Rule One. You must know the difference between an asset and a liability, and buy assets. An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.
A person can be highly educated, professionally successful, and financially illiterate.
In times of great economic change, there are always great transfer of wealth. Even if you do not have much money, it is important to incest in your education... for when the changes come, you will be better prepared for them. Don’t be caught unaware and afraid. As I said, no one can predict what will happen, yet it is best to be prepared for whatever happens. And that means getting educated now.
One of the reasons the rich get richer is that they buy more investments by taking advantage of the tax laws. In essence, the money that would have been paid in taxes is used to buy additional assets, which provide another deduction against income, which reduces the taxes due, legally.
In the early 1990s, Donald Trump was nearly $1 billion in debt personally and $9 billion in debt corporately. An interviewer asked him if he was worried. He replied, “Worrying is a waste of time. Worrying gets in my way of working to solve these problems.
If you find you have dug yourself into a hole... stop digging.
Taxes punish those who produce and reward those who don’t produce.
Today, I have expensive attorneys, accountants, real estate brokers, and stockbrokers. Why? Because if, and I do mean if, the people are professionals, their services should make you money. And the more money they make, the more money I make. We.
Often in the real world, it’s not the smart who get ahead, but the bold. Last night, I took a break from writing and watched a TV program on the history of a young man named Alexander Graham Bell.
So whenever I hear people focusing on their I-don’t-wants, rather than what they do want, I know the noise in their head must be loud. Chicken Little has taken over their brain and is yelling, “The sky is falling, and toilets are breaking!” So they avoid their don’t-wants, but they pay a huge price. They may never get what they want in life. Instead of analyzing, their inner Chicken Little closes their mind.
History proves that great civilizations collapse when the gap between the haves and have-nots is too great. Sadly, America is on that same course because we haven’t learned from history. We only memorize historical dates and names, not the lesson.” “Aren’t prices supposed to go up?
The most important specialized skills are sales and marketing. The ability to sell – to communicate to another human being, be it a customer, employee, boss, spouse, or child – is the base skill of personal success. Communication skills such as writing, speaking, and negotiating are crucial to a life of success. These are skills I work on constantly, attending courses or buying educational resources to expand my knowledge.
If you have little money and you want to be rich, you must first be focused, not balanced.
If you want more income, learn to sell.
Money is one form of power. But what is more powerful is financial education. Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth. The reason positive thinking alone does not work is because most people went to school and never learned how money works, so they spend their lives working for money.
Business owners can go on vacation forever because they own a system, not a job. If the B is on vacation, the money still comes in.
A fool and his money is one big party.
Time is one of your greatest assets.
Life pushes all of us around. Some people give up and others fight. A few learn the lesson and move on. They welcome life pushing them around. To these few people, it means they need and want to learn something. They learn and move on.
Each dollar in my asset column was a great employee, working hard to make more employees and buy the boss a new Porsche.
It’s not what happens in one’s life that matters, but it’s the meaning one puts on what happens that matters.