World’s Biggest Asset Is Not Money
Hi guys,
Today I am going to present a detailed analysis on why money is not the biggest asset in the world.
- The primary role of money is not to buy things but to have freedom. You must have the freedom to decide the way you want to live your life.
- Rich people know how to use their ideas and time to form multiple income streams and make money to work for them. It is true that they work for money, but they also ensure that money works for them.
- A professional degree can help you to get a good job but financial literacy can help you to earn money for you.
- You can invest in stocks, mutual funds, gold, real estate, fixed deposits, and so on, but the major investment that you can make is in yourself. This means you should invest in your mind, your body, your thoughts, your study, your well-being, your food, your sleep, and your health. You will have opportunities till the time you have yourself with you.
- Before making any financial decision you must put your emotions aside and consider the facts and numbers. Emotions can be up and down but numbers will give you objectivity.
- Your savings must have an objective and a plan. If you are saving money just to keep it in your savings bank account, you will never be able to generate huge returns out of it.
- Savings = needs — your ego
Your ego will keep on persuading you to spend money on unnecessary expenses or your desires, like buying an expensive smartphone, a luxury car, branded shoes and clothes, and a big house.
8. Your focus should be on increasing your earnings instead of increasing your savings. You can save up to a limit of your earnings but you can earn as much as possible with the right kind of skills and knowledge. You should not depend only on one income or job. Keep on exploring various side income opportunities. Your saving potential will increase if your income increases.
9. Financial retirement means when you don't have to work for money because all the expenses of your remaining life are sorted by the Savings and investments you made. However, this doesn't mean that you should stop working or earning money, rather, you work for yourself.
10. Risk can be managed but it cannot be removed. If someone says that stop market is risky then it's absolutely true. The only way to manage the risk is with the help of time. The more time you keep yourself invested, the less will be the risk.
11. Financially smart people will take the loan despite having money. Financially weak people take loans when they do not have money. Ideally, if you are taking a loan despite having money then you must invest the money kept in your bank which will give a higher return than the interest rate you have to pay on the loan amount.
12. Every individual has the potential to win in life. If you want to become rich it doesn't necessarily mean you have to crush someone else's dreams.
13. The only thing that is important in our life is the happiness and nothing else. Even if you are running after something else, then it must have been connected with your happiness. In the end, you should focus on happiness.
14. Money cannot change you, but it can reveal who you are.
15. There are numerous things in our life that we believe require strength to do but the reality is that we only need money to do it.
16. If you keep on trying to live by looking at others, then you will always lose. There must be someone who will have a better house, clothes, cars, gadgets, and so on, you should never look to them if you want to live happily.
17. Being disciplined about money is very difficult but the repercussions of not being disciplined is even more difficult.
18. If you believe in yourself, then life will definitely show you a way.
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