17 simple rules to become rich and successful in life

144

1. Know what success really means:

“Measure your success in life by how many people you want to have love you. That is the ultimate test of how you have lived your life.”

Judging success by dollars is a way to make your success meaningless.

2. Have a positive path in life:

Millionaires don’t just set goals. They make plans.

Having plans is the way to get from where you are to where you want to be.

Create a strategy to make these goals a reality.

Decide each day how to achieve your short and long term goals.

3. Push yourself beyond your limits every day:

Doing the same old same old is depressing, even if your same old has been successful in the past.

Success is like athletics;

If you don’t stretch every day, you gradually become slow and frail.

4. Use failures to improve your skills:

Rather than feeling bad if you fail or are rejected, look back on your actions and see what (if anything) you can do to improve your performance.

Remember: The results you receive are indicators of the results you want to achieve.

5. Never twitch your thumb:

Gather all the information you need to make a decision in advance.

The OODA Loop can help you a lot:

✔ Observe

✔ Orientate

✔ Decide

✔ Act

Make up your mind quickly and act accordingly.

Fulfill quickly = achieve quickly.

Stop f*cking waiting for you to be perfect.

6. Be persistent:

With tenacity and resourcefulness, you can win against possible obstacles.

Rose Blumkin built the Nebraska Furniture Mart from a pawn shop into the largest furniture store in North America.

Do you think her road to such massive success was paved with roses?

7. BE willing to be different:

Don’t base your decisions on what everyone says or does.

Don’t follow the crowd. Risk it.

If you are not willing to take the usual risk, you will have to settle for the ordinary.

8. Active risk:

In 1995, Buffett’s son Howie’s employer was charged by the FBI with price fixing.

Buffett advised Howie to imagine the worst-case and best-case scenarios if he stayed with the company.

He quickly realized this and left the next day.

Few things cannot be risked

9. Educate yourself financially:

Expand your financial vocabulary:

✔ Property: Bring money

✔ Liabilities: Take your money

✔ Networth: Assets – Liabilities

✔ Cashflow: Income – Expenses

Good debt and bad debt.

And so on.

I read books to know finance related concepts.

10. Track your small expenses:

Never live beyond your paycheck.

📌 Benjamin Franklin once said:

“Caution – small expenses; a small leak sinks a big ship“

Create a budget (50:30:20) and see how skillfully you manage and control your money.

11. Limit what you borrow:

You are smart if you use good debt and generate positive cash flow.

But it’s stupid if you’re using debt to maintain a lifestyle you can’t afford.

Loans won’t make you rich.

Stop living life on credit cards.

📌 Rich dad once said:

“If you’re taking on debt personally, make sure it’s small.

If you take on a big debt, make sure someone else pays it.”

12. Explain the deal before you start:

Your bargaining leverage is always great before you start working – that’s when you have something to offer that the other party wants.

Warren Buffet learned this lesson when his grandfather hired him in his family’s grocery store.

13. Get help from your mentor:

90% of wealthy people have mentors who help them achieve success in a short time

✅ Elon Musk had a mentor.

✅ Jeff Bezos had a mentor.

✅ Warren Buffett had a mentor.

✅ Robert Kiyosaki had a mentor.

Lesson: Get a mentor.

14. Increase your earning power:

One source of income is next to having zero source of income.

Learn one skill that will serve you forever:

✔ Copywriting

✔Publishing books

✔ Video creation

✔ Funnel design

✔ Leaders of the generation

✔ Creation of long-term content

And so on.

15. Invest your money:

By investing your money, you create another source of income.

Buy dividend stocks to buy income

Buy a rental property to buy income

Buy YouTube channels and buy income

Buy Twitter or IG acc. buy income

It takes money to make money; never forget it

16. Reinvest your profits:

Don’t be tempted to spend your profits. Instead, reinvest your profits.

Even a small amount of money can turn into great wealth if you patiently put your money together.

17. Know when to quit:

When Buffett was a teenager, he bet on a race and lost.

He bet on the next race and lost again.

After squandering almost a week’s earnings, Buffett never repeated that mistake.

Knowing when to walk away from a loss and not let anxiety get in the way and try again.

Muhammad Asad: Amazon PPC & Advertising Expert