Wealth Tips They Do Not Teach at School (2018, #2)
By Laura Maya
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About this ebook
Sick of Hearing the Same Old Advice ? “ Word Hard , Control your expenses , Credit Card is a “No , NO “ Do not get into Debt !!
Debunk all those assumptions that you will be Rich if you study hard and work hard . This Book is actually not one of those .
Wealth Tips They Do Not Teach at School
is all about the importance of money. The premise of the book clearly distinguishes the difference between the thinking of the rich and the poor. In essence, the only limitation between you and the rich is in your own mind, and achieving success lies in breaking these walls. At schools, you would have been stuck at algebra, Pythagorean Theorem, and organic chemistry but you never study financial planning, making money, or saving money. The book provides real-life examples to reprogram your thinking to that of the rich and wealthy.
You can't just graduate and leave formal education and expect yourself to be financially well equipped. Many people thought that having a good education is sufficient to hop on the train to acquire new wealth , well they can't be any more wrong !
As a kid, I have been told that getting good grades and a good job is the ladder to financial freedom. It's a sham. Everything boils down to your financial decisions and this book provides a great foundation to teach you those.
This book is comprehensive, crisp, and easy to read. And by "easy" I mean this book provides sound information on the importance of money. It clearly distinguishes the difference between the thinking of the rich and the poor. The biggest revelation for me was that the author is right! They never taught me how to be rich at school.
It is having the mindset of the wealthy that will make you rich You’ll discover why some of your money beliefs might be wrong and that could be holding you back , you need to consider what are the principles and what behaviors the rich have , that you do not have ,Yet !
Laura Maya takes this idea and updated it to Sixteen chapters. You wouldn’t find a recipe to turn rich overnight. Rather, the book provides a solid foundation for setting the psychological stage for strong financial habits.
The premise of this book is straightforward – Rich people are programmed to think differently. Essentially, rich people and poor people think differently. This book walks you through these beneficial points clearly differentiating how rich and poor people think.
Studying hard, getting nice grades, and getting a job is not enough to be rich. That’s one lie which we have been fed with since our childhood. There is a difference between scholastic, professional and financial education. The book further analyzes the root cause of why you are not rich. It all boils down to your education. You were never taught about how to be rich at school. Forget that, you never even learned personal finance or how to handle money. It further touches upon how you can get smart with personal finance.
Perhaps the biggest argument Laura makes is the fact that everything can change if you change your mindset. Buying that expensive dress, impulsive buying, etc. are all signs of a poor mentality. If you make changes to your lifestyle and spending habits today, you will reap the benefits tomorrow.
On making money, Laura’s approach is simple – she emphasizes on investing, spend less, and plan for a long-term.
Laura Maya
Laura Maya is a writer, coach and culturally curious "digital nomad" who has spent over 20 years wandering slowly through almost 60 countries. Laura prides herself on living simply, chasing impossible dreams and creating a life that supports and enhances the freedom of others. She currently lives on the road in Australia, moving around the country with her husband in a converted school bus named Maurice.
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Wealth Tips They Do Not Teach at School (2018, #2) - Laura Maya
wealth.
Chapter 1:
How You Think About Money Really Matters
There are , of course ,many academic subjects you can learn in college ,which have absolutely nothing to do with career and financial success . One can expand his or her mind and sharpen their critical thinking skills to pursue new perspectives , new ideas or revels in some intellectual or historical legacy of some World’s greatest myth in exploration of the unknown .
But that’s pursuing for knowledge ,and simply focusing on these subjects and getting a degree attesting to the fact that you have completed the course ,does not guarantee job security ....and more and more people including those who haven’t even graduated from high school are possibly waking up to the Real reality that such old career advice is no longer viable for the new economic circumstances we are facing today .
The fact that what every salaried individual are looking for today is to be able to uphold and maximize their chances of their professional success under any economic circumstances ... be it during good growth or any recession .
Start Learning New Ways and Improve Our Chance to Get Rich
Lets look at one of the most important fundamental on how people think about money as this is one of the most important lessons to learn when it comes to creating wealth and it is definitely not taught in school.
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In our present society, the gap between the rich and the poor is growing wider everyday. The rich has progressively become richer while the poor are still limited in their exposure . To help us understand the satirical situation, we need to go into the mentality of the rich and wealthy and compare it with the way of thinking of the poor and underprivileged people.
Here are the 18 distinct differences in the money mentality of the rich versus the poor people. While reading the differences, try to assess your own mindset and see where yours mostly belong to .
But remember that by defining ‘rich’ and ‘poor’ I am not referring to an individual’s current bank account size, net worth, assets, and so on. But rather, I am referring to the state of mind. A human mind is so powerful it can create assets, or even liabilities. If you have a mind conditioned to be poor, no matter what wealth you have today you can lose it all sooner or later. On the other hand, if you have the mind of a rich person’s, you can create your wealth from scratch or get it all back faster than it took you the first time, even if you lose it all today.
Rich people and poor people think differently about money as well as other associated activities and general life issues.
18 Ways Rich People & Poor People Think Differently
1) Creating Your Life
• Rich people believe that they create their life
• Poor people believe that life happens to them
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2) Playing the Money Game
• Rich people play the money game to win
• Poor people play the money game to lose
3) Commitment
• Rich people are committed to being rich
• Poor people want to be rich
4) Thinking
• Rich people think big
• Poor people think small
5) Focus
• Rich people focus on opportunity
• Poor people focus on obstacles
6) Admiration and Resentment
• Rich people admire other rich and successful people
• Poor people resent successful rich people
7 ) Networking
• Rich people associate with positive successful people
• Poor people associate with negative people
8) Presentation
• Rich people are willing to promote themselves and their values
• Poor people don’t
9) Receiving
• Rich people are excellent receivers
• Poor people are poor receivers
10) Payment
• Rich people choose to get paid based on results
• Poor people choose to get paid based on time
11) Worth
• Rich people focus on their Net Worth
• Poor people focus on their working income
12) Money Management
• Rich people manage their money well
• Poor people mismanage their money well
13) Money and Working
• Rich people have their money work hard for them
• Poor people work hard for their money
14) Risk
• Rich people act in spite of fear of risk
• Poor people let fear stop them
15) Learning
• Rich people constantly Learn
• Poor people think they know it all
16 ) Destiny
• Rich People Believe that They Create their Own Destiny
• Poor People Believe that they are Predestined
17) Leaders
• Rich People are Leaders
• Poor People are Followers
18) Expenditures
• Rich people focus on saving
• Poor people concentrate on spending
Now that you have read through these differences, go back and read them again while thinking about how you and the way you think about money and life, fits within the eighteen ways of thinking. You might be surprised by some of these so take a moment to allow them to settle in your mind but this are realities in today’s societies .
These eighteen differences actually will help to re-tune and re-orientated our conceptual approach to money as they are realities that we have to live with , especially for young graduates joining the working society :-
- To survive in today’s society , you need money , money really matters
- Everybody requires some money utilization knowledge ,with such knowledge you will be capable to learn and apply professional skill to incorporate with financial intelligences
- You do not learn much about money in school , except some simple cheque balancing , and reading of your bank monthly statements ,plus a little to do on simple bank’s interest calculation for your mortgages or your housing loans . You have to learn by yourself , the truth on how money really works and changes
- Half the World is caught up in a system which is manipulated by the wealthy and the powerful, that most educational system in the world are only teaching individuals how to work for the rich , to be submissive
to their leaders , as productive citizens under supervision but without authority and earning sufficient salary just enough to pull through but not more than 3 months with expenses.
- Living paycheck to paycheck on monthly salary or adhoc job , a person in this position has limited freedom. He/she is absolutely stuck in that rut and there is no way out. You get up every day and go to work, then you come home dead tired .You dread to wake up tomorrow ,as the first thing that comes to your mind in the next morning is that money starts flying away
- Having tons of money is freedom but it does not include guaranteed happiness . It is true with lots of money, it does make life easier , subjected that if you are well in control
Like it or not , in this present generation time , we have a much worse financial reality than our parents did from the day when we graduated and walked out of school. We will be facing bigger housing costs, bigger medical costs, and a bigger requirement to have that financial education than our parents folks has before .
Chapter 2:
They don’t teach you how to be rich at school
It is amazing some of the small things you remember from high school and college. Though it has been over ten years, I still remember the basics of photosynthesis from biology. I still recall the names of different periods of architecture, like neoclassicism and Greek revival, and I could spout off the Pythagorean Theorem to you if I gave it some thought. One thing I do not remember from school is learning how to manage credit cards. I do not recollect lessons on how a loan works, and I really do not recall doing homework on the differences between stocks and bonds. I definitely do not remember any lessons about the power of inflation.
The reason I do not remember these is that they were never covered in my courses. It is a cruel twist that most of the knowledge we learn throughout high school and college is seldom used while the know-how we actually need is not formally taught, forcing us to learn through self-education and trial and error. This lack of financial literacy is costing us billions of dollars annually.
Most worrisome of all, though, are the bad decisions this lack of education is causing.
People take on hundreds of thousands in debt for a degree that may never earn them above the median household income of $52,000. They rack up thousands of dollars in credit card debt without fully understanding the consequences of doing so. They buy new, expensive luxury cars but do not invest any money in retirement savings.
Few have sufficient emergency savings to cover six months’ worth of expenses in the event of a job loss or other catastrophe. As many life events like marriage and having children happen at older ages, these bad decisions are becoming especially problematic for the millennial generation. Some are arriving at age 30 with financial circumstances little different from when they were 20.
Consider your own situation for a second as you sit reading this. Now, fast-forward 40 years into the future.
What kind of life do you envision? For many people, 65 and beyond is envisaged as a time of relaxation, free of worries about money and work.
A house paid off (and maybe a vacation home, too), kids’ college tuition already paid, and a hefty nest egg to support you as you enjoy your golden years.
Sound Nice , but this will not be the reality for most people.
The median net worth for those approaching retirement is nowhere near. Though social security and medicare benefits exist now, they pay a pittance, and they may not be around forever. The saddest part is that for people approaching retirement, they can do a little to avert poverty if they have not saved enough.
If you are still in your twenties and early thirties, the good news is that you can still write your own future. Unlike those approaching retirement, you have a critical supply of the ultimate precious resource : TIME
As you will see in this book, actions you take early on resonate and amplify throughout the years so that small steps taken now can pay big dividends (or cause huge hardships) later.
Think about where you want to be in 40 years, and then work backwards from that point. What does your life look like in your 50s? How about your 40s and 30s? Do you feel you are on the path to realize this vision? If you are feeling a bit insecure about your prospects, keep reading.
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Personal finance class is in session.
How to Get Smart on Personal Finance
The first stop on the road to securing your future is investing in your financial education. This truly is an investment: you will need to spend significant time learning the basics of