After finishing the audio book Retire Young, Retire Rich, here are a 3 of my key learnings: 1. Becoming financially wealthy is about using leverage. If you are paid by the hour, you are someone elses leverage to get rich. If you leave all your money in the bank in savings, its the leverage used by others the become wealthy. Its about ratios of leverage, when you are paid by the hour, its 1:1, when you have a business with 1000 clients paying you your ratio is 1:1000. When you have 5 rental properties that have monthly positive cashflow, your ratio is 1:5. The key is to continue increasing your leverage. If you never increase leverage, it will be hard to retire young and retire rich. 2. If you could never see yourself someday not needing a steady paycheque you will most likely not become wealthy. Its about learning to work for FREE and increasing leverage as indicated above. 3. Would you rather be paid first or paid the most? The reason why most small business owners and entrepreneurs fail is that they focus on being paid first and not delivering the value first. Solve your problems, pay employees, pay specialists, pay the investors, then the business owners get paid last... but the most. Its an amazing audio book albeit long (13 hours). Highly recommended.
Posted on: Fri, 18 Jul 2014 17:54:15 +0000
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