Sunday, December 15, 2019

Author who studies millionaires: How to get rich and then stay rich

Here is the article.

Being rich, or becoming financially independent, boils down to a two-step process:
  1. Accumulate wealth
  2. Keep the wealth you've accumulated
Getting rich
Daily growth
Rich relationship
Dream-setting
Persistence
Developing a niche
Creating multiple streams of income - create a hedge against failure and poverty. When one stream suffers, the others come to rescue. 
Being patient
Taking calculated risks
Being optimistic and enthusiastic
Controlling your thoughts, emotions and words
community
Staying open-minded
Giving first and getting later
Finishing what you start
Staying healthy
Taking responsibility

Staying rich
put your wealth to work - invest it wisely in stocks, bonds, real estate and other business opportunities. this helps multiply your wealth. 
Watch what you spend
Avoid spontaneous or emotional purchases
Live below your means

Actionable Items


I think that it is important for me to enjoy being frugal. I do not need to take a vacation to fly somewhere. I should stay in the city of Vancouver, and enjoy simple things in life. 

Also it is important for me to learn how to put wealth to work. I have to learn how to invest, and work on my finance literacy. 

One more thing is to count how I spend time on daily activities. I should choose healthy life style. 





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