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2024/09
Two primary strategies for ordinary people to make substantial money
Sometimes the hardest thing about saving money is just getting started. Below two primary strategies can help you develop a simple and realistic strategy, so that you can save for all your short- and long-term goals.
1.Intermediary Thinking (Connecting Resources)
- This approach involves connecting two resources you know and earning the difference. Many successful entrepreneurs start with this mindset, often referred to as the skill of “creating something out of nothing.” This is the ability to leverage opportunities even with minimal initial capital. My first million was made using this method. If you’re born without financial privilege, relying solely on a regular job is likely to keep you poor forever.
- However, the biggest pitfall at this stage is the urge to prove your success by recklessly spending your first earnings. It’s essential to avoid wasteful expenses and instead focus on building your wealth. Remember, the money in your bank account is what truly matters, not superficial appearances.
2. Investment Thinking (Becoming an Investor)
- Once you’ve accumulated enough initial capital, you’ll naturally want to invest and make money work for you. However, excessive greed can lead to losing your hard-earned capital. A key investment rule is to have a clear understanding of how your money will return to you before making any investment. Never invest unless you have full control and clarity over each step.
- The biggest challenge during this stage is impatience, especially if you’ve been financially struggling for a long time. Investing requires patience and the ability to let go of get-rich-quick fantasies. In reality, you don’t need countless investment opportunities; seizing one or two great ones can secure your financial future. My first ten million came from catching one and a half great investment opportunities.
Key Takeaway:
Life’s greatest joy comes from constantly striving, challenging, and growing. Choosing comfort can lead to a decline in survival skills and a loss of life’s drive. The essence of making money is solving problems for others, which, in turn, strengthens you. This follows the “Matthew Effect,” where the strong become stronger, and the weak become weaker until they’re eliminated.
Conclusion
In summary, the path to making significant wealth involves two main strategies: first, leveraging opportunities through intermediary thinking, where you connect resources and earn through the margins; and second, transitioning to investor thinking, where you use your capital to generate more wealth through calculated investments.
It’s crucial to avoid reckless spending and maintain control over your investments, while also being patient and focused on seizing a few great opportunities rather than chasing every chance. Ultimately, the journey of accumulating wealth is about constantly growing, solving problems, and reinforcing your own strengths, embodying the idea that the strong will always rise while the weak may fade away.
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