and if possible, seek their advice. Follow their guidance and strive to master it over time.
By consistently applying these insights, you will become more valuable.
Additionally, consider future predictions and adapt as per market situations. For instance, in logo designing, although you may currently use software, advancements like AI may simplify the process.
Therefore, be prompt in learning and adopting these advancements. Don’t miss out on opportunities.
Ultimately, it’s not just about how much you know but also how quickly you can adapt in this dynamic world. These two factors are crucial.
3. Building products or services
One of the best strategies is to create your own product or service and then scale it. This approach is powerful and has worked well in many cases.
For example, Jeff Bezos started his book-selling platform, and Elon Musk launched his own space company.
Similarly, having your own products gives you the freedom to make changes as you see fit, which is an important factor.
But how do you go about doing this? Simply search on YouTube or wherever you’re comfortable and observe how others are doing it. Try to innovate and create something unique.
Don’t miss this term
Anyone can start a business and sell products/services, but only a few become wealthy. That’s because they never scale their business to reach more customers.
4. The right mindset
It doesn’t matter how much money your parents give you; the one thing that truly matters is having the right mindset.
With the right mindset, even a poor person can create their own fortune, while a rich person with the wrong mindset may lose everything. So, what is the right mindset?
There’s no one definition; it depends on your situation.
For employees, it might mean working honestly or giving your best effort. For investors, it could be about patience.
And for business owners, prioritizing customer satisfaction may be key. It’s dynamic and varies.
The fundamental principle is to give, give, give. By adding value to people, companies, and customers, you can expect to prosper in return. Make it your mindset to focus on giving.
Luck doesn’t matter. I know some people say, “Why does luck not matter?” If you believe in luck and rely on it instead of giving your 100% effort, it can be detrimental.
So, forget about luck and create your own luck.
