Definition of Wealth and How to calculate wealth.
Wealth is the amount of money you hold in your bank account. Wealth calculates on the number of days you live your life with ease, without worry about money issues.
Example: I have $2000 in my bank account and my living expenses are $200 a day. Then, my wealth is 10 days. If my living expenses reduce to $100 a day. Then, my wealth is 20 days.
Kinds of Money.
Money is of two kinds. The sad part is poor and middle-class folk knows about one kind of money. Money that generates from hard work and labor.
The money generated from hard work and labor will not make you rich but it makes you exhausted. To become rich you have to invest money in assets.
You hear this phrases in most of your life “Rich get richer and poor get poorer. It is because rich folk focuses on asset while poor folk focuses on Income. To know more about asset and liabilities read Rich Dad Poor Dad by Robert T. Kiyosaki.
Now two area of focus creates differences. As employee and self-employ keep on getting paychecks till the date he works. While investor and business owner keep on getting cash even he stops working.
Three Reasons you failed to become financially free.
- You want to become rich quickly. The habit is often seen in poor folk but becoming rich is a subtle process that takes time and patience.
- Lack of knowledge in tax loopholes.
- Habit of buying luxurious stuff. As it makes you feel rich but it was making a hole in your pocket.
Selling- the golden skills to run your business.
Poor and middle-class folk think, selling is a job of selling product from door to door but it is a myth. Selling is far more than selling product. Speaking in public is also a part of selling.
Now the tiny ability makes difference. Poor folk is horrible in selling but rich folk is an expert in it.
You can see many talented lads failed to pass an interview. As lads lack the ability to sell his professional skills.
You can also see lonely men and women. They are lonely because they failed to communicate with others.
Three kinds of leader.
The first leader is found in schools. This leader motivates us by fear. You hear the phrase, “if you did not work hard, you will not get a good grade and will not get a good job.”
The second leader found in business. It teaches you techniques to defeat your competitor.
The third leader found in the network marketing business. It ignites our spirit and teaches useful skills to achieve dreams.
Three kinds of intelligence.
Emotional intelligence helps you to build the kinship with others. It teaches you to calm your emotions and assist you to maintain peace within.
Financial Intelligence determines your working style. It determines how much money you will earn, how much money you will spend, and how much money you will save in your bank account.
Mental Intelligence is generally IQ measured in schools. The most common mental intelligence test is WISC-V (Wechsler Intelligence Scale for children).
Five types of dreamer.
Lads dream in the past belongs to the category. The common reason dreaming in past is they had nothing thrilling and exciting experiences in present.
Lads afraid to dream big are categorized in this category. A small-dream do not dream big as he does not believe in his ability.
In the third category, dreamers make a big goal and achieve it. Now they do not have any other goal to carry out. Then they make their life tedious.
Un-planned dreamers are fourth in the list. Unplanned dreamers dare to dream big but lack in plan execution. The un-planned dreamer wants to do all alone, so they failed to achieve their dream.
You must develop the mentality of achievers. The achiever is fifth on the list. Achiever sets goal make a plan and execute it. Then, they set another goal after completing the first one, to keep adding excitement and thrilling moment in life.