The book I introduce to you today is "The Road to Financial Freedom - Earn Your First 10 Million in 7 Years"
Cover of the book "The Road to Financial Freedom – Earn Your First $10 Million in 7 Years."
The author is The author of Germany's top financial master Bodo Schaefer, known as the "European Buffett", and the author of the financial enlightenment book "Puppy Money" that has sold more than 10 million copies worldwide.
This book mainly introduces how to eliminate prejudices against money and wealth, set ambitious wealth goals, make the right determination, make a long-term plan, and gradually achieve financial security, financial security, and ultimately wealth freedom by eliminating debt, increasing income, increasing savings, long-term investment, seeking expert guidance, and so on.
The three stages of personal wealth accumulation
First, the concept of the article
(1) Consciousness
Each of us aspires to growth and happiness, and happiness and wealth are our birthright.
If you want to be rich, you must act, you must change your way of life, and first of all, you must change your way of thinking.
To establish the concept of "money is a good thing", with money, life can try a variety of possibilities.
The code of conduct should be based on dreams, goals, values and strategies.
The 5 areas of life: health, finances, relationships, emotions and meaning in life, like the 5 fingers of a person, must be coordinated with each other.
Reading alone does not make people rich, and knowledge is applied to practice to achieve success.
(2) Responsibility
If you want to be rich, you must have the courage to take responsibility and take full responsibility for your own life and financial situation.
Those who are responsible also have power. Whoever puts the blame on him also gives him power.
4 ways to expand controllable areas
Only you (and no one else) can be held accountable for how much money you will receive over the next 7 years.
(3) Difficulties
Most people overestimate what they can do in 1 year and underestimate what they can do in 10 years. Believe in the power of compound interest and keep improving.
The 4 Rules of Continuous Learning and Growth: Books; Personal Success Diary; Lectures; And Role Models.
If you want to become rich, it is not difficult to see if you can read for 1 hour a day and spend another 5 minutes writing a success diary. Can I attend a lecture once a quarter? Can you be friends with better people?
(iv) Poor people's thinking
Poor minds
(5) Faith
To achieve financial goals, you have to change your faith, and to change your faith is to change your life.
3 faiths needed to achieve financial goals
To improve your financial situation, you must change your negative attitudes.
Learn to feel comfortable with money and learn to be confident when it comes to money.
2. Practice
(1) Elimination of debts
Consumer debt will stifle your motivation and self-confidence, so try to avoid it.
Financial stress can be poison or good, depending on how you treat it.
The best way to overcome debt is to accumulate wealth.
7 practical tips for debt relief
(2) Increase income
To show your strengths in the workplace, only your strengths can earn you better rewards.
Attention should be paid to one's obligations, not one's rights. You should give more than others expect from you, get paid for 8 hours, and should work for 10 hours.
Don't procrastinate and get started as fast as you can. Insist on doing every little thing. Have the courage to take responsibility and make yourself an indispensable member.
Spend two hours a day reading useful professional books, become an expert in your field within 3 years, and let customers take the initiative to find you.
Income is made up of ability, energy, influence, self-promotion, and creativity, spending more time marketing and increasing an individual's influence.
(3) Compulsory savings
4 reasons to save:
What makes you rich is savings rather than income, saving 10% of your net income;
Saving makes people happy, saving means paying yourself, saving 50% from each salary increase;
Beliefs and beliefs about saving can change at any time, saving is more difficult, but it is more difficult not to save;
Savings make you a millionaire.
Only when you can live on interest can you be truly rich and independent.
(4) Long-term investment
The 3 major factors that determine the return: input, time and profit margin, which are also the three elements of compound interest.
The earlier the investment starts, the easier it is to achieve the goal, the profit margin is increased by 3 times, and the final return can reach 30 times.
How to calculate the number of years for doubling the invested capital, divide 72 by the interest rate.
In order to achieve financial freedom, we must learn, and learning is to learn to distinguish, to distinguish between investment and speculation, between debt and investment, between ordinary investors and investors.
Wealth freedom and security are contradictory, and one must learn to take risks, take risks, and reduce risks through diversification.
When learning to invest, be sure to continue to read relevant books, attend lectures, and learn from successful people.
(5) Expert guidance
99% of successful people have their own mentors who can master a person's experience in a short period of time.
How to find a mentor
At least find a role model for yourself that you can emulate, observe and understand the person in as many ways as possible.
Meet a successful person every month to build a network of experts, think about how to benefit others, and do everything that improves your own quality.
(6) Repay the society
A portion of the income is fixed on donating to others, handling money responsibly, and giving money makes people happy.
Success means getting what you love, and happiness means enjoying what you get.
One of the easiest strategies to get rich
We can't predict the future, but we can shape it.
Your current financial situation is determined by actions over the past 7 years, and your financial situation in 7 years is determined by the present. If you want to achieve financial freedom, start changing now.
I am Nanxuan, a financial person who loves to read and love running, please support me more, like me more, comment more, pay more attention, thank you!