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Tips to Become and Stay Wealthy

Discussion in 'BlackHat Lounge' started by BassTrackerBoats, Aug 31, 2012.

  1. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    I learned a lot of the below from a book titled "The Richest Man in Babylon" written by George S Clason.

    You could do a whole lot worse with your time than reading this book and applying some of the principles taught in it.

    I know I certainly can.

    1) Part of Everything you Earn is Yours to Keep

    Earn 100.00 and put away 10.00 in a sock, envelope, bank account etc.. don't SPEND it! and live on the 90.00. Do not spend the 10.00 on Food, Bills, Mtg, Rent etc... Keep that part of your earnings!

    *****Keep a Part of Everything you Earn*****

    2) Take that 10% and Invest it in Opportunities that give you a return

    Use your head with this principle... if you want to invest in silver use the knowledge of a silver trader to aid you... do not use the knowledge of a baker to help you. Use the knowledge of a baker to help you in things that would be baked or to invest in a bakery as that is his/her specialty.

    *****Take Advantage of the Knowledge of Experts*****

    3)Reinvest Your Returns

    Take the returns of your investments and reinvest them into more of the same or better yet diversify those investments and invest in other products/services/companies... don't spend those returns or you are back to lesson 2.

    *****Do Not Spend Your Returns*****

    4) Do not Buy What You Do Not Need


    Take a hard and strong look at what you spend your money on and eliminate all the waste. Case in Point - Don't buy Starbucks at about 4.00 per cup of coffee... make that coffee at home for 1/10th the cost... if you eat out 2X a week, cut that down to 1X per week... don't go living the life until you no longer have to concern yourself with the money it takes to live the life.

    *****Eliminate Unnecessary*****

    5) Build Your Base and It will Be Around for Retirement

    A varied diversified portfolio that targets long term growth is absolutely essential so that you do not have to work in your latter years. You may choose to work then but you will not have to is you build properly.

    *****Build a Solid Asset Base*****

    6) Protect Your Investments From Failure

    Before investing do the proper due diligence and make sure that your investments are going to be safe. You may not be right 100% of the time but checking hard will keep you safe most of the time and generally you will have a much better track record if you do not choose to do your proper due diligence.

    *****Proper Due Diligence Pays Off Huge*****

    7) Buy Your Home if At all Possible

    God is not making any more Real Estate and thus, over a long period of time, real estate will almost always go up in value but even if it does not I think it is best for one to own their own home. I'm even fine with a person taking out a mortgage to buy a home ( if you know me at all you know I hate and have no debt and preach the same but I'll let you slide here). Home ownership is something that can take care of you in your latter years as you will have only taxes and insurance to pay as opposed to a rent forever.

    *****Everyone Should Own the Home in Which They Live*****

    8) Increase Your Ability to Earn

    a) Learn other aspects of your trade in the industry in which you make your living. Greater knowledge often leads to greater income.
    b) Outwork the other guy. A large part of my limited success comes from outworking/outnotsleeping the other guy. Start early, work harder and stay later than the other guy and you almost guarantee an increase in revenue

    *****Expand Your Revenue Producing Horizons*****


    ================================

    The above is by no means an end all to acquire wealth but certainly a good base. I personally do my best to follow them and apparently it is working out well for me and has over the past 25+ years and I'm sure it will work as well or better for you.

    I'm sure that there are others that are reading this and, as do I, welcome any ideas, thoughts etc. that you may have to expound to and to add to the above.
     
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  2. Black.Star

    Black.Star Junior Member

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    Glad to see you are back.
    Hopefully you and your family is feeling better.
     
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  3. ShadeDream

    ShadeDream Elite Member

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    He who laughs last, laughs longest.
    Some things are easier said than done, nevertheless great post. I think #1 and #5 are very important and everyone should at least look into these two points.
     
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  4. ferma231

    ferma231 Elite Member

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    Great book , i have read it some time ago.
     
  5. Duffers5000

    Duffers5000 Elite Member

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    Win the Lottery
     
  6. Leith

    Leith Jr. Executive VIP Jr. VIP Premium Member

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    Welcome back and I hope you are doing great Greg, glad to see you back up and posting your quality posts!

    I must say, #1 is my most important. I couldn't have said it any better.
     
  7. psytrance

    psytrance Power Member

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    I cant realy add anything more.

    Stick!!!
     
  8. madoctopus

    madoctopus Supreme Member

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    9. Work every day towards your goal. Even if it is just one step to get you closer, it matters. as a Chinese saying goes "A journey of 1000 miles starts with one step".

    10. Focus! The mind is like the rays of the sun - you can have them scattered all over and get a mild warmth, or you can focus them through a lens in one point and burn through wood.

    11. Do not multitask (unless you're a woman). Multitasking is a skill that women genetically poses. If you're a man, you suck at multi-tasking. Big time. Pick something and do just that. I suck at this... my mind is always busy with 10 ideas at a time. Working on getting better though...

    12. Do what gives you joy. Not what others expect you to do, not what most people do, not what you think will make you relax. Do what gives you real joy (not pleasure) like playing is for a child. That gives you energy and heals you!

    13. Empty your mind (meditate). If you manage to empty your mind even for a second, you will want to do it again and again. It helps you to realize that most thoughts you have are superficial and allows you to find what truly matters for you.

    14. Leave some space between you and people who get in your way or pull you down, either intentionally or not. Most people (including family and loved ones) will do this when you start to evolve above them. Don't try to "fix" (change) them, they are not broken. That's just where they are and you won't be able to pull them up if they're not willing to push themselves.

    15. Pay attention to what you eat. You don't feel it but you're poisoning yourself. You have no idea what an impact food and water has on your mind and body until you actually get to the point where you can literally feel food screwing up your inner vibration/energy level. Alcohol is the worst. If you buy food and water from a supermarket you're poisoning yourself even if it is "natural" food. Same with "organic" food that is not from heirloom (unmodified) seeds. Bottled water and tap water are quite poisonous too. Live at mountain side or somewhere at country side and drink water from a fountain/spring for a full month, then drink bottled or tap water and you will know what I mean. Grow your own vegetables, even if just a few, they count. Be very very careful what kind of seeds you use and always grow in earth not hydroponic. You can even grow in an apartment, lettuces and wheat grow well even if you have little sunlight. First think in the morning, squeeze a lemon into a glass of water and drink that - is very good for you.

    16. Teach yourself not to worry or get stressed. In most cases things that give you a bad energy (anything with a root in fear - stress, shame, worries, etc) can be controlled and you can teach yourself to have a joyful heart no matter what. Most times these thoughts come from YOU not from others. It is YOU who CHOOSES to have them, you don't get infected with them and it is not others who have such power over you unless you give it to them.

    17. Money is a tool and just that. You empower money beyond that, you will become a slave of your fears of not having enough.

    18. Look at boobs - I have no idea why but it helps tremendously.

    19. Learn new skills

    20. Excel at the skills you find important. Don't just be average or good. Be extraordinary!

    21. Sleep as much as you need. Sometimes is just 5 hours other times it is 14 hours. Sleep until you wake up by yourself if possible, because you need all that sleep and you need the dreaming. It heals you and during that time your subconscious solves the unsolvable problems you have so when you are awake you get solutions that seem effortless and natural (but they were worked on by your subconscious while you were sleeping and not bothering it with your conscious overloading).
     
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    Last edited: Aug 31, 2012
  9. Black.Star

    Black.Star Junior Member

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    Personally I think that number 4 is really important.
    We have a close family friend who did this for his whole life long...
    Long story but the result is pretty simple.
    He is now a mulitmillion dollar heavy Physic professor.
    Live over the standard when you can. Not because you think you need to "impress society" and get broke because you want the new iphone.
     
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  10. -Jericho-

    -Jericho- Jr. Executive VIP Jr. VIP Premium Member

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    Great list BTB.

    Think and Grow Rich by Napolean Hill is another classic. If anyone hasn't read it, get it. The book is like 80+ years old but it's one of those evergreen books that never goes bad.
     
  11. ahiddenman

    ahiddenman Elite Member

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    Nice post BB!
     
  12. Rojorab2

    Rojorab2 Registered Member

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    All seem like common sense. But things are always easier said than done
     
  13. madoctopus

    madoctopus Supreme Member

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    I kid you not, my first cell phone I got for free. Was a huge, yellow Bosch with 1day standby time and a broken battery cover. 2nd phone - a Sagem MyX5 - I bought it and kept it for 7 years while everybody I knew changed tens of phones. Only bought the next phone because the battery would only last less than 10 hours in standby and about 10 min in talk. About a year ago I bought a HTC Desire. I will probably keep this too 7 years if it lasts that much.

    I did waste money on 2 monitors though. Thought would improve my productivity. Seems I'm the weird kind of dude and I actually work faster on a smaller screen using Alt+Tab. Must have something with narrower field of focus and that multi-tasking sucks thing.
     
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  14. Nookie Monster

    Nookie Monster Senior Member

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    The very best thing to happen to me was ruining my credit. I now pay cash for everything including new cars. Maybe I could get a credit card but no thanks.
     
  15. WorkHardL0veLife

    WorkHardL0veLife Regular Member

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    Thanks for this BTB. I really took this to heart.
     
  16. sharepass11

    sharepass11 BANNED BANNED

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    Another Great Post from Sir BTB. I guess my hardest task now is conquering myself to follow those rules.
     
  17. chad362wiley

    chad362wiley Supreme Member

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    my mom sucks at #4 lol
     
  18. ShadeDream

    ShadeDream Elite Member

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    He who laughs last, laughs longest.
    Although I think we all know what you mean, that doesn't sound too good. Lol
     
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  19. Black.Star

    Black.Star Junior Member

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    I kid you not aswell...
    Still rocking with an old Nokia phone.
    I dont even feel the need for a smartphone or a new phone in general.
    Life is good when you dont have to worry about being online and available 24/7.
    I seperate work and freetime strictly.
     
  20. IamNRE

    IamNRE Jr. VIP Jr. VIP Premium Member

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    I thought that was a good book, until I read "The millionaire fast lane" by MJ Demarco.
     
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