Seven Things to Avoid in Your Pursuit of Wealth” set the theme for further discussion. seven wealth
This briefing summarizes key ideas and facts from the original article. It offers useful tips for anyone wanting to build wealth after reading this book.
Gaining wealth through unconventional methods requires meticulous planning and strategic decision-making.
To build real wealth, you must challenge many common beliefs in society. It also involves avoiding harmful behaviors.
The author, a self-made millionaire, says, “To stand out, you have to work harder and make sacrifices.””
His journey, created without papers or money, shows this truth.
II. Key Areas to Avoid & Most Important Ideas/Facts
The source breaks down all it into seven main principles, each with its own path towards victory.
1. Avoiding Working for Only Money (Prioritize Skills and Equity)
The Trap: “Path A” is a boring job that pays well. However, it doesn’t last. Soon, your earning potential levels off. This path is all about immediate money.
The Solution: “Path B” – a tough job that pays less but focuses on “skills and equity.”” While it may involve initial struggle (“you might struggle for a couple of years… you might have to struggle to pay your bills”), it leads to earning potential “going through the ruts.”
Skills: Your Greatest Asset The author highlights the value of gaining “high-income skills.” This makes it “almost impossible to ever be broke again” as you become your own greatest asset.
” He pictures each job as adding to a Swiss army knife of skills.
**Recommendations:** Focus on online high-income skills like copywriting, video editing, and coding. There’s a big skill shortage and many low-quality competitors. In fact, 99% of them don’t meet standards.
Equity as a Wealth Builder.” Equity means owning a percentage of a business, allowing you to share in its profits.
Ways to Get Equity: Seven wealth
- Start your own business. This is the author’s main method with a radio-controlled model brand.
Sweat Equity: Working for something by making “extremely skilled” contributions.
Buying equity is less recommended unless you can “drive that business forward.”
A Practical Take on Equity:
Before you start a business or look for equity, try working for someone else for a few years. This will help you learn.
When asking for equity, have a clear reason. Explain why you deserve it and what you can bring to the business, not what you’ll take from it. The key point is “you need to first focus on becoming someone worthy of equity.”
Main conclusion: “Many people chase money. They often overlook the value of skills and equity.” Focusing on money can lead to big mistakes. The more you focus on it, the less likely you are to succeed in the end.”
2. Avoiding a Luxury Lifestyle (Rank Investment in Assets)
Illusion of Wealth:
Many who seem wealthy, such as “driving a yellow Lamborghini in sunny Dubai,” are often putting on a façade. They are, in a way, “living” and “dying.” Social media makes it seem like people are more successful than they really are.
Financial Reality: “37% of Americans face sudden expenses, especially those over $400.” Over $400, 39% fear they can’t manage these costs. Sixty percent of American households cannot afford to buy a new car.”
The Solution: In these early stages,
It’s a kind of wealth that leads to blind spending—investing without thinking. Save your money. Avoid items that drop in value, such as luxury cars, fancy clothes, and costly meals. Instead, invest in assets like shares, stocks, crypto, and real estate. Such assets do not keep increasing in value, but also supply revenue streams.
BY VENTURE TEAM FROM THE ALIEN, ALX BLOG AND THE II SOURCE: CFP No. 1 – How to Write a Family Constitution – Part 2
The Limit of Individual Effort: “No matter how hard you try, you can’t match a group of talented people.” This includes figures like “Elon Musk and the ‘PayPal Mafia,’ who showed how to make millions online.” They formed a high-tech group, working together for everyone’s gain. WIG
Opportunity in Technology for Older Businesses:
Many older business owners find technology and the internet challenging for their businesses.” They need help through business school. Using their businesses into the 21st century.
Practical Application:
The source suggests using all-in-one management platforms like Odoo. These tools can help older businesses improve their online presence. They cover areas like website creation, team management, and invoicing. This is an opportunity for you to make a small fortune.
4. Avoid Having Too Many Inputs (Focal Cardinal Guidance and Expert Commentary)
Cognitive Overload: Too many opinions can overwhelm your mind. This makes it impossible for the brain to cope with information or choose its own way of processing it.
The Solution:
Begin with the end goal. “I always start with my end destination and work backward.”
Filter Inputs: “Made sure to only listen to inputs that help me reach those targets.” “The clearer your goal, the easier it becomes to select the right inputs.” Focus on Quality, Not Quantity: “Aim for fewer opinions that are really good.” Look for “expert advice” from mentors, successful people, or educational videos.
Avoid Mental Fatigue: Use what you’ve learned before diving into new topics. Otherwise, you can get “mental fatigue.” This leads to decision paralysis. It’s when you can’t or feel unable to act based on what you know. Avoid Being Ego-Driven (Embrace Humility and Continuous Learning)
From Blindness to True Vision: “Arrogance can blind you to chances that could change your life.”
Respect for Others’ Excellence:
The Principle of Progress states: “True wealth isn’t just self-confidence. It also includes a willingness to learn and a humility to recognize that we don’t know everything.”
The Iceberg Principle: “What you know is just the tip. The real value lies in the vast knowledge hidden below the surface.” Yet arrogance makes you forget that it is there at all.”
Final Conclusion: “Arrogance undermines wealth in subtle ways.” If you think you’re too good to learn, too smart to listen, or too noble to take small steps, your business will suffer.”
6. Stop Shifting the Blame (Take Personal Responsibility)
A Chinese proverb says, “A man who blames others for everything has a lot to learn to fit into society.” One who blames himself is halfway there. He who blames no one has already arrived at the summit.
Big Magnifying Glass (Blame Game)
Always blames others, turning them into the main scapegoat. This habit leads to blaming others for your failures and missed chances.
- “The government dislikes young people.”
- “The system is unfair.”
- “Life didn’t offer the right chances.”
“The more you reach for the magnifying glass, the more elaborate your excuses become.”
Then look at yourself (personal control):
Focus on what you can control—your thoughts and actions.
To arrive at your destination as if you have already arrived, hold a mirror, not a magnifying glass.
7. Avoiding Static Ideals (Continuous Expansion of Your Comfort Zone)
Author’s Metaphor: Comfort Zone vs. Prison The comfort zone is like “a self-made jail that we all want to escape.”
“Studies show that more than half of Brits stay in their comfort zone. Also, 45% fear they might regret it later.””
How to Expand Your Zone: “This means you must broaden your circle.” This includes taking risks and pushing back the boundaries.
An author’s example of expansion: leaving traditional education to become a carpenter’s apprentice.
Trying out a few part-time businesses.
Starting your own firm (taking a “huge risk” based on borrowing from banks).
Visiting China to establish business connections.
Setting up a web page on YouTube at 53, sharing knowledge with others.
II.
The Comfort Zone as an Endless Frontier “You can stretch your comfort zone as far as you like; it has no limits.”
But you must take it for yourself.” Refusal to do so means “you’ll miss out on all the opportunities that could have been yours.”
III. Conclusion?
The author’s journey teaches us that true wealth takes time to build. You can’t gain it quickly or by going against what you believe.
They come from dedicated, long-term growth in several areas:
- Developing strategic skills and knowledge.
- Taking ownership of clients and managing finances wisely.
- Collaborating with others and mastering new concepts.
- Taking personal responsibility in tough situations.
- Continuously seeking self-improvement.
People can achieve financial independence and lasting success with self-awareness and preventive steps.
