2023 is coming to the end and soon you’ll start hearing Festive songs. While there have been lots of things that have happened since they year began, here are my top 10 money wisdom and wealth tips I have learnt this year.
Now don’t beat yourself if you don’t tick all the boxes. I’m sure you have learnt other lesson as well and I would as well love to hear what you have learnt in the comment section.
Best Of money Wisdom I’ve Learnt:
- The Art of Wealth Building
- Small Shifts, Big Impact
- The Power of Play: Finding Your Sweet Spot
- Transforming Your Mindset: Thinking Like the Best
- Surrounding Yourself with Success
- Waiting for the Right Opportunities: The Fat Pitch
- Swinging for the Fences: Taking Calculated Risks
- Conclusion: Embracing Intensity for Success
Introduction: The Art of Wealth Building
The fact that you are reading this means you desire Financial Freedom. Do you wonder how some people seem to effortlessly accumulate and grow their wealth? If so, you are not alone. In this article, we will reveal the best pieces of money wisdom that I have learnt this year, based on the experiences and insights of successful individuals. Whether you are just starting out or looking to take your wealth to the next level, these principles will help you unlock your full potential and create the life you desire
Small Shifts, Big Impact
One of the fundamental principles of wealth building is the understanding that small shifts in approach can yield substantial results. Just as a two millimeter shift in the angle of a golf club can dramatically change the trajectory of a ball, making tiny adjustments in our financial habits and strategies can alter the course of our wealth-building journey.
For example, if you invest $100 every month in a low-cost index fund that returns 10% annually, you will have over $187,000 in 30 years. But if you increase your monthly investment by just $10, you will have over $205,000 in the same period. That’s an extra $18,000 for a small shift of $10 per month
The key lies in working smarter rather than harder. It’s not about tirelessly grinding away, but rather about selecting the right areas to focus on and maximizing our efforts in those domains. This requires introspection and the ability to identify our strengths and weaknesses. By recognizing our sweet spot—the activities that feel like play to us—we can align our efforts with our passions, leading to long-term success.
The Power of Play: Finding Your Sweet Spot
When it comes to wealth building, finding what feels like play can make all the difference. It’s about discovering that perfect intersection between our skills, interests, and market opportunities. By identifying our sweet spot and leaning into it, we unlock a wellspring of motivation and drive that propels us towards our goals.
To find your sweet spot, you must embark on a journey of self-discovery and experimentation. It’s crucial to explore different industries, sectors, and niches to uncover where your talents and passions align with market demands. When you engage in activities you genuinely enjoy, your work becomes more fulfilling, and success becomes an inevitable byproduct.
For example, if you love writing like I do and have a knack for storytelling, you might find your sweet spot in creating content for blogs, podcasts, or YouTube channels. This year I have started 2 blogs that are doing really well. If you are passionate about fitness and have a flair for teaching, you might find your sweet spot in coaching others online or offline. If you are fascinated by technology and have a skill for problem-solving, you might find your sweet spot in developing software or apps
Transforming Your Mindset: Thinking Like the Best
To achieve financial success, we must adopt the mindset of those who have already accomplished what we aspire to. Surrounding ourselves with peers who share our dreams and aspirations can provide invaluable learning opportunities. In an environment where like-minded individuals gather, knowledge and experiences are shared, propelling everyone forward.
This is probably the best thing I have done this year. I have learnt to observe what the best do and try to do it differently. I have been able to connect with this people and the value that has been added to my life is immense.
Moreover, finding mentors who have already achieved the level of success you desire allows you to benefit from their wisdom and guidance. By asking specific questions and learning from their experiences, you can avoid common pitfalls and fast-track your progress. It’s also crucial to curate your information diet, immersing yourself in knowledge and inspiration through books, podcasts, and YouTube channels that align with your goals.
For example, if you want to learn how to invest in stocks, you might read books by Warren Buffett or Peter Lynch, listen to podcasts by Motley Fool or Stansberry Research, or watch YouTube channels by Financial Education or Graham Stephan. If you want to learn how to start an online business, you might read books by Tim Ferriss or Seth Godin, listen to podcasts by Pat Flynn or Amy Porterfield, or watch YouTube channels by Gary Vaynerchuk or Marie Forleo.
Surrounding Yourself with Success
They say that success breeds success, and nowhere is this more evident than in the realm of wealth building. If we aspire to achieve financial prosperity, we must actively seek out successful individuals and immerse ourselves in their wisdom. By listening to their advice, following their journeys, and studying their strategies, we gain valuable insights that can transform our thinking and actions.
Engaging in conversations with accomplished individuals further deepens our understanding and expands our perspectives. By surrounding ourselves with successful people, both virtually and in person, we absorb their subconscious cues and begin to internalize the belief that our dreams are within reach. The power of association cannot be underestimated, as it helps us overcome self-imposed limitations and realize our full potential.
For example, if you want to grow your wealth, you might join online communities like Reddit’s r/personalfinance or r/financialindependence, where you can learn from others who have achieved or are pursuing financial freedom. You might also attend local events or meetups where you can connect with entrepreneurs, investors, or mentors who can offer guidance and feedback. You might also join mastermind groups or coaching programs where you can get personalized advice and support from experts and peers.
Waiting for the Right Opportunities: The Fat Pitch
Two the biggest lessons you can take away from this article are, patience and discernment. These are the main keys to investing.
One of the most important skills in investing is knowing when to act and when to hold back. Ted Williams, the legendary baseball player, was famous for his ability to wait for the perfect pitch before swinging. He once said, “I’m more patient than anybody. I’ll wait for that one pitch that I know I can hit over the fence.”
Warren Buffett, the renowned investor and billionaire, follows a similar philosophy. He advises against playing the market too often and instead encourages waiting for attractive opportunities. He calls this concept the “fat pitch,” referring to investment opportunities that possess great potential and significant upside.
For example, Buffett invested heavily in Apple in 2016, when the tech giant was undervalued by the market. He recognized that Apple had a loyal customer base, a strong brand, and a dominant position in the smartphone industry. By 2020, his stake in Apple was worth more than $100 billion, making it his most profitable investment ever.
This concept, known as the “fat pitch,” refers to investment opportunities that possess great potential and significant upside. These could include emerging technologies, generational companies, or undervalued assets. By diligently searching for these fat pitches and having the discipline to wait for them, investors increase their chances of securing substantial returns.
Swinging for the Fences: Taking Calculated Risks
Finding the right opportunity is important, but it is not enough. We also need to take action to achieve our goals. Successful investors know that working hard and focusing on the right things is what makes them successful. It is important to work smarter, not harder, and focus our efforts on the people and opportunities that will help us achieve our goals.
One way to increase our intensity is to follow through on promising investments, doubling down when necessary, and maintaining focus and determination. For instance, Elon Musk, the visionary entrepreneur and founder of Tesla and SpaceX, has shown remarkable intensity in pursuing his ambitious projects. He has invested billions of his own money into his ventures, overcoming numerous challenges and setbacks along the way. His relentless drive has paid off handsomely, as he became the richest person in the world in 2021.
Another way to boost our intensity is to surround ourselves with success. We should seek mentors, partners, and peers who share our vision and values, and who can inspire us to achieve more. For example, Mark Zuckerberg, the co-founder and CEO of Facebook, has benefited from his association with other influential figures in the tech industry, such as Peter Thiel, Sheryl Sandberg, and Bill Gates. He has also acquired several successful companies, such as Instagram and WhatsApp, to expand his reach and influence.
The lesson here is to be bold and committed in our actions. We should take calculated risks, go the extra mile, and embrace intensity as a strategy. Winners understand that success is not accidental; it requires unwavering commitment, calculated risks, and a willingness to go the extra mile.
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Conclusion: Embracing Intensity for Success
As we reflect on the best money wisdom from the past decade, it becomes clear that wealth building is not a mysterious art but rather a skill that can be acquired. By making small shifts in our approach, finding our sweet spot, adopting the mindset of the best, and surrounding ourselves with success, we can pave the way for financial prosperity.
Additionally, patience and discernment play a vital role in our investment strategies. Waiting for the right opportunities and swinging hard when they arise allows us to capitalize on the potential for substantial gains. Ultimately, embracing intensity as a strategy enables us to work smarter, move towards our desired outcomes, and turn our dreams into tangible reality.
In 2023 and beyond, let us remember that the path to wealth building is within our grasp. By incorporating these invaluable lessons into our lives, we can embark on a transformative journey towards financial success.
