WHAT IS THE BEST FINANCIAL ADVICE I HAVE EVER RECEIVED ON SAVING MONEY AND BUILDING WEALTH?
In this blog I will list some of my top Quora answers for the last few days.
If you want me to answer any questions on Quora or Youtube, don’t hesitate to contact me.
Almost all the best advice I have received has been simple, and not complex.
The best 25 examples include
- Spend less than you earn. Invest the surplus properly.
- Invest money, don’t save it. If saving money was such a good idea how come the bank can make money from your savings?
- Take calculated risks. There is no such thing as no risk in life, business or investing.
- Get a job first, get good at it, then start your own thing. Not the other way around.
- Even if you have a job, don’t just focus on selling your time for money. How you use your time from 18:00-midnight is key.
- Read as much as possible, and educate yourself as much as possible. University isn’t the end of the learning process. It is the start.
- Always adapt to changing market conditions in business
- Invest for decades in the stock and bond markets, without market timing.
- Ideas don’t count. Execution does.
- You can’t scale face-to-face in business. The internet is a golden opportunity and more business will go online (said after 2010).
- Get out of your comfort zone. Seldom does anything good come from it.
- Don’t be complacent if you achieve success
- Break norms. Norms stand for normal. Normal behaviour in business will result in normal results. Extraordinary behaviours will lead to extradorinaiy results if you are persistent
- Play the numbers game. In the same way you are more likely to meet the love of your life if you go on 1,000 dates and get Tinder unlimited and put on auto like, you are more likely to get traction in business and any domain if you know this concept. Money follows attention.
- Don’t care about what the vast majority of people think.
- Don’t box yourself in too soon with kids, family, mortgages etc. The time to take the most risks is in your 20s or before you have kids. You won’t regret losing 2k when you are 80. Don’t be afraid of losing when you have so little to begin with as a 21 year old (I was told this many times but older people many years ago).
- Being middle of the road in business can be dangerous. The quote below has been said in different contexts:
18. The path of least resistance is one of the most important things in business. The easier you make your products to buy = the more people will do it. Whereas, if you have the best solution in the world, but it isn’t convenient and a hassle to buy, less people will do it.
19. Who you marry is one of the most important aspects of long-term wealth management. Divorce kills wealth.
20. Investing 30% of an $80,000 income is more useful than 1% of $1m. So focus on your income, spending habits and investment habits.
21. Focus on scaling. You can’t scale certain things (say face to face meetings) but you can scale buying online in an unlimited way.
22. Focus on leverage. Leveraging time (investing for decades in markets rather than for 5 years due to compound returns), money, other people’s time etc.
23. Live overseas at least once in your life to understand other cultures and ways of doing business.
24. Focus is more key to success than natural talent alone
25. Don’t just spend more as you earn more (lifestyle inflation). As you earn more, invest more back.
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