More on this book
Community
Kindle Notes & Highlights
To create money and wealth, I need to exert energy in a productive manner. And yes, money is not limited; it grows whenever someone undertakes some economic activity,’
Poor people want to become rich and hence they are never able to become rich. Middle-class choose to be rich. But Rich People are committed to being rich and that is why they are rich.
They understand the simple rule that to have more than what you’ve got today; you have to become more than what you are today.’
Every time you blame, give excuse or complain you are missing the opportunity to improve your life.
He realised the mantra to success is nothing but believing in your abilities, focussing on the opportunities and then taking the necessary action to achieve the goal.
‘So to build a great offence one should choose a profession which appeals to him and in which he thinks he can enjoy himself and then excel in his profession by taking pride in his work and executing the work in the best possible way,’ said Vinay.
1. When you love what you do for a living, you’ll spend more time doing it. 2. When you spend more time doing what you love to do for a living, you’ll get better at doing it. 3. When you are better at what you do than your competitors, the world will pay you more money. 4. When you make more money than your competitors, you can accumulate more wealth in a shorter period of time.
‘It is not the strongest or the most intelligent who will survive but those who can best manage change.’ There is a very beautiful book named. Who Moved My Cheese by Dr Spencer Johnson on the subject of change and adaptability to the new environment.
‘Now coming to the third point which is the most important factor in determination of one’s income; that is you will be paid in direct proportion to the value you deliver according to market place.
‘So whatever game I am playing, I need to play it big. I need to think big and reach out to wider base of people rather than play small,’ said Vinay.
‘Keep on acquiring good assets, focus on your net worth and start minding your own business, then you will never have any money problems.’
Rich people understand that ‘they’ need to work hard until their ‘money’ works hard enough to take their place. They understand that the more their money works, the lesser they will have to work. They follow one simple principle: first you work hard for your money and then let your money work harder for you.’
To build wealth, minimise your realisable (taxable) income and maximise your unrealised income (wealth/capital appreciation without a cash flow).
We largely choose our career options based on active income that it would bring to us. If all of us would have known that our primary objective is to create passive and portfolio income, then I guess many people would reconsider their career choices.’
‘If you want to fly with the eagles, don’t swim with the ducks!’
Commit yourself to become rich Set your wealth sketch to success Start believing that you drive your destiny and nobody else Start focussing on opportunities rather than on obstacles Be a continuous learner all throughout your life Know and understand your books Pay yourself first (probably the most powerful step in becoming rich) Create a great offence and build a strong defence for yourself Understand the difference between the good, the bad and the ugly assets and start investing in good assets as much as you can Focus on your net worth and not on your income/salary Keep
...more
