28/05/2020
Rule 1 when you want to be rich.
>know the difference between an asset and a liability, and buy assets. Rich focus on buying assets while others focus on there income statement. A house alone is not an asset except when it bring in money. If you want to be rich buy asset equipments first which brings in money like brick molding machine then later on buy your house.
Rule 2. Mind your own business if you want to be rich.
know the difference between your profession and your business. I asked sum 1 what is your business? I am a banker. Then l asked again do you own a bank? The respond was no l work there.
Your profession is not your business. Do your profession and also do a business out of your profession. That business must runned out of your presence but it must bring cash flow to you.
Mind your own business.
There is something in life called "Social Capital." The people you know; the people who know you and how they know you.
Quite unfortunately, people think or behave like social capital is only needed on weddings and burials. That is why you see someone will not have contacted you in ten years but out of the blue they are sending you a message, "Hello so and so, long time. Btw, next Sunday is my pre-wedding. I need your support."!
Social capital is not built overnight; it is reciprocal and does not need money (especially in this virtually connected world) to build. It just needs being sensitive that people have emotions and that you can't sneak into their lives only when you need help.
Social capital is massively important and when built and used correctly, it can make a very big difference to one's quality of life. It can save you money, make you money, get you a better job, make things easier and safer, it can save you from prison, or save your life: it can save you time and effort, and make life more enjoyable and productive.
As we progress through the year, please learn to connect with people in your circles. Check on people, send someone a birthday message, check their timelines and comment something positive and inspirational. Pick your phone and call someone, or text them. It could be your relative, your colleague, your former schoolmate, a former or current boss, your CEO, your parents etc.
Creating a connection with people is important for building your social capital. And even if they don't respond, at least keep in touch and don't just reach out when you are in need.
Most importantly, respect everyone no matter their status in life and be there when others need you. Be a solution, an encouragement and inspiration. Avoid being a leech, a user or nagger. Just be a nice person who in a calculated way stays in touch with people and brings joy, encouragement and hope.
*The most important asset you have in life is not your job, money or title; it's people. Your network is your networth!*
Money
Its either you are selling goods and services to make money, or you are buying goods and services to spend money. So next time you think of complaining that you don't have money, just remember this and ask yourself this question: What am l selling? Did you know that money is medium of exchange for either goods or services not a product of prayer. Money is measure of the value of goods and services. Therefore everyone who is here on earth lives by buying and selling. Don't give an excuse that there are no jobs or you are not educated. Just open your eyes and see the goods and services you can sell, because someone else has the money to buy. Did you know that even those who are employed by multi- billion dollar companies are selling. They are selling their services to the company that employs them, and the only difference is their renumeration comes to them on monthly or fortnight basis. Unfortunately some educated folk is refusing to sell tomatoes because it's not a job, but they are applying for a job as an sales manager in company that distributes tomatoesππ. Some uneducated folk is crying out saying he doesn't have a job, it doesn't take a certificate to order vegetables, goats, chickens, etc for resale. You are not disadvantaged at all. You increase money by increasing the volume of goods you are selling or the value of services you providing. It is only when you understand the purpose or use of money that you will know how to make money because that is the key. Do you want money? Then what are you selling? When we always say there is high unemployment rate, it makes people not to think. As long as there are people on earth, they will need goods and services. As you are busy sending your CV from one office to the other, some people are busy sending job quotations and invoices of their goods or services in the very offices you are looking for a job. TRUE they might be no jobs but there are still needs for goods and services on a daily basis. What are you supplying? Stop looking for a job and start looking for needs you can supply to and as you meet the needs of people. Your mother knew better than you and she made it, built houses, fed, clothed you and sent you to school without a certificate. But you with that certificate you still can't think, because you were bewitched that money is in a thing called Boss.G though was meant to conscientise you of the needs of t people around 24: 9 out of 10 people of the world are broke, few others have some money but still donβt have enough to give them the freedom they want, only very few people are rich, but why are most people poor? The reason most people are poor is because not every body knows enough abut money, money in a real sense is not when you are earning $1000 per month, or when you have money to feed yourself and your family, itβs a lot more. In this article, I will be sharing with you 8 secrets poor people donβt know about money.
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SECRET NO. 1
YOU CANβT BE RICH PAYING APPLE & BENZ FIRST
Most people in our society earn money to spend only, the first thing most people do when they earn money is to give their money to the rich, new iphone, latest Benz, new television set. The poor lavish to spend first, and at the time they are done lavishing, nothing remains, on the other hand the rich invest first and manage what remains, this way, they donβt have much money to waste. Be wise, looking rich is not same thing as being rich.
SECRET NO. 2
IF YOU ASSOCIATE WITH POOR PEOPLE, YOU WILL BE POOR
What many poor people do is to make friend with unambitious and negative people, you canβt learn how to make money from someone who doesnβt talk about money or think of how to be wealthy, people will say βmoney is the root of all evil, all rich people are greedy and so I am probably going to remain with poor peopleβ, so tell me, how can you learn and get motivated about making money with such poor people, if you think it is possible to learn how to make money from poor and unambitious people, then you must be kidding. Hang around positive and self-motivated people who will challenge you to be creative and determined.
SECRET NO. 3
COLLEGE HAS NOTHING TO DO WITH MONEY
College isnβt the answer to financial freedom, it usually leaves you poor if you are not careful enough to know what you need to know. The knowledge of wealth is not what you can get from school, you may have B.sc, M.sc or even Phd in anything, that doesnβt mean you know anything about money. College are not designed to teach you how to be rich, they are designed to teach you how to become a good employee, stop deceiving yourself with the mentality of βI have Masters, I will be richβ, get financial education, read financial books, attend financial conferences.
SECRET NO. 4
ANYBODY CAN HAVE MONEY
To most people its only some few people that are lucky that can have money and get rich or wealthy, they think if they donβt hold a political office, or inherit companies or born in a wealthy family they canβt be rich, but thatβs wrong, not only wrong but terrible, they is no shortage of money underneath earth, only shortage of people who think correctly about money, how are you thinking about money? To become a millionaire from the scratch, you must get rid of your sense of scarcity and end the poverty thinking. All those βmoney do donβt grow on treeβ mentality canβt help you, if you really want to be wealthy. If you want to have abundance, you must first believe the abundance. There is enough money in the world for everyone who believes in abundance.
SECRET NO. 5
THE ONLY THING YOU HAVE IN YOUR LIFE IS TIME
Most poor people complaints about one thousand things they donβt have and waste the only thing they ever need. Thatβs funny. The only thing you ever need is time and you have that already. Rich people respect time and convert it to any other thing they want, is it knowledge? You can convert your time to knowledge, is it good relationship? You can convert your time to that, if you want money, if you use your time right, you will have more than enough. Tell me how much respect you have for time, and I will tell you how rich you can be.
SECRET NO. 6
βSOMEDAYβ IS NODAY
Many people wait for external circumstances to occur before they take certain action, they will say βI will start that business when I graduate from schoolβ, I will start investing when my company increase my salary, I will have enough chance to do anything when my children graduates and so on, but do you know that those days will never come? Or should I say they may come, but you will still have another reason to push it for another day. Donβt let it be in the days of your retirement before you realize what you should have done right. The time will never be right, get out today and pursue your dreams! You can always start where you are with what you have.
SECRET NO. 7
YOU CANβT BE RICH WITH ONE FLOW OF INCOME
The real wealthy people never depend on one flow of income, but instead, they create a number of revenue streams, wealth is not what you earn from one channel, it is what you accumulate from different sources, the $1000, $2000, $3000 that comes from different sources is what makes you a multi-millionaire. If you think you can be rich from doing that your old job over and over, you better wake up from you day dream.
SECRET NO. 8
NOBODY GET RICH WORKING AS AN EMPLOYEE
Employees work to make their bosses rich, if you are aiming for true wealth, consider starting your own business. To me I donβt think they should any joy about wearing a suit, carrying a bag and driving down to another mans work, if the man is happy doing another manβs job, you wont probably work for him. Do you know that the money the man used to start the company or the firm you are working may not be as big as the one you used to buy your car? Many middle-class workers think that starting a business is too risky, and they settle for that job until they are sacked or retire with nothing. The rich understand that what is risky is allowing your life or your income to be dictated by a boss who careless abut if you get what you want for your life. Am not saying getting a job is bad, but you must not depend your life on it that you wonβt remember to do something about your future.
THANKS VERY MUCH FOR READING