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What some great wealth building techniques?

  1. Have a plan for getting out of the rat race
  • Many people aren’t inspired to get wealthier. Even high-income people, if they don’t like their day job, they are just focused on getting through the day
  • Having a big plan, or idea, is more likely to lead you to being inspired to make `sacrifices` to spend less and do other sensible thongs
2. Keep learning
  • Eventually you reap what you sow
  • If you keep learning, you will eventually earn more. If you earn more, your wealth will become bigger, if you don’t also spend more
  • Especially read success story books, and other books and videos from the successful
3. Look after your health more
  • Decrease drinking, smoking and other things
  • You will have more energy, money and it will all compound
4. Focus on simplicity
  • In business
  • In investing
  • Total wealth = net income - expenditure x compounded returns. So simple, but so effective. So many people think they need a complex strategy when they don’t
5. Be patient
  • Don’t time markets
  • Just buy and hold low-cost index and bond funds for decades
6. Never speculate
  • Be an investor, not a speculator
7. Remember nobody cares
  • So many business people could be earning more, if they realized that nobody gives a damn
  • Likewise, most people could be spending less, if they realized how much people don’t care. Most people spend money they don’t have, to impress people they don’t know, to buy things they don’t want or need. Would they really do that if they realized they could have a hole in their shoe and nobody would notice? I doubt it.
8. Be careful with homes and cars
  • Renting isn’t always dead money
  • Cars are depreciating assets