What is your view on money? Do you judge people based on their bank account zeros? How much positive interaction do you have with people to earn money?
Do you believe that you have to work around the clock to earn money? How patient are you in making your investment decisions work?
Tim Denning, a well-known author of reputable financial magazines and a professional trader in the financial markets, in an article A reader who has published on the Medium website summarizes 12 points about money that he believes should have been learned sooner.
Reading these 12 tips for people who are looking to earn more is not without grace. Read more quoting the Denning team.
Money is the amount of time you spend at work. When you are at work, you are away from your family. Many people do not know what money is.
They are fascinated by what money can buy them or think about how money can make them feel. But, when I think of money, I think of something I have lost so that this amount can be credited to my bank account. You have to pay a price for everything you earn in life. The price of money is your “time”.
When I talk to a future billionaire entrepreneur, I know he has had to lose a safer job or maybe a house and most likely the time he could spend with his family to make such a fortune.
In my life, I understood the concept of money too late. I wish I could understand the meaning of money much sooner to experience a level of freedom that I did not know existed before.
1. Know yourself before money becomes everything in your life
Money can shape your personality. Work on your personality before you consider how to make money. Because your personality determines who you invite into your life as you make money. If you are an almost good, humble and talkative person and you want to change your beliefs in the face of new information, you will attract people to your life who can help you earn more money.
If you treat people well, money will flow to you. Without people around you, you will not make any money.
2. A rich bitch is the worst man on earth
Have dinner with a rich bitch. Before you can even finish your expensive food, I wish you could walk miles away from the restaurant and wipe this filth off your beautiful face!
I was the rich bitch, the worst man on earth. I was the one who did not value a charity that was raising money to help others. Then I was the one who called anyone with an income of less than $ 1 million “lazy.”
But in order to learn this important lesson, I had to lose everything. You do not need to go through these experiences; Instead, you can abandon the method of being a bitch. How much money you have is not going to be as brilliant as the Rolex watch.
Do not weigh everything with money and instead develop the qualities of curiosity and imagination. Listen to people’s stories, without estimating how much money they have or will have.
3 . Money can be multiplied without you
I always thought that if I did not work, I would not make money. I was always running for money and I did not know why. Making money on a lean, bony boy with severe and undiagnosed mental health problems was really overwhelming; But, it really does not have to be this way.
Lu Kang wrote in one of his tweets:
“Dad, I don’t need a PS5,” said my 3-month-old son. Use this money to buy land or start a company in my name.
It is clear that he is joking, because his son can not speak during the quarter. But the lesson he teaches in this joke is very important. Buy things that are truly valuable to make money while you sleep.
4. Spend an hour a day learning finance to live a comfortable life
Financial literacy can help you make money without having to do anything. KnowledgeIt’s about money that determines how long it takes you to earn it. Money represents your purchasing power. Understanding your purchasing power will get you to your goals, not to work harder.
This is what happened to me. Everything changed when I took the time to understand the basics of economics, money printing, and how all kinds of assets work. Spend an hour a day learning about finance. You can start with one hour a week.
The amount of time you spend learning about money reduces the amount of time you have to spend earning money.
5. Money can do a lot for other people
The problem with money is that you think your money is yours. But, I realized that money is not always mine. This is the idea that completely changed my entire financial future.
Money is also a means of helping other people. That’s why I became a teacher. Starting a conversation class with a group of students who wanted to learn from me is one of the most valuable things I have ever done.
This class had nothing to do with money, but the whole issue was being in the community. Society makes us feel that we belong to something much bigger than ourselves. Compared to the small goal of earning money to buy things we do not need, being in the community and helping everyone makes you feel so much better.
6. Money can be a measure of your generosity
Billionaires do not impress me much. At the age of thirty, I fell in love with generous people with a few white hairs. I like generous and quiet people. My colleague is one of these people.
Early in the Corona outbreak, my colleague and I decided to buy a few bottles of water for the event we were hosting. At that time, we were only a few days away from quarantine, and everyone knew that. My co-worker had enough foresight to understand that small businesses were going to have a hard time. As a result, instead of opting for multinational supermarkets to buy water bottles, he chose a small café with two employees on the brink of the biggest financial battle of his life.
I said stupidly:
But the water bottles in this cafe are more expensive than anywhere else.
And he answered:
This is the essence of the flow. Every little decision we make has a ripple effect, and this business needs us today.
And I suddenly noticed the flow.
The usual way to measure price is the number of water bottles you buy for a fee. However, you can measure the price by the difference you make in the lives of so-called strangers.
This was one of the points that almost made my tears flow when my colleague explained it to me. At that moment, it was difficult for me to control myself and still maintain my masculine and violent behavior. The catastrophe that was to come to our country’s economy with quarantine due to the outbreak of the Corona virus was unbearable. This small moment made me realize my role in the financial system.
The money you spend has a ripple effect on everything.
7. As fast as you can make a million dollars, you can lose everything
At 26, I was one of the key members of a successful company. Employees twice my age came into my glass office and tried to excite me. They said:
At 26, you have everything. It must be like a dream.
And I told them, as fast as you can make a million dollars, you can lose everything. It had not occurred to me yet and I do not know why I said that. I guess my sixth sense predicted what would happen next. A little later, this prediction came true and I lost everything.
It is possible to climb the money ladder quickly; But if you are arrogant and do not understand what money is for, you will fall faster than the money ladder.
8. Money helps you have less stress
Running for money is always annoying. Debt creates a lot of stress. The purpose of money is not to increase your debt. The main purpose of earning money is to recoup the time you spent on making money. Otherwise, you will be enslaved to your debts and have to do something you hate to repay the debts.
Repaying your debt will enslave you. Use money to reduce your stress, not increase your stress with more debt.
9. The value of money changes over time
A dollar today is not worth a dollar tomorrow. The value of money that governments offer decreases over time. The price of a house that has tripled has not risen at all; Rather, the value of a home measured in traditional currency has increased because of inflation and the money that governments print without backing.
10. Patience helps you make better financial decisions
Everyone I personally witnessed went bankrupt trying to get rich overnight. They were constantly jumping from idea to idea, looking for golden opportunities. Their goal was money, not work.
Choose a job that you like so that you no longer have to work even one day in your life.
The patient and calm work that you do for more than 5 years will increase your income more than you expect. Do your job and be patient.
11 . Careful and careful risk management makes you a millionaire
Sometimes the market is growing and sometimes it is stagnant. In 2001 the .com bubble burst and in 2008 the banks were on the verge of bankruptcy, and we faced a long and severe recession.
Between these years of recession, people can get rich. But it does not matter if you get rich in the years of market growth, you have to see if you can stay rich even during a recession. This issue is mainly torisk managementReturns; Risk management is your discipline and ability to diversify your investment options.
Today I read an article by a man who recently bought shares in Amazon. He had not even bothered to do the research, and did not know that Amazon co-founder Jeff Bezos had recently cashed in on a large portion of his stock. He ignored the “price-to-earnings” (PE) ratio to see Amazon stocks priced above their value. Then He only bet his entire life savings on a company of which he knew nothing.
Risk management means knowing what you are buying and not investing all your savings in one option, no matter what the market fuss.
Big bets will bankrupt you. Market downturns are inevitable; Manage your capital against risks with small and varied investments.
12. If you lose your hat, learn a lesson
Hello. You did not answer any of my calls and I do not feel good that I gave you all my money. So, if you could please contact me today, it would be great. Thanks.
Leading American author Nicoles Cole admitted in an article that his money was stolen at the age of 19. Confirmation of this could have made him a fool. But in reality, this was not the case. The fact that Cole’s money was stolen at the age of 19 taught him how to identify professional fraudsters.
Cole can now spot a liar from a mile away. You can even say that the scammer who stole his money has lost more.
If you happen to meet a bank account thief and give him access to your money, then you will never do it again.
At the age of 16, I met a boy in a dark parking lot to sell him a Nokia cell phone that I knew had been stolen. I handed him the phone through his car window and waited for him to give me the money. Within seconds, his car sped away from me, which is why he wanted to make a deal through his car window.
But always remember that dishonesty leads to financial loss and trustworthy people earn much more.
Understanding what money is is one of the many answers you can give to your problems. But people learn this principle very late in life. With less time and stress, you can be a much more effective person in life.
Your whole world changes when you realize that money can change your personality and your ability to influence others. No longer do you try to accumulate wealth to sell your proud purchases to people you do not like at your dinner parties.
The best purchase is one that has a ripple effect on the lives of others. Use money to create a wave effect, however small.
Spend your life with someone who can not give it back to you.