samthevick
Regular Member
- Feb 15, 2023
- 250
- 240
Hello dear BHW Members,
This thread is designed for beginners, whether you are new to this world or have some experience.
If you came here seeking the "GOLDEN RECIPE FOR MAKING MONEY," you might be disappointed, please feel free to leave this thread already.
Instead, I'll provide you with the beginner's MENTALITY, which is essential for starting your journey.
Let's break it down into two steps.
If you have no money at all, you're in a challenging position, but pay attention.
You might need to be patient initially. However, there is a set of principles that can help you overcome this hurdle, known as the 5 Laws of Gold:
Imagine you have a 9-5 job earning $2,000/month.
By saving $200 each month, you accumulate $2,400 in a year.
Where you invest this money is crucial. Always seek advice from knowledgeable and successful people in the field you're investing in.
I would not ask a baker where to buy gold.
Have you ever met or known someone legitimately rich that earned it from casino? Easy money always burns fast.
Now, if you already have money, let's go for the second step.
Now that you've successfully saved some money following the 5 Laws of Gold, it's time to focus on how to grow that money through wise investments and actions.
And always be grateful.
Enjoy it and have an wonderful day.
This thread is designed for beginners, whether you are new to this world or have some experience.
If you came here seeking the "GOLDEN RECIPE FOR MAKING MONEY," you might be disappointed, please feel free to leave this thread already.
Instead, I'll provide you with the beginner's MENTALITY, which is essential for starting your journey.
Let's break it down into two steps.
I HAVE 0$, HOW CAN I START?
If you have no money at all, you're in a challenging position, but pay attention.
You might need to be patient initially. However, there is a set of principles that can help you overcome this hurdle, known as the 5 Laws of Gold:
1. Save at least 1/10th of your earnings.
This is the most fundamental rule. Every payment, gift, or any form of income you receive, you should set aside 10% into a "Savings Wallet." This wallet is not to be touched, except for investment purposes. Once you've accumulated a substantial amount, you can proceed to the next steps2. Make your saved gold work for you.
Once you've saved enough, it's time to invest it wisely.Imagine you have a 9-5 job earning $2,000/month.
By saving $200 each month, you accumulate $2,400 in a year.
Where you invest this money is crucial. Always seek advice from knowledgeable and successful people in the field you're investing in.
I would not ask a baker where to buy gold.
3. Protect your gold by investing with wise people.
Your investments should be guided by those who have proven expertise. This approach safeguards your money and increases your chances of profitable returns.4. Avoid investments you're not familiar with.
Stick to what you understand or can learn thoroughly.5. Steer clear of get-rich-quick schemes.
I do not need to go further here. Don't gamble your hard money. Casinos will take your money, don't fall for this dumb decision.Have you ever met or known someone legitimately rich that earned it from casino? Easy money always burns fast.
Now, if you already have money, let's go for the second step.
I HAVE SAVED SOME MONEY, WHAT NEXT?
Now that you've successfully saved some money following the 5 Laws of Gold, it's time to focus on how to grow that money through wise investments and actions.
Step 2: Invest and Grow Your Savings
- Educate Yourself:
- Before making any investment, educate yourself thoroughly about the different opportunities available. Read books, take online courses, and follow industry experts. Knowledge is your most valuable asset.
- Start Small and Diversify:
- Don’t put all your money into a single investment. Diversify to minimize risks. Start with small investments in different areas and see what works best for you.
- Seek Mentorship and Advice:
- Connect with mentors who have a proven track record in the field you are interested in. Attend seminars, and network with experienced individuals. Their guidance can be invaluable. Even if you don't believe me, there are a lot and plenty high network people on this forum. Take a look by yourself.
- Monitor and Adjust:
- Regularly review your investments to see how they are performing. Stay updated with market trends and be ready to adjust your strategy as needed. Flexibility is key to long-term success.
- Reinvest Profits:
- As you start making profits, reinvest a portion of them back into your investments.
- Maintain a Long-term Perspective:
- Wealth-building is a marathon, not a sprint. Stay patient, avoid impulsive decisions, and keep your long-term goals in mind.
Example Plan
Let’s say after a year, you’ve saved $2,400:- Education: Spend $200 on books and courses about investing.
- Stocks: Invest $1,000 in a diversified portfolio of stocks.
- Online Business: Use $500 to start a small e-commerce store or affiliate marketing site.
- Emergency Fund: Keep $500 as a liquid emergency fund.
And always be grateful.
Enjoy it and have an wonderful day.
