Remember All This Flashcards
It doesn’t take money to make money
It doesn’t take money to make money
Questions to as yourself
Are you building a pipeline or are you hauling buckets?
Are you working hard or are you working smart?
It’s not what we do but more of what we generate income from
It’s not what we do but more how we generate income
Important words are “income generated from”
Important words are “income generated from”
You only have so many hours in a day and you can only work so hard. So why work hard for the money?
Learn to have money and people work hard for you and you can be free to do things that are important
Money is important but I don’t want to spend my life working for it
Money is important but I don’t want to spend my life working for it
Definition of wealth
Number of days you can survive without physically working and still maintain your standard of living.
Wealth is measured in time not dollars
Wealth is measured in time not dollars
Income from your investments must be greater than your monthly expenses
Income from your investments must be greater than your monthly expenses
What matters?
It’s not how much money you make that matters, but how much money you keep, and how long that money works for you
What is the main problem in today’s generation
Doctors say today stress is caused by working hard and never having enough money. Biggest cause of disorders today is “cancer of wallets”
How do you know if money is coming from I quadrant?
If the rent collected is greater than the expenses to manage the property, then it means money is coming from I quadrant
How do you know if you are generating income from I quadrant
How much money you generate from the quadrant without working on it
What does it take to be financially free?
It takes neither money to be financially free, nor a good formal education. Instead freedom’s price is measured in dreams, desires and the ability to overcome disappointments that occur along the way
Min number of quadrants you should be in
In the aspect of financial security, having two quadrants gives greater stability in the world of financial freedom
One hard truth and fact
The reality is that your boss’s job is not to make you rich. Your boss’s job is to make sure you get your paycheck. It’s your job to become rich if you want to. And that job begins the moment you receive your paycheck
Do you have to work extra?
When at work, work hard. But remember that what you do after work hours with your paycheck and spare time will determine your future.
If you work hard on the left side you will work hard forever. If you work hard on the right side, you have a chance of financial freedom
What should be the goal?
Be in B and I quadrant.
The goal is to own a system and have people work that system for you.
What should you keep in mind when taking a loan/debt?
If you take on debt personally, make sure it’s small. If you take on large debt, make sure some one else is paying for it.
Always believe facts and don’t rely on opinions
If you can’t research and find if something is a fact, then it is an opinion
What is due diligence in finance?
Due diligence simply means doing your homework and finding which statements are opinions and which are facts
Is just due diligence enough?
People who are afraid of making mistakes all they do is just due diligence and then do nothing. Too much due diligence is also called analysis paralysis
What is important to achieve goals?
Focus on what you have to be than what you have to do
