Skip to main content

Wealth File #15 Rich people have their money work hard for them. Poor people work hard for their money

Working hard is important, but working hard alone will never make you rich.

Rich people can spend their days playing and relaxing because they work smart. They understand and use leverage. They employ other people to work for them and their money to work for them.

You do have to work hard for money. For rich people, however, this is a temporary situation. For poor people, it's permanent.. Rich people understand that "you" have to work hard until your "money" works hard enough to take your place they understand  the more your money works, the less you will have to work.

To win the money game, the goal is to earn enough passive income to pay for your desired lifestyle. In short, you become financially free when your passive income exceeds your expenses.

Rich people think long-term. They balance their spending on enjoyment today with investing for freedom tomorrow. Poor people think short-term. They run their lives based on immediate gratifications.

To increase your wealth, you either have to earn more or live on less.

Rich people have a lot of money and spend a little, while poor people have a little more money and spend a lot.

Rich people see every dollar as a "seed" that can be planted to earn a hundred more dollars, whicch can then be replanted to earn a thousand more dollars.

The trick is to get educated. Learn about the investment world.

Poor people work hard and spend all their money, which results in their having to work hard forever. Rich people work hard, save, and then invest their money so they never have to work again.

Declaration "My money works hard for me and makes me more and more money."
Touch your head and say.. "I have a millionaire mind!"

Comments

Post a Comment

Popular posts from this blog

Maximizing Your Profits with Scoring

SETTING YOUR MAXIMUM INTRADAY TRADING LOSS First things first: set a max intraday trading loss. There will be days when you just do not have it. Why do you think coaches pull their players when they are not playing well? They are more harmful on the field than off. When you are underperforming, you are hurting your team and your trading business. You need a system to yank yourself over to the bench. A stop loss is your answer. TRADING BASED UPON THE TIME OF DAY A good trader makes note of what time of day it is, when he trades most profitably, and adjusts his trading to fit such times. Your numbers at the end of the month will not reflect your true trading potential. Make the most trades with the most size during the trading periods that statistically are most profitable for you. Money saved during your weaker trading periods is money earned. Consistency The fact is that most trades you make will start working for you right away. But the new traders also hold stocks that are trading ag...
Post a Comment
Read more

The law of social heredity

It is hardly sufficient to say that social heredity is the method through which humans gather all knowledge that reaches us through the five senses. It is more to the point to say how social heredity works, in as many different applications as will give you a comprehensive understanding of that law. you are fortunate if you have learned the difference between temporary defeat and failure, more fortunate still, if  you have learned the truth that the very seed of success is dormant in every defeat that you experience. It is well known fact that a fox will prey upon all manner of fowl and small animals, with the exception of skunk. No reason need to be stated as to why Mr. Skunk enjoys immunity. A fox may tackle a skunk once, but never twice! for this reason a skunk hide, when nailed to a chicken roost, will keep all but the very young and inexperienced foxes at a safe distance. The odor of a skunk, once experienced, is never to be forgotten. No other smell even remotely resem...
Post a Comment
Read more

CAN A FIRM ALWAYS SPOT THE NEXT GREAT TRADER?

 No. But a prop firm can tell who has a poor chance to become a CPT. To be good at anything will take everything you have. Not having developed the skills to work hard is a turn-off. Trading is a skill learned by doing, not just by reading a lot, theorizing, or the faux art of “paper trading.” THE PROS AND CONS OF RECRUITING EXPERIENCED TRADERS Loyalty is a good thing to a point, but it cannot trump logistics and reality. losing money should really bother you. If I am negative three days in a row, I spend a long evening on my couch with a bottle of red wine and comfort food. As traders, we can all recite the memorable line from Wall Street: “A man looks in the abyss, there is nothing staring back at him. At that moment he discovers his character. That keeps the man out of the abyss.”  Traders don’t talk about how they want to trade, what they want to read about trading, or how they wish they could talk about trading. Traders trade, read about trading, and talk about trading.
Post a Comment
Read more