STRIVE SUCCESS NOTEBOOK SERIES:
Chapter 1: Triple your money
Welcome to the first journal of the SUCCESS SERIES “Triple your money,” which will help you achieve your goal of financial freedom. The first modification ironically is to stop chasing money and start chasing time!! For example, let’s take a look at person A who makes $25 dollars an hour and has 2 passive income streams. This guy has 3 sources of cash flow while working 1 job that brings in $500 a week working part time (20 hours a week) and can therefore choose to spend less time at work and more time with family and friends. Now let’s take a look at person B, who works 50 hours a week at $10 an hour, cashing in at the same $500 a week. The difference, there is little to no time to spend with family and friends, personal time, and the money is probably going straight towards bills. In the meantime, Person A has not touched his job’s income due to living on a passive income. Remember, you cannot waste money, you can only spend it either poorly and lose a plethora of your money, or you can spend it wisely on assets. However, you can waste time that is non redeemable. So make sure to focus on making money that is time driven. Increasing income can be done by simply increasing your net worth. This means stop focusing on how much money you make in an hour and start focusing on how much your knowledge and expertise is worth. It is said that a person who knows nothing cannot get paid for anything. In comparison the average person reads about 1 book a year and million dollar CEO’s read about 5 books a month, equalling around 60 books a year. In a decade, that is 600 books of knowledge vs 10 books of knowledge. Make sense? Increasing net worth can be accomplished by obtaining degrees, certifications, obtaining assets, interning, seminars, networking and improving your circle of influence.
Having 12 pairs of Jordans does not increase your net worth nor does it build your bank account !! There are 2 ways to spend money in life. Liabilities and assets. One costs you money and depreciates in value day by day, and the other increases your value. Living rich leaves you with more expenses which is what should be avoided in the journey of becoming wealthy. Learning to live broke regardless of income is a proven way to build wealth. However, understand that there is a difference in saving money and building wealth as they operate in the same manner but result in different results.
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