now you might be wondering 50 plus books really yep we've done the heavy lifting so you don't have to in this video we'll reveal 10 mind-blowing money secrets that will change the way you think about Finance this money secret will turn your financial game upside down one create your own luck creating your own luck is something I've come to believe in more and more over time when it comes to achieving financial success in life often what people call luck is is actually the result of taking a lot of actions the key here is that the
more actions you take the better your chances of getting lucky people who take action tend to get luckier because they're essentially creating their own luck this lesson encouraged me to try out many things and be okay with most of them not working out I realized that it's normal to be wrong most of the time and still find success for instance Thomas Edison's invention of the electric light bulb took thousands of experiments this means he had had a lot of Misses but those hits made him hugely successful even legendary investor Warren Buffett understood that out of
100s of companies he owns he gets significant gains from just 10 so the point is it's okay for many things to not work out as planned sometimes all you need is that one brilliant idea one book one sentence one person or one video to change your life people on the outside might think you just got lucky but what they don't see is that you probably reached out to over 50 people or tried many different things before finding that one success in essence you created your own luck this to me is the ultimate lesson two don't
live below your means this advice comes from a book by Robert kosaki called Second Chance kosaki criticizes the traditional advice of financial planners who emphasize saving money by sacrificing things you enjoy kosaki suggests a different approach he asks why not figure out how to make more money so that you can afford the things you want according to him cutting costs can be demotivating nobody wakes up excited in the morning and says I'm going to cut costs here and there so that I have a few extra dollars always focus on earning more and instead of saying
I can't afford it start saying how I can afford it this advice made sense to me when I was young for two reasons first I realized that there's a limit to how much you can cut your expenses you can't keep cutting forever second I understood that my most valuable assets are my time and energy I can spend my energy trying to save a little money or I can use that energy to make a lot more money the path to making more money starts with solving small personal problems like gaining Financial knowledge or building self-confidence as
you tackle these you move on to bigger more complex problems every time you solve a problem you level up and new challenges come your way the more money problems you solve the smarter you become and the more money you make on the flip side if you ignore money problems and just focus on cutting expenses you'll likely end up with less money over time three understand Money Rules before aiming to win many people hesitate to understand the rules of money because they believe money is complex if you feel that way don't blame yourself there's a reason
behind this confusion you see there's a lot of money stuff happening on Wall Street and in the financial World they've intentionally made it seem super complicated and confusing think about it this way who benefits the most when you feel like you can't take control of your financial future it's folks like stock Brokers financial advisers and Banks Banks happily take your money and give you a tiny interest rate while they use your money to buy safe Investments like government bonds that give them higher interest they make more money with your money without taking much risk sounds
unfair right but it's not they're just playing by the rules and you can too if you understand those rules better now here's the key Point understanding money isn't actually complicated it's made to seem that way by those who benefit from your lack of knowledge so take a moment to let that sink in feel frustrated if you want but then decide to change the game by committing to learning how money really works so that you too can play the game to your advantage four think big thinking big is about setting ambitious goals that Inspire and push
you beyond your comfort zone think of people like Elon Musk who wants to settle on Mars with Space X or Steve Jobs who changed the world with apples inventions these folks show us how having Big Dreams can be powerful small thinkers only see what's right in front of them while big thinkers see the possibilities that extend far beyond the current moment take for instance the look of an old house a small thinker might appraise it at a mere $20,000 but a big thinker sees the untapped potential envision iing a thorough renovation interior upgrades and a
resale value of $80,000 the majority of people are reluctant to embrace expansive thinking thus constraining their aspirations but thinking big is just the beginning it's like setting your GPS destination let's say you make $3,000 a month and you set a big goal to make $20,000 this goal will change how you behave you'll read different books watch different videos and maybe say no to some things thinking big leads to doing big things and that's how you achieve big results some people think the other way around they say give me $20,000 a month and then I'll act
like someone who makes that much but it doesn't work that way you have to become the person who earns $220,000 a month first only then will you start to see those big results and you can't do this if you don't let yourself dream big many of us believe our jobs support our lives but in reality our jobs become our entire lives we spend more than 35 to 40 years working and thinking about work and the reason we work is to earn money thinking big is challenging when working for someone who's using you to achieve their
goals to truly think big you may need to break away from such situations five what's the worst that can happen this valuable lesson is not from a finance book but from a book on personal development how to stop worrying and start living by Dale Carnegie the lesson is simple yet powerful when faced with financial concerns ask yourself what's the worst that can happen this approach has proven highly beneficial in my own experiences with investing and business think about it many of our worries are tied to money what if a business idea fails what if an
investment leads to a total loss what if borrowed money becomes difficult to repay these kinds of thoughts can make you really stressed the key is to confront these concerns by asking what's the worst that that can happen when you ask this question it helps you calm down carnegi suggests that often the bad things we imagine in our heads aren't as terrible as we think they are in fact they're usually manageable even if the worst thing actually happens you can usually deal with it why does this work well worrying has a detrimental effect on our ability
to concentrate our minds become scattered jumping from one concern to another acceptance however acts as a calming Force allowing us to focus on resolving the problem at hand this simple yet profound approach helps us tackle challenges with a clear mind and a steady resolve six money is a game money is like a game we all have to play whether we like it or not growing up my family didn't really talk much about money it wasn't a taboo subject but it just didn't come up in our everyday conversations I've noticed that in our society we tend
to admire people who have a lot of money but at the same time we also criticize the process of of making money there's this idea that money is the root of all evil and people who care about money are seen as selfish and greedy these conflicting views make it awkward for many of us to talk about money openly however here's an interesting finding those who are successful at making money see it as neither good nor bad they understand that money is just a game in reality we all have to participate in this game because we
need money to survive the only choice we have is how we're going to play people who grew up like I did sometimes choose a losing strategy they might ignore the importance of money or complain that the game is rigged using it as an excuse not to try I'm not claiming that we all start with the same opportunities life isn't that fair some are dealt tough hands from the beginning While others seem to get lucky breaks yet what we can control is how well we play the cards we're given your success in the money game depends
on how well you understand the rules and how effectively you execute your your strategy it's not about having an equal start it's about making the best of what you have and playing smartly that's the key to navigating the game of money seven the sunk cost fallacy imagine an individual named JN who has been working in a well-paying but highly stressful and unsatisfying job for the past 5 years he's also noticed that the company's values and culture do not align with his personal values and goals but he continues to stay at the same job he might
think I can't leave now I've put too much time and effort into this job now think about situations in your life where you're doing something you don't like maybe you're pursuing a career your parents wanted for you like being a doctor engineer or lawyer you're halfway through and you realize it's not what you want still you keep going or maybe you're stuck in a job you hate like John or you're in a relationship that you know won't work out yet you persist the sunk cost fallacy is a trick our minds play it's when we give
too much much importance to what we've already invested be it time effort or money and ignore what we might lose in the future instead of looking ahead we get stuck in the past this happens not just in a career or job but in all aspects of Our Lives most people when faced with this situation do exactly what John did they ignore the fact that changing his job is the right thing to do this behavior is because of something called the sunk cost fallacy by succumbing to the sunk cost fallacy John May sacrifice his well-being and
long-term career happiness you should ask yourself knowing what I know now would I continue this job business or relationship if the answer is no it's time to change course it's tough but we should consciously try to ignore and focus on the future it might hurt to give up on the work and time you've put in but in the long run it's always worth it eight Get Rich Young when I started reading books about managing money and investing I often came across the same advice if you save a small amount of money and invest it for
a long time like 40 years you can end up with over a million dollar this advice makes sense but it left me with mixed feelings on one hand I got excited about the idea of having a million dollar someday but on the other hand I thought about the fact that I'd be old by then did I really want to be wealthy when I'm old and might need help moving around or enjoying life I wanted nice things like a fancy car but I didn't want to be too old to enjoy them then I stumbled upon a
book called The Millionaire fast lane by MJ DeMarco and it completely changed my perspective this book is all about becoming rich and retiring early by doing things like starting a successful business inventing something or creating things that can bring in a lot of money while you're still young now when we hear get rich quick it often sounds like a scam but the author isn't talking about getting rich overnight for instance if you start a business you might work hard on it for 5 or 10 years but once it takes off you may never have to
work again in your life that's what the author means by get rich quick and if you compare it to investing for 40 years 10 years is pretty quick achieving financial prosperity at a young age opens up a world of opportunities choices and the ability to live life on one's own terms so if you dream of retiring early and never working again definitely check out this book but if you're happy with your job and the idea of long-term investing stick with it just remember compound interest Works its magic over time Warren Buffett a famous investor got
most of his wealth after the age of 50 his skill is investing but his secret is time he's been doing it since he was a kid nine spending saving and investing it you can only do three things with money you can spend it save it or you invest it most people lose when it it comes to money because they either spend too much save too much or invest it in the wrong things spending too much and making bad Investments are pretty obvious money mistakes but saving too much can also be a problem here's why saving
too much can be an issue over time things tend to get more expensive which means the buying power of your money decreases so the dollar you have today won't be worth as much in 10 years saving money is kind of like spending it because you're losing some of its value to inflation in reality you can only do two things with your money spend it or invest it now looking at money this way makes it clear which path is better for winning the money game you can't become wealthy just by spending money there are lots of
strategies for Building Wealth but there's no one siiz fits-all answer for example Warren Buffett Jeff Bezos and Elon Musk all became rich in different ways so if someone tells you that their way is the only way to get rich take it with a grain of salt what worked for them might not work for you because your life skills resources and goals are different so remember there's no single path to financial success and some paths will be easier for some people than others don't compare yourself too much to others and beat yourself up if their strategies
aren't working for you instead focus on finding what works best for your unique situation and goals as you work towards building your wealth 10 buy assets the first few Finance books I read were Rich Dad Poor Dad the most important lesson that stuck with me was the difference between an asset and a liability richdad described assets as anything that puts money in your pocket these can include Investments rental properties stocks bonds and even intellectual property or a successful business in essence assets are things that generate income or appreciate in value over time on the other
hand liabilities are expens expenses or items that take money out of your pocket this includes mortgages car loans credit card debt and other Financial Obligations that require regular payments richdad said that getting rich is easy you only need to do one thing buy more assets to buy more assets wisely individuals should prioritize Financial education and discipline this lesson is extremely simple but hard to apply in real life after reading the book I became conscious of every single purchase I was making and focused on buying more assets which significantly improved my financial situation I hope you
love this video as much as I love making it thank you for watching if you find this video useful please don't forget to subscribe and turn on notifications for more content have a wonderful day or night and I'll see you in the next video
