16 Surprising Money-Making Secrets Wealthy People Don’t Want You to Know
Depends on your definition of wealthy, but the simplest way – Do well in your exams, choose a lucrative field of study at university, intern at a reputable company and you’ll do very well following graduation.
The other biggest tip I have is to know your worth. If you’re being undervalued, find employment elsewhere. Loyalty to an employer that doesn’t respect you is a fools game.
To me… this is the most overlooked way to earn money and become wealthy:
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
It isn’t fast. it isn’t sexy, it takes many, many years before you really see the fruits of your labors. but if you can figure out how to stay away from consumer debt, especially on things that deprecate in value… while maximizing investments in things that bring value… you can become “wealthy” even with a fairly modest income. If you start investing consistently and modestly at age 20, you will have a significant amount of money at age 45, and millions by the time you hit your 60s. If you start at age 45, you can enjoy life, and still have a nice nest egg at age 65.
Location. We made most of our wealth being the only Hardware & Marine store on a a small island.
Don’t get stuck with analysis paralysis, it’s real. Focus on the small steps that push your business forward. For example, don’t worry about how you will be able to ship 1000 items a day when you’re selling 0 items a day.
Stop spending it.
Most people are actually pretty good at offense (making money). It’s their defense (keeping money) that sucks.
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