Hallo Welt!
The divide between rich and poor is becoming ever greater but yet a few principles in place can decide on which side you stand.
- Network = Networth
- Own a business, then make it profitable.
- Be a producer not a consumer.
- Know the Tax Code and use it to your advantage. Many wealthy people don't pay any tax, so why should you?
- Be invested.
- Never lose money.
- Skill of selling. Sell a dream not a product.
- Believe and persist (see Think And Grow Rich).
- Diversify investments. Be it ETFs, stocks, bonds, options, commodities, private equity, ELTIFs, property loans, loans, savings account, watches, cards or coins. Diversification makes sure bad judgement or market direction don't keep or make you poor.
- Buy bargains. Keep fiat cash only to buy bargains.
- Apply math and statistics.
- Own more assets than liabilities. Buy only stuff that produces or increases in value over time.
- Don't invest all at one point, but multiple points over the year.
- Negotiate your salary before you get a job not after the interview. Negotiate it or set it before the interview. Say your number first, so your counterparty has to negotiate with you, not the other way.
- Understand and realize the fiat system is not fair. Understand inflation.
- Understand history.
- Do not do it alone, rather join forces or team up with other people. Cooperation over Confrontation.
- If your values and loyalty depend on money, then money owns you. Do not let money own you, no matter how few you have.
- Money is not hard work. Some earn in 30 minutes what some needed for a lifetime.