How To Do Your Own
I was reading an article by David and Libby Koch in the money section of
Monday’s Herald Sun in Melbourne Australia and I related to many of
the points mentioned.
They were talking about why is it that some people become
wealthy while others stick to the middle of the road.
By understanding how wealthy people think, their attitudes
towards money and the decisions they make, it can better help
us in our own decision making.
They gave 5 main points which I have listed below.
1. Build wealth through earning and not saving.
2. Believe in yourself and take smart risks.
3. Don’t get emotional about money.
4. Maximise your opportunities.
5. Your time does not equal money.
The way that I related to the points mentioned is a little
different to how they wrote them up but in the main you will pick
up the thread.
The point is that you can start with nothing and create something
of worth and value providing you give it time and nurture the
Whilst saving is a great place to start at some point you will
need to educate and develop yourself and take some calculated risks.
You can leverage yourself by using “OPM” other people’s money but it
is your groundwork, your research that should hold you in good stead.
Be prepared to think long term, think about making decisions for 10 years from now.
Investing in your own education and self-awareness on a
continuous and ongoing basis is like an insurance policy
that will help you to become more discerning about the
risks you need to make.
You wont be able to do it all yourself, so build a team around
you of people you like know and trust.
Outside of your team, build a network of people who have
special and specific skills you can either consult too or
pay them too teach you.
Learn to leverage your time and your money so that at some point you
make more money while your sleeping than when you are awake.
In the article Koch says” in order to break away from the daily
grind of the mortgage belt and become wealthy, at some stage you
have to divorce yourself from the idea that the time you spend
working is directly equivalent to the money you earn”.
That’s my observation this week, Phil Matthew
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Other Phil and Tom Related Article/Videos
How To Become Wealthy -By First Defining What Wealth Can Be
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Rich Dad Education – How To Stay On Top Mentally