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Wealth Creation

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  #11  
Old 14th November 2014, 02:03 PM
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Default Re: Wealth Creation

Amit Bhai these are all my experienced based following principals

MY WEALTH PLANNING

1. I never put all eggs in one basket

2. Always i try to earn more than inflation and bank interest rate

3.Earning with protection of my capital is important for me

4. I always keep separate bank account for 6 months house expenses purpose or call it emergency fund

5. Every year i renewal " MEDICAL INSURANCE " for entire family

6. create 2 nd source of income

7. I don't enter into long term financial commitments

8.I believe small savings create Big Wealth in future
i started trading with my pocket money now it is a main income source for me

9.I allocate day trading capital is separate and positional trading is separate capital






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  #12  
Old 14th November 2014, 02:10 PM
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Default Re: Wealth Creation

Quote:
Originally Posted by niftyoption View Post
Amit Bhai these are all my experienced based following principals

MY WEALTH PLANNING

1. I never put all eggs in one basket

2. Always i try to earn more than inflation and bank interest rate

3.Earning with protection of my capital is important for me

4. I always keep separate bank account for 6 months house expenses purpose or call it emergency fund

5. Every year i renewal " MEDICAL INSURANCE " for entire family

6. create 2 nd source of income

7. I don't enter into long term financial commitments

8.I believe small savings create Big Wealth in future
i started trading with my pocket money now it is a main income source for me

9.I allocate day trading capital is separate and positional trading is separate capital




Wow Niftyoption !!!
Thanks for these wonderful practical Money management advice.
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  #13  
Old 14th November 2014, 09:58 PM
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Default Re: Wealth Creation

WEALTH - is defined as a great quantity of store of Money, Valuable, Possession, Property,
or other Riches including a good Name, Character and Information.
It must be noted that being Wealthy can not be equated to being rich. When we talk about wealth,
we are not talking about some money here and there and being able to live until the end of some months.
We are talking about abundant store of resources or possession in the form of money, land, mansions.
My favorite definition of Wealth - "How long I can continue to live after all my income ceases ?"
In other words, How long the money I have amassed will sustain me after I decide to work no more.
Is it one week, one month, a year or a generation ?

CREATION - To create is to cause something into existence not through natural evolution,
but from once own thought or imagination as in invention.
This definition is important for the concept of Wealth Creation. It is essential to note that
Wealth Creation is a Gradual Process. Wealth is not created in a day. I guess we have all heard these saying :
'Little drops of water makes mighty ocean' or 'A journey of thousand miles begins with a step, or simply 'Rome was not built in a day'
Wealth is therefore Accumulated over time.
This ideology of accumulating Wealth over time in order to create it leads us to the next keyword - INVESTMENT.

INVESTMENT - Investment involves putting away money to preserve the value
and at the same time earn a return (Profit) on the amount invested in future.
In simple words, Investment is outlay of money in instrument for futur returns (Profit).


From all of this we come to the point that
WEALTH CREATION entails the use of ones own thought and imagination to work in order to bring something extraordinary
that produce the great quantity of money. Therefore, WEALTH CREATION is working with your mind or thinking faculty
to produce something unique that will produce great quantities of money and property.
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  #14  
Old 14th November 2014, 10:20 PM
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Default Re: Wealth Creation

Money shouts....wealth whispers....

Smart_trade
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  #15  
Old 15th November 2014, 10:14 AM
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Default Re: Wealth Creation

4) Average people think the road to riches is paved with formal education. Rich people believe in acquiring specific knowledge.

Universities are leftist indoctrination facilities. And they are full of deluded morons. You must educate yourself. Any damn thing you want to learn about you can learn about. You don’t need to spend time in women’s studies to learn it. Every damn thing is on the internet, for free. If you want to learn about it the only thing stopping you is you. I will say it again and again: Everything you learn in college is useless if you want to be an entrepreneur and it’s up to YOU to learn your craft.
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  #16  
Old 15th November 2014, 12:36 PM
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Default Re: Wealth Creation

Quote:
Originally Posted by amitrandive View Post
4) Average people think the road to riches is paved with formal education. Rich people believe in acquiring specific knowledge.

Universities are leftist indoctrination facilities. And they are full of deluded morons. You must educate yourself. Any damn thing you want to learn about you can learn about. You don’t need to spend time in women’s studies to learn it. Every damn thing is on the internet, for free. If you want to learn about it the only thing stopping you is you. I will say it again and again: Everything you learn in college is useless if you want to be an entrepreneur and it’s up to YOU to learn your craft.
Entire school college education is designed to create drones obeying orders without thinking for themselves.

Its outrageous there is not a single word about
a) entrepreneurship
b) financial planning
c) critical thinking
d) creativity and research
in my school curriculum when I was studying in school/college.

The results are staring at our face.
No google or facebook are started here.
No basic literacy on money, risk, compounding, role and importance of capital & entrepreneurship...
College educated crowd but unemployable after 2 decades of education!
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Old 15th November 2014, 07:06 PM
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Default Re: Wealth Creation

Actually the education system being taught in India is devised by Lord Macaulay, The system was devised to create Peons, Clerks, Head Clerks and top manage them ICS, to run India, as a whole India is very large country with unbelievable diversity, hence they devised this education system to create matrix structure to serve british masters. Unfortunately still the same system is followed even after independence of 70 years.
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  #18  
Old 16th November 2014, 02:04 PM
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Default Re: Wealth Creation

5) Average people long for the good old days. Rich people dream of the future.

Some people call it planning for the future, I like to call it visualization. Visualize the future and how you will be. Actually see yourself as you wish to be. The things we think tend to become reality (assuming you aren’t a delusional narcissist).

“Things used to be so great, but nowadays….” Forget that nonsense and mold your future the way you want it.
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  #19  
Old 16th November 2014, 02:05 PM
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Default Re: Wealth Creation

6) Average people see money through the eyes of emotion. Rich people think about money logically.

Money is like an extra emotion to poor people. They always have “money problems” and they’re always whining about it. For some damn reason they can’t ever have enough to pay rent and the car payment and the damn electric bill. I have been poor many times but I’ve never been so poor I couldn’t pay my bills and I’ve never been so poor I cried about it. Forget about money as emotion, it’s just a damn game making money. Think about it like you think about your next 15 chess moves. Don’t be like these idiots living paycheck to paycheck and never having enough. Here’s a simple solution: If you’re poor…..DOWNSIZE!

…and then get to work, plan ahead, and quit spending your money on nonsense.
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  #20  
Old 17th November 2014, 10:57 AM
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Default Re: Wealth Creation

7) Average people earn money doing things they don’t love. Rich people follow their passion.

I don’t like the word passion, that’s a word for women’s romance novels, the correct word is obsession. Rich people follow their obsessions to the edge of the earth and beyond. Average people can’t understand this because their obsession stops at their favorite sports team or tv show or smoking pot or some other nonsense.

4 Hour Work Week is a cool little motivational book but you can’t take the title literally. If you’re going to find success in your field you are going to spend every waking minute thinking about it, you will have to be obsessed. Forget relaxing, forget taking a break, just give in to the obsession.

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