How Do You Calculate A Value Weighted Average Of Stocks How to Think Like a Self-Made Millionaire

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How to Think Like a Self-Made Millionaire

For the longest time my family taught me to go to school and college and get a good job as an employee for an employer. “Be a doctor,” they said. “Be a lawyer,” they said. “Get good benefits and a retirement plan,” they demanded. My grandmother was very adamant that I go to a good college, so my degree from the University of California, Santa Barbara trumped all my other accomplishments that I considered far greater than getting a degree.

What is the fixation on going to college, getting a degree and getting a permanent job? Personally, I think it’s an old fear-based mindset. The second level in Maslow’s Hierarchy of needs is related to the human need for safety and security. In the days of the cavalry, conservation found caves where saber-toothed tigers could not. Today it means financial security. You see, in my Grandmother’s day there was not much financial security. During his lifetime, he saw five US wars, was imprisoned by the US government during World War II because he was Japanese-American, suffered through the great depression of the 1930s, and faced the stock market crash” Black Monday”. 1987. As I empathized with his life, I could see that he would value higher education and a secure job, because everything else would be too much in his mind. I got my degree and was happy with it, but I didn’t want to trade my time for money and have someone else control my freedom as well as my income.

Myth: A formal education will lead to higher financial success

I went to college without any deep learning or desire to learn. To be honest, I was a terrible student when it came to study habits. I only credit college graduation for my ability to choose the right answer from multiple choices based on deductive reasoning and my love of writing research papers. But the whole time I was looking for information that I could get down the street – information that I could use, after all, I paid tens of thousands of dollars for my top education, but I passed my college education with classes maybe three that really gave me useful information.

Like many college graduates, I find that when you get out of college, you enter a business world that doesn’t care about education and wants specific marketing skills. So that’s where I got my diploma, and I found out that I was no better than a high school graduate. In fact, I had trouble with those who entered the workplace right out of high school because they had already worked and developed marketable experience and skills that employers provided. I felt cheated because I was told all my life, get a college degree and the money would be there.

The truth may hurt, but the record must be set straight that today workers with a four year degree are a dime a dozen. Now as an employer, I can say that a four-year degree tells me that you can read and write, but it’s more than that. What I am looking for is practical experience and knowledge. I’m not saying that a four-year degree doesn’t matter, but its weight at the job bargaining table isn’t as heavy as it used to be. Let me put it another way: Going to college will make you a good employee, but it doesn’t guarantee wealth.

The workers’ compensation trap

Getting paid by the company is the biggest obstacle to building wealth if you choose it as your only vehicle for getting rich. That’s because for most of us, our wages are employer-controlled and all promotions are employer-controlled. In short, we won’t get rich unless the employer says we can. Unfortunately, I have never met an employer in my time who decided to enrich his employees. A salary is stable and people like stable, but if you want to develop a millionaire mindset, you have to stop looking at your salary as the only source of income around. Being a salaried employee is not bad at all. You can use the experience to learn and gain new skills and have a steady income to pay the bills. I’m just saying that you shouldn’t rely on salary alone if you want to get rich because at best your employer will only allow you to live a decent life and not get rich.

Self Employed Versus Business Owner

Private doctors, lawyers, and all other high-paying services make a decent living, but that’s not what I consider rich just from their work. That’s because even though their hourly wages are higher than average, their wealth structure is still the same as a farmer who only makes $8.00 an hour – and that’s still a bargain. its time for money.

What’s wrong with that? Yes, because we only have a limited amount of time in the day to make money. It’s true that these professionals have moved away from corporate tyranny, but they have another problem to deal with – Quit working without income. This means that if these people are sick abroad, or on vacation, or injured, their income dries up because they cannot exchange their time for money. It puts enormous pressure on these people to stay busy, which is partly why I think lawyers are the most difficult people I know. This leads me to this point: being self-employed means you spend time making money while being a business owner means you use the power of leverage.

What is Leverage?

Business owners are the richest people in the world and many of them do not have a college degree. A good example is Bill Gates, the founder of Microsoft, who is worth about 25 billion dollars at the time of this writing. He dropped out of Harvard and started his own company. Business owners use the power of leverage, which in this case, simply means that they earn more per hour than self-employed or employees. In Gates’ example, he developed a computer operating system that he licensed. He tried to create a product that gave a lot of value to his buyers and he got a lot of profit from it.

But you don’t need to write software to be rich like Bill Gates. People who buy real estate are working on the same passive income model. Investors do the same. In the service sector, smart service professionals are starting to contract with others to provide real services and reduce profits, creating value for both service providers and customers. This is the use of services.

Business owners are looking for multiple sources of income. Employees believe they have job security, but a sudden layoff or layoff can end that security as quickly as possible. Worst of all, workers only have unemployment benefits available for work. A business owner may lose one of his incomes, but still have others to work on. This is what I think of as security – having multiple income streams.

Taking risks

In the field of personal development, I advise people to face their fears because by facing this challenge they grow, both personally and professionally. Entrepreneurs and employees alike have to deal with failure, but smart entrepreneurs are not afraid to take that risk, because they know it will bring them one step closer to success. Be willing to try new ideas and step outside the box. Find additional ways to make money, don’t just talk about it – DO IT. This is one of the most powerful ideas that make people millionaires – the ability to act.

Important point

Although this article briefly touches on the millionaire mindset, take home these key points:

* We all have the same time during the day and can only sell our time.

* If you trade your time for money, the best you can do is earn a decent living. You will not get rich with this model.

* Find ways to use what you do to make more money with your time.

* Create a stream of income through products, software, or investment vehicles that generate good income to generate multiple streams of income.

* Don’t wait for the perfect moment, it will never happen. Take action now, even if your plan isn’t perfect.

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