I have been reading about money lately. Money is not just a note that we spend. It is a concept. It is a system, it is a mindset and putting it as a topic to learn is essential. One of the best Money books out there is the psychology of money. It explains all you need to understand about money and how money should be seen. After all these studies, I have some things to share as money lessons.
Invest early: People who invested in BITCOIN in 2014 are still on the profit side no matter the state of the market. If you miss that, you have another opportunity to build your life to success within the next 10 years if you start now.
Invest in yourself: See yourself as an investment. Spend money on educating yourself and on your well-being. Do good to others but you should be a priority.
Keep a good circle: There are junky friends and companies. You need to be in the circle of people who are working hard and doing great in life. The company of the wise shall be wise and the company of the fool shall be destroyed as it is in the Holy book.
Avoid the Diderot effect: Don’t be too fast to improve your life. When your finance is increasing don’t increase your lifestyle. Practice frugality. The Diderot effect is the effect of spiral chain spending and consumption. If you get a new pair of shoes, you will need jeans and shirts that go well with them.
Improve your negotiation: Know where to shop. You can save 10% of what you buy every day if you know how to negotiate. If you spend an average of $20 daily. The 10% is 2$. $2 multiple buy 365 days gives you $730. When you throw that on BTC you will be the richer over the years.
Build passive income: If you have to work before you survive then there is something to fix. Build passive ways to generate income.
Have plans/ set goals: Have life plans and what you wish to achieve, then break them down into a bit of goals and start achieving them.
Understand delay gratification: The Marshmellow experiment in 1972 explains this and the result of Warren Buffet as an investor shows it. Invest, wait and be rich. Time is a great factor between poverty and riches.
Start now.
I am tykee, I code and write
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