The World's Best Book Summaries
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.
Do you have trouble saving money? Do you tend to spend more than you earn? How does living above your means hinder your financial prospects? In this day and age of conspicuous consumption, it has become the norm to live above your means. While it could be fun for a while, it damages your long-term financial prospects by driving you further and further into debt. Here’s how to stop living above your means.
How does inflation influence the value of bitcoin? Why is bitcoin not affected by inflation? Bitcoin is a very “hard” currency and thus does not lose value due to inflation. According to economist Saifedean Ammous, the “hardness” of money is one of the most important factors determining how good a type of money is. Here’s why the price of bitcoin isn’t affected by inflation.
Can anyone become rich? Do you need any special talents to acquire serious wealth? Many people believe that to get rich, they need special talents. This belief implies that you have fixed skills that influence how much money you can earn. While that’s true to some extent, this belief is unproductive because it holds you back from proactively looking for money-making opportunities. Here’s why wealth isn’t a prerogative of special talents or intrinsic skills.
What role does mindset play in acquiring wealth? How can you overcome your self-sabotaging beliefs about money? According to MJ DeMarco, the state of your finances is determined by the mindset you hold about money. According to him, beliefs about money tend to fall into one of three financial mindsets—consumer, employee, and entrepreneurial. Let’s explore each of DeMarco’s three mindsets in detail.
Will bitcoin ever become the worldwide standard of value exchange? How close are we to bitcoin adoption? At present, bitcoin is a long way from being accepted as an international form of money the way gold was universally accepted as money in the 19th century. Furthermore, bitcoin may never replace money, but it has some characteristics that make it—at least potentially—a better alternative to fiat. Here’s what economist Saifedean Ammous has to say about adopting bitcoin.