The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.
The moment you make passive income and portfolio income a part of your life, your life will change. Those words will become flesh.
My Rich Dad said, ‘All of us have the power of choice. I choose to be rich, and I make that choice every day.’
The main thing is to keep the main thing the main thing.
Rich people choose to get paid based on results. Poor people choose to get paid based on time.
My definition of financial freedom is simple: it is the ability to live the lifestyle you desire without having to work or rely on anyone else for money.
The path to success is to take massive, determined action.
Success leaves clues. Go figure out what someone who was successful did, and model it. Improve it, but learn their steps. They have knowledge.
If you want to change your life you have to raise your standards.
Success leaves clues, Proximity is power. Love your family, CHOOSE your peers.
Success is not a sometimes thing. In other words, you don’t do what is right once in awhile, but all the time. Success is a habit. Winning is a habit.
Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.
If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.
Buy companies with strong histories of profitability and with a dominant business franchise.
I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
Everybody’s got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.
The first rule is not to lose. The second rule is not to forget the first rule.
Invest in as much of yourself as you can, you are your own biggest asset by far.
Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.
Like most trends, at the beginning, it’s driven by fundamentals. At some point, speculation takes over. What the wise man does in the beginning, the fool does in the end.