You need to watch or listen to what Tony Robbins says in this video.
Frank Kern also is a successful Entrepeneur and expert on marketing. You have to keep all these points in mind when you invest in the stock market.
There's also book from Tony Robbins called "Money Master the game" that you need to read to understand what the video is about.
Here are 7 powerful lessons from the book "The Millionaire Next Door"
1. Live below your means: Most millionaires prioritize frugality, avoiding excessive debt and prioritizing saving and investing. They focus on financial independence over flashy appearances.
2. Allocate time and money efficiently: Millionaires are mindful of where their resources go. They invest in activities that generate income or appreciate in value, avoiding wasteful spending.
3. Financial independence trumps social status: Many associate wealth with expensive possessions. However, millionaires often prioritize financial independence over outward displays. They understand true wealth lies in controlling their choices and lives.
4. Your parents' wealth doesn't predict yours: The book dispels the myth of inherited wealth. Many millionaires come from middle-class or even working-class backgrounds, achieving success through hard work, discipline, and smart financial decisions.
5. Choose the right career: While not every high-paying job leads to wealth, millionaires often gravitate towards careers offering income growth and long-term financial security. Passion for their work can also contribute to their success.
6. Embrace entrepreneurship: Many millionaires create their own wealth through entrepreneurship. They are resourceful, innovative, and willing to take calculated risks. Even without starting a business, an entrepreneurial mindset can help find creative ways to increase income.
7. Avoid "economic outpatient care": This refers to providing financial assistance to adult children who can support themselves. The authors found that millionaires avoid enabling dependence, as this can hinder children's financial growth and responsibility.
More to read:
"25 Habits That Make You Rich." by Samir Machawe
Wealth-building advice is everywhere, but 25 Habits That Make You Rich by Samir Machawe takes a refreshingly practical, no-frills approach.
Machawe, a seasoned financial expert with over 22 years in the industry, brings insights not only about money but about developing a mindset for sustainable financial growth. Knowing his depth of experience intrigued me right away—he’s someone who’s truly walked the talk.
The book outlines 25 habits that aim to help readers build a solid financial foundation and achieve wealth.
Machawe’s focus isn’t on “get rich quick” tips, but on creating a disciplined approach to money, offering practical advice on budgeting, investing, and establishing multiple income streams. What makes this stand out is Machawe’s emphasis on psychology and behavior around money, showing readers that wealth is as much about mindset as it is about numbers.
Machawe’s writing is approachable, straightforward, and grounded in real-world experience.
He writes with clarity, avoiding technical jargon, and shares advice like a friend giving life tips over coffee.
This conversational tone makes potentially intimidating financial concepts easy to understand, and he simplifies complex ideas without dumbing them down, which is quite a feat.
One of Machawe’s strongest points is that wealth isn’t just for those who start out with financial advantages—it’s achievable for anyone willing to build the right habits.
His approach distinguishes between the mindsets of the rich, middle class, and poor, encouraging readers to adopt the principles that create wealth, regardless of their income level. The emphasis on financial literacy as a tool for all resonates strongly here.
Each habit is a standalone concept, making it easy for readers to follow along and revisit chapters that resonate most. The structure is accessible for both beginners and those with some financial knowledge. He builds each chapter with actionable steps, so you’re never left wondering how to put his advice into practice.
The underlying theme is that money isn’t just earned—it’s cultivated through conscious, consistent habits. Machawe uses relatable scenarios to explain financial principles, making the abstract ideas feel practical and doable. He also emphasizes the importance of resilience, the discipline of saving, and the power of small investments over time.
Machawe’s practical tone may lack dramatic flair, but it leaves an impact, especially for anyone who has struggled with financial insecurity. Reading the book felt empowering, as it encouraged me to see money as a tool that can be controlled rather than a source of stress.
One of the book’s greatest strengths is its accessibility. Machawe doesn’t preach—he simply explains, and it’s evident he wants readers to succeed. His emphasis on foundational habits, such as setting goals and making small but consistent investments, makes this book practical and achievable for anyone at any stage of their financial journey.
While Machawe’s advice is solid, some sections might feel repetitive if you’re already familiar with basic financial habits. For advanced readers, the advice may seem too foundational, focusing more on habit-building than complex investment strategies. Those expecting detailed financial formulas may find it less informative.
Personally, this book reminded me that wealth isn’t about your income but your approach to managing what you have. Machawe’s insights feel genuine, as he focuses on helping readers cultivate patience and a healthy money mindset. It resonated deeply with me as I’ve always valued a practical approach to finances, and his advice aligns with my own philosophy on creating sustainable wealth.
Here are the 25 habits that can help you achieve financial success, as outlined by Samir Machawe:
1. Start saving early: Develop a habit of saving a portion of your income from an early age.
2. Invest wisely: Invest your money in assets that have a high potential for growth.
3. Live below your means: Avoid overspending and live within your means.
4. Develop multiple income streams: Diversify your income streams to reduce financial risk.
5. Minimize debt: Work towards becoming debt-free by paying off high-interest loans and credit cards.
6. Build an emergency fund: Save 3-6 months' worth of expenses in an easily accessible savings account.
7. Cultivate financial literacy: Continuously educate yourself on personal finance, investing, and wealth-building strategies.
8. Avoid procrastination: Take action towards your financial goals without delaying.
9. Set clear financial goals: Define specific, measurable, achievable, relevant, and time-bound (SMART) financial objectives.
10. Prioritize needs over wants: Distinguish between essential expenses and discretionary spending.
11. Develop a long-term perspective: Focus on long-term financial growth rather than short-term gains.
12. Diversify your investments: Spread your investments across different asset classes to minimize risk.
13. Monitor and adjust: Regularly review your financial progress and adjust your strategies as needed.
14. Avoid lifestyle inflation: Avoid increasing your spending as your income rises.
15. Build multiple sources of passive income: Create streams of income that can generate wealth without requiring direct involvement.
16. Stay disciplined and patient: Wealth creation often requires discipline, patience, and perseverance.
17. Leverage technology: Utilize digital tools and platforms to streamline your finances, investments, and wealth-building strategies.
18. Develop a wealth mindset: Cultivate a mindset that supports wealth creation, such as a growth mindset, resilience, and adaptability.
19. Build a support network: Surround yourself with people who support and encourage your financial goals.
20. Stay informed but avoid emotional decisions: Stay up-to-date with market news and trends, but avoid making impulsive financial decisions based on emotions.
21. Prioritize financial independence: Focus on achieving financial independence, where your wealth generates enough income to cover your living expenses.
22. Develop a tax-efficient strategy: Optimize your tax strategy to minimize tax liabilities and maximize after-tax returns.
23. Build an estate plan: Create a comprehensive estate plan, including a will, trusts, and beneficiary designations.
24. Prioritize insurance and risk management: Ensure you have adequate insurance coverage and a risk management strategy to protect your wealth.
25. Stay humble and grounded: Maintain a humble and grounded attitude towards wealth, recognizing that true wealth goes beyond financial riches.
By incorporating these 25 habits into your daily life, you'll be well on your way to achieving financial success and building lasting wealth.
Overall, 25 Habits That Make You Rich is an empowering guide for anyone looking to break down the basics of wealth-building and create habits that can change their financial future. I’d recommend it especially to those just starting out, as Machawe’s advice is both accessible and inspiring.
For anyone ready to take control of their financial habits, this book is a valuable addition to your bookshelf.
BOOK REVIEW
BOOK TITLE: BE A MILLIONAIRE NEXT YEAR:
AUTHOR;; MICHAEL R. BERG
"Wealth is not just about making a lot of money, it's about keeping it, growing it, and using it to achieve financial freedom. Anyone can become a millionaire with the right mindset, strategy, and discipline."
8 Lessons from "Be A Millionaire Next Year: Strategies to Build Your Wealth Quickly and Permanently" by Michael R. Berg:
1. Mindset Shift: Berg emphasizes that becoming a millionaire starts with a change in mindset. Adopting a wealth-oriented perspective allows individuals to recognize opportunities and make decisions that align with their financial goals. This mental shift is crucial for long-term success.
2. Smart Financial Choices: The book advocates for making informed financial decisions based on personal needs and goals. Berg suggests that rather than avoiding spending altogether, individuals should focus on prioritizing their expenditures to maximize savings and investment potential.
3. Maximizing Income Streams: Berg discusses the importance of diversifying income sources. He encourages readers to explore various avenues such as real estate, dividend stocks, and starting a business to create multiple streams of income, which can significantly enhance wealth accumulation.
4. Tax Efficiency: Understanding and reducing tax liabilities is a key strategy outlined in the book. Berg provides insights on how to minimize income tax payments legally, allowing individuals to retain more of their earnings for investment and savings.
5. Investing Wisely: The author stresses the importance of investing in income-producing assets. By acquiring dividend stocks and other investments that generate passive income, individuals can build wealth more effectively over time.
6. Real Estate Opportunities: Berg highlights real estate as a viable path to wealth. He explains how to make money in real estate without taking on excessive risk, encouraging readers to consider property investments as part of their wealth-building strategy.
7. Social Security Maximization: The book discusses strategies for maximizing Social Security benefits. Understanding how to optimize these benefits can provide a significant boost to retirement income, contributing to overall financial stability
8. Action-Oriented Approach: Berg emphasizes the necessity of taking action. He encourages readers to implement the strategies discussed in the book actively. Setting specific goals and taking consistent steps toward achieving them is essential for turning financial aspirations into reality.
These lessons collectively provide a comprehensive guide for individuals looking to build wealth quickly and sustainably, focusing on mindset, strategic financial choices, and proactive investment strategies.
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Here are seven key lessons from "What I Wish I Knew When I Was 20: A Crash Course on Making Your Place in the World" by Tina Seelig:
1. Embrace Uncertainty: Seelig emphasizes that life is full of uncertainties, and it's essential to embrace them rather than fear them. Taking risks and stepping outside your comfort zone can lead to unexpected opportunities and personal growth.
2. Cultivate a Growth Mindset: The author encourages readers to adopt a growth mindset, viewing challenges as opportunities to learn and improve. This mindset fosters resilience and adaptability, helping you navigate the complexities of life and career.
3. Leverage Your Network: Seelig highlights the importance of building and nurturing relationships. Networking is not just about professional connections; it's about creating a community of support, collaboration, and shared opportunities that can propel you forward.
4. Be Open to New Experiences: The book advocates for being open-minded and willing to explore diverse experiences. Trying new things can lead to discoveries about your interests, strengths, and passions, ultimately guiding you toward your true path.
5. Take Initiative: Seelig encourages readers to be proactive in pursuing their goals. Instead of waiting for opportunities to come to you, take the initiative to create your own path, whether through internships, projects, or entrepreneurial ventures.
6. Learn from Failure: The author stresses that failure is an inevitable part of life and a valuable teacher. Embracing failure as a learning experience rather than a setback allows you to grow and develop resilience, ultimately leading to future success.
7. Define Your Own Success: Seelig urges readers to reflect on what success means to them personally, rather than adhering to societal expectations. Defining your own metrics for success can lead to a more fulfilling and authentic life, aligned with your values and aspirations.
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The Internet of Money by Andreas M. Antonopoulos is a popular book that explores the principles, significance, and future of Bitcoin and blockchain technology.
Here’s a review with nine key points that highlight its themes and impact:
1. Clear Introduction to Bitcoin: Antonopoulos breaks down the complex subject of Bitcoin, explaining its purpose and technology in an accessible way, even for readers new to cryptocurrencies.
2. Visionary Perspective: The author sees Bitcoin as more than just digital money; he envisions it as a tool for societal transformation, capable of reshaping finance, freedom, and personal sovereignty.
3. Human-Centric Focus: Unlike many technical books, The Internet of Money is centered around people and society. Antonopoulos explains how Bitcoin can address financial exclusion, censorship, and monopolistic practices, focusing on its potential to empower individuals.
4. Engaging Storytelling: The book compiles several of Antonopoulos' talks, bringing in anecdotes, analogies, and real-world examples. This makes the material engaging and relatable, even for non-technical readers.
5. Historical Context: Antonopoulos places Bitcoin in the context of financial history, comparing it to previous revolutionary technologies, like the internet itself, which started small but transformed the world.
6. Decentralization Advocacy: A strong theme in the book is the emphasis on decentralization. Antonopoulos explains why decentralization is essential for the security, transparency, and fairness of a global financial system.
7. Critical Insights on Traditional Finance: The book critiques traditional banking and finance, highlighting its inefficiencies, exclusivity, and susceptibility to manipulation, positioning Bitcoin as an alternative.
8. Future Possibilities: Antonopoulos shares his vision for the future of Bitcoin, blockchain, and decentralized technologies, discussing how they might evolve and integrate with society in unexpected ways.
9. Inspirational Tone: The Internet of Money is both informative and inspirational. Antonopoulos believes in Bitcoin’s potential to improve lives worldwide, encouraging readers to think critically and envision how it might impact their own future.
This book is an essential read for anyone interested in the principles of Bitcoin and the broader implications of decentralized financial systems.
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"Ego Is the Enemy" by Ryan Holiday explores how ego can be a major obstacle to success, personal growth, and fulfilling relationships. The book draws on historical examples, philosophy, and psychology to show how keeping ego in check is essential for achieving true success.
1. Stay Humble: Ego thrives on pride and arrogance, which can cloud your judgment and alienate others. Staying humble allows you to keep learning, remain open to feedback, and build stronger relationships.
2. Focus on the Work, Not the Recognition: True fulfillment comes from doing the work itself, not from the accolades or recognition that may come with it. By focusing on the process rather than the rewards, you can stay grounded and motivated.
3. Be a Lifelong Learner: Ego can make you believe you know everything, but the most successful people are those who continually seek to learn and grow. Embrace a mindset of curiosity and be willing to learn from anyone, regardless of their status.
4. Embrace Failure and Learn from It: Failure is often a better teacher than success, but ego can prevent you from admitting mistakes and learning from them. Viewing failures as opportunities for growth rather than threats to your identity helps you improve and succeed in the long run.
5. Practice Self-Control: Ego can lead to impulsive decisions and reckless behavior. Cultivating self-control allows you to act with intention and integrity, making choices that align with your long-term goals rather than short-term desires.
6. Serve a Higher Purpose: Aligning your actions with a higher purpose or cause beyond yourself helps keep your ego in check. When you focus on serving others or contributing to something greater, it’s easier to stay humble and committed.
7. Detach from Outcomes: Ego often ties your self-worth to specific outcomes or achievements. By detaching from the results and focusing on the process, you can reduce anxiety and maintain a healthier perspective on success and failure.
8. Accept Criticism and Feedback: Ego can make you defensive and resistant to criticism, but constructive feedback is crucial for growth. Embrace feedback as a valuable tool for self-improvement rather than a threat to your self-esteem.
9. Collaborate and Build Relationships: Ego can lead to isolation and conflict, but success is often a team effort. Building strong, collaborative relationships with others can amplify your impact and lead to greater achievements than going it alone.
10. Remember You’re Not the Center of the Universe: Ego can make you believe that the world revolves around you, but this mindset is both unrealistic and detrimental. Recognizing that you’re part of a larger whole helps you maintain perspective and act with empathy and humility.
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"As You Think" by James Allen is a timeless self-help book that explores the power of thoughts and their influence on our lives. It offers practical wisdom and guidance for cultivating a positive mindset and creating a fulfilling life. Here are 10 key lessons and insights from the book:
1. Power of Thought: Allen emphasizes that our thoughts shape our reality. By cultivating positive and constructive thoughts, we can manifest positive outcomes in our lives.
2. Law of Attraction: The book explores the concept of the Law of Attraction, which states that we attract into our lives what we consistently think about. It encourages readers to focus on their desires and maintain a positive attitude to attract positive experiences.
3. Mindfulness: Allen stresses the importance of being mindful of our thoughts. By consciously choosing our thoughts and directing them towards positive and constructive ideas, we can transform our lives.
4. Responsibility: The author highlights that we are responsible for our own thoughts and, consequently, our own experiences. By taking ownership of our thoughts, we can become intentional creators of our reality.
5. Self-Belief: "As You Think" underscores the significance of self-belief and self-confidence in achieving success. Allen encourages readers to cultivate a strong belief in their abilities and to envision themselves achieving their goals.
6. Positive Affirmations: The book explores the power of positive affirmations and encourages readers to use them to reprogram their subconscious mind. By repeating affirmations aligned with their goals, readers can shift their mindset and attract positive outcomes.
7. Overcoming Limiting Beliefs: Allen emphasizes the need to identify and overcome limiting beliefs that hold us back. By challenging and replacing these beliefs with empowering ones, we can unlock our true potential.
8. Gratitude: The book promotes the practice of gratitude as a means to shift our focus from lack to abundance. Cultivating gratitude allows us to appreciate the present moment and attract more positive experiences.
9. Persistence and Resilience: Allen emphasizes the importance of persistence and resilience in the face of challenges. By maintaining a positive mindset and unwavering determination, we can overcome obstacles and achieve success.
10. Personal Growth: The author encourages readers to embrace personal growth as a lifelong journey. By continuously improving ourselves and expanding our minds, we can create a fulfilling and purposeful life.
"As You Think" serves as a guide to harnessing the power of our thoughts and aligning them with our desires. By applying these key lessons, readers can transform their mindset, attract positive experiences, and create the life they envision.
10 practical lessons
10 practical lessons you can learn from Tim Ferriss' "The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich (Expanded and Updated)":
8 lessons from "Get Rich Now: Earn More Money, Faster and Easier than Ever Before" by Brian Tracy, Michael Tracy, and others:
1. Set Clear Financial Goals: The authors emphasize the importance of having specific, measurable financial goals. By defining what "rich" means to you, you create a roadmap that guides your decisions and actions toward achieving financial success.
2. Develop a Wealth Mindset: Adopting a mindset focused on abundance and opportunities is crucial for attracting wealth. Cultivating positive beliefs about money can help you overcome limiting thoughts and behaviors that hinder financial growth.
3. Take Action: Tracy and his co-authors stress the necessity of taking consistent, proactive steps toward your goals. Wealth-building requires action; small, daily efforts accumulate over time and lead to significant results.
4. Invest in Yourself: Continuous learning and self-improvement are vital for increasing your earning potential. The authors encourage investing time and resources into education, skills development, and personal growth to enhance your value in the marketplace.
5. Leverage Multiple Income Streams: The book highlights the benefits of diversifying your income sources. By creating multiple streams of revenue—such as investments, side businesses, or passive income—you can increase your financial stability and wealth over time.
6. Network and Build Relationships: Building a strong network of contacts and relationships can open doors to new opportunities. The authors encourage readers to connect with like-minded individuals who can provide support, mentorship, and collaboration.
7. Stay Disciplined and Persistent: Financial success often requires discipline and persistence. The authors advise cultivating good financial habits, staying focused on your goals, and being willing to overcome obstacles along the way.
8. Monitor Your Progress: Regularly reviewing your financial situation and progress toward your goals is essential. The authors suggest tracking your income, expenses, and investments to make informed decisions and adjustments as needed.
These lessons provide practical guidance for individuals seeking to enhance their financial well-being and achieve their wealth-building goals more efficiently.
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