The World's Best Book Summaries
Do only lucky people get rich? What role does luck play in financial success? Luck undoubtedly plays a role in acquiring wealth, but it’s only one factor. The idea that only lucky people get rich is not only untrue, but it’s also unproductive because it diminishes your sense of control over the state of your finances. Here’s what entrepreneur and investor MJ DeMarco has to say about money and luck.
Do you want to know how to earn money while you sleep? What is the best way to generate passive income? Investing time in work that generates passive income—by creating a product or system that’s capable of earning an income long after your original time investment—is the key to financial freedom. Without a source of passive income, you are practically trapped—once you stop working, the cash stops flowing. Here’s why you should leverage your time to learn how to make money while you sleep.
Do you want to become rich one day? What are the three steps to building wealth? If you’re serious about getting rich, let go of the belief that there’s a shortcut to wealth. You’re more likely to acquire wealth if you define your goal and commit to making it happen. This involves three simple (but not easy) steps: 1) set a measurable goal, 2) create a daily routine, and 3) identify and remove distractions. Let’s explore each of these three steps in detail.
Why do some people pretend to be rich by spending money on luxury items and premium experiences? How does trying to project wealth prevent you from creating it? For some people, it’s more important to create the illusion of wealth than to acquire actual wealth. However, projecting wealth and generating wealth are mutually exclusive. When you spend money to create the illusion of wealth, you’re sabotaging your long-term financial prospects. Here’s why pretending to be rich is a bad idea.
What role does mindset play in financial success? How do you identify and overcome financial beliefs that hold you back? According to MJ DeMarco, the author of Unscripted, the state of your finances depends on your financial mindset, that is, your beliefs about money. If you want to get rich, you need to cultivate an entrepreneurial mindset. To do that, you must first dismantle your limiting beliefs about money. Here are eight unproductive beliefs about money you must overcome if you want to build serious wealth.
Can saving money make you rich? How does frugality hold you back from acquiring wealth? You can’t save your way to serious wealth. When you try to live frugally and focus on saving every cent, you can’t focus on the myriad ways you can proactively increase your income. Here’s how being frugal holds you back from achieving financial success.
Is there a shortcut to wealth? What’s the secret to getting really rich really fast? According to entrepreneur and investor MJ DeMarco, there’s no shortcut to wealth. In order to build massive wealth, you must create massive value, which takes a lot of time, creativity, and other resources. Here’s why trying to get rich fast by pursuing get-rich-quick schemes won’t get you closer to acquiring wealth, according to DeMarco.
Why do people hate the rich? Are the rich truly to blame for the world’s poverty? Some people hate the rich because they believe that all rich people are inherently corrupt and selfish and that they prevent regular people from accessing money-making opportunities. This belief isn’t just untrue, it’s also limiting because it keeps you in the victim mentality. Here’s how hating the rich prevent you from becoming rich yourself.
What’s the secret to getting rich? Where should you channel your energy if you want to build serious wealth? There isn’t really a secret to getting rich. You get rich by creating value, and you create value by solving problems and catering to the needs of people. Therefore, if you want to get rich, you should reorient your focus from making money to creating value. Here’s why you can’t create wealth without creating value.
Can you get rich off compound interest? Why is relying on compound interest a bad wealth-building strategy? According to entrepreneur and investor MJ DeMarco, earning compound interest alone won’t get you rich. Instead of relying on compound interest to generate wealth, use it as a supplement to your profits. Here’s why you shouldn’t rely on compound interest as your only way to acquire wealth.