REVIEW: The Richest Man In Babylon by George S. Clason – part 1

Jessil Serna — Tue, 13 Oct 2020 00:39:19 +0000

Thank you for being here. I just want you to know how much I appreciate your support. Today, we are going to dive into the most inspiring book on wealth ever written. It is also my favourite book on wealth. This review will consist of several parts. Let’s start looking into the success secrets of the ancients. We begin with these 4 truths. 1. Money is the medium by which earthly success is measured I want to stress out how it says earthly success. Money is not everything in this world. In life, there are a lot of aspects. Some of which are in health, wealth, love, happiness, spiritual, and mental. In things we believe in this world and after. Having said all that, we all know how important money is in our daily lives. How it helps us do more of what we love. Money may not be everything, but it is what we use to measure earthly success. Money is numbers. It’s measurable. It’s trackable. And therefore a good way to see progress in achieving our goals in this world. 2. Money makes possible the enjoyment of the best the earth affords There are times when the saying: “The best things in life are free” comes out. In more ways than one, that saying has truth behind it. But not always. Sometimes, we get caught up in life and we end up not being able to enjoy the simplest joys in life simply because we cannot afford them. Not because it is expensive, but because we do not have the luxury of time to spend on it. A lot of people are trapped in their jobs living paycheque to paycheque and do not have the luxury of being able to miss work. I’ve been there. I know how it is. That’s why, even though I am a workaholic, I have decided to be on this path. To be financially free. To be wealthy. To be free enough to enjoy doing the things I love whenever I feel like it. Another saying that comes to mind is: “You get what you pay for.” This saying really hits the mark on our topic. Most of the time, the best of anything offered in today’s world are expensive. Most times, we do get what we pay for. An economy vs a first class plane ticket on the same flight for example. Both tickets get you to the same destination. Same time. Same plane. Same destination. But the journey is different. 3. Money is plentiful for those who understand the simple laws that govern its acquisition Nearly one-third of lottery winners eventually declare bankruptcy. Lottery winners are more likely to declare bankruptcy within 3 to 5 years than the average person. This also happens to people who inherit huge amounts of money out of the blue. Why? Because they are not ready for it. They have not become a person capable of handling such responsibility. Fast success builds ego. Slow success builds character. In order for us to succeed, we must grow to become who we want to be. We must go through the journey. No shortcuts. We must have the character and capability we obtain through our journey. On this note, I remember a parable: When a man with money meets a man with experience, the man with experience obtains the money. While the man with the money obtains the experience. Therefore we must learn, understand, and put into action the simple laws that govern money and how to acquire it. 4. Money is governed today by the same laws which controlled it when prosperous men thronged the streets of Babylon, 6000 years ago Over the years, money has changed forms. Money is simply a way to measure value and exchange. To trade. It has gone through various changes like stones, weapons, food, spices, gold, and paper. It is continually changing. Even though money has changed names numerous times, the laws which controlled it have remained the same. The root ways to acquire value have not changed. These are the 4 ancient truths of money. As we move forward, we will read more into the truths as told in the book, The Richest Man In Babylon. I have learned a lot from just these 4 truths. And so will you. I appreciate you being here. Thank you. See you soon. Check out my favourite investment trading platform right here:

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Benefits of Passive Income

Jessil Serna — Tue, 12 Feb 2019 22:05:32 +0000

Going into the details of why passive income is important without making clear the meaning can be pretty confusing for some people, so I am going to make it clear to you the meaning of passive income before talking about its benefits. What Is Passive Income? Passive income is that income that you receive without putting much effort, most times it requires very much lesser commitment, requirement and also maintenance. What are we saying here? The big factor hiding behind, commitment, maintenance and requirements is TIME. Unlike active income where if you don’t invest your time in what you are doing, you may end up running out of cash, passive income demands lesser time with high yield. An active income earner does not earn if he or she does not work, so for any reason you have an accident, or incapacitated in anyway, then your cash flow also stops. Sometimes too, you may end up not earning for life if it is a severe case. Let’s say an athlete, or a contractor or a builder, who depend on their limbs for work and then you lose them, how then can you continue to independently sustain your livelihood. Ok enough of the bad bad stories. Creating a passive income however is not as easy as you think, well that not the topic we are treating today, so let us dive into our points on why you need to have a passive income. It reduces your stress, anxiety and fear of the future Most anxiety and stress cases come from inability to fend for your basic needs or extra wants an upon that work in and out. There is always this feeling of hopelessness especially when you think about repeating the same process for a lifetime, there is a saying “the worst madness is repeating a process and still expect different results” you wake up every day and rush to your work place, do almost the same thing, sometimes you get promoted or a freeday, or a leave of vacation. Funny enough, our problems and responsibilities keep increasing and the old ones keep repeating. From student, to bachelor or spinster, then to family and children responsibilities, while the bills keep adding and the stomach keeps rumbling. Hence, we just have few moments to enjoy what we have because we are tied up with “if I go for vacation with my friends and skip work, I’ll stay hungry if I get home”. There is no doubt that having passive income takes you far away from such stress and fear of the future. Giving you time to make newer aspirations and also rekindle your hopes. More time to do what you love and not what pays the bills We have so many passionate things we want to do, like skating in all the parks in the whole world lol. Most of the things we are passionate about cannot provide us with the income we need to sustain our lives. Passive income however allows you to do all you love while still earning and being able to be free of debts. Passive income most of the times too outpaces your debts, which gives you a project on starting or involving yourself in projects that you love. Additional protection If you work in a conventional profession, you only receive salary if you work regularly. If you do not want to work for a few weeks beyond your agreed days off, your cash flow will dry up. So in the end, you sell a part of your lifetime for money and, as the saying goes, you are in the “hamster wheel”. You can make a lot of money this way, for example, as a manager in a large company, but the principle always works in the same way. You exchange your lifetime for money. So most of us drive a huge risk here. When investing you always value high diversification and security, why put everything on one card with only one income stream? Although I enjoy working in my job, I always look for ways to increase my residual income and boost my extra earnings, so that I get less hard on the case, or more money on the other hand. Optimally so much that, for example, the loss of my job financially does not hit me at all. About the use of the extra money from your extra money you need, of course, decide for yourself, but it is important that you build yourself a passive income. So the income, which continues to flow even when your active income runs dry, This flow of money goes on for 24 hours, even when you’re sleeping while lying on the beach on vacation, or in the evening in your armchair with a cozy book and a hot cup of tea. You can build a passive additional income on a part-time basis, the possibilities are manifold. My way is mainly the passive investment in the world economy through stocks and P2P personal loans. Basically, this kind of passive income only requires a high savings rate, good investments and a decent return. Once the passive income stream has been strong and set in motion for years, it usually runs by itself and it does not actually require any additional capital to take care of a continuation of the investment. Extra income to fulfill wishes You have big wishes that you want to fulfill? Would you like to see the Maldives, drive a car which is too big for your salary? Again, you can use the passive income. As mentioned above, you decide for yourself how to use your passive income. As long as you do not need it for hedging and it’s just extra money, you can of course fulfill your wishes with it. I also use part of my passive income for this. I’m a big travel fan, because I think there’s nothing in the world that’s more relevant to us personally than impressions from foreign countries. These will last a lifetime. Going out on vacations and grabbing that moment of your life that you can never forget So use your extra income to reward you and fulfill your wishes. Passive additional earnings as old-age provision I think you know by now that you have to build your own fortune in addition to your state pension, in order to have a decent standard of living in old age. As we grow older, our financial reserves must also last longer and longer. According to Statista.com, the monthly gross pension in 2015 is 1314 euros per month and has to be enough for deductions for the rest of your life So the question is, how do you meaningfully protect yourself in old age? Personally, I’m not a fan of pension plans over insurers and fund companies, which I do not have under my own control and for which I have to pay some horrendous fees. Although there are often only a few percent discount on management fees, etc., you will end up missing huge sums of money. Conclusion To supplement your monthly pension without having to work in a supermarket at the age of 70 or putting a lot of unnecessary money into private insurers, all you have to do is set up a passive income, which we would talk about subsequently.

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REVIEW: The Richest Man In Babylon by George S. Clason – part 1

Benefits of Passive Income