August 3, 2024 • 10 mins
#FinancialLiteracy #MoneyHacks #MoneyMindset
Unlock the secrets to financial success with these 10 mind-blowing money tips from 50 of the best finance books. Whether you're looking to diversify your income, master budgeting, or build a personalized investment portfolio, this video has got you covered.
*What You'll Learn:*
- *Multiple Income Streams*: Ensure financial security and resilience.
- *Tactical Budgeting*: Maximize your savings and investments.
- *Investment Mastery*: Simple, personalized strategies for investing.
- *Interactive Learning*: Stay engaged with real-life case studies and success stories.
- *Proven Success Stories*: Get inspired by those who have achieved financial well-being.
*Join us on this journey to financial harmony and start your Wealth Rhythm today!*
*DISCLAIMER:* I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. You must conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
*Secrets*
- Spending on Luxury Items Makes You Rich
- Debt is a Gifted Curse to Become Rich Easier
- You Should Make Money While You Sleep
- Money Degrades When It Sleeps in a Bank Account
- Be Friends with Your Money, Revenge Will Pay Back
- Be Frugal, Not Cheap: Invest in Value
- Risk Can Reward and Punish You
- Automate Your Money and See the 8th Wonder
- Budget & Discounts allow you to Join the Millionaire Club
- Thinking Big and Feeling Big: Just Dreams Won't Work!
**#WealthTips #MoneyHacks #FinancialLiteracy #TheMoneyMap #MoneyMindset**
**Keywords:**
Financial Literacy, Money Hacks, Money Mindset, Wealth Building, Personal Finance Tips, Investment Strategies, Budgeting Tips, Saving Money, Passive Income, Financial Freedom
Here is the list of 50 Books we referred for this Summary
### 1. Spending on Luxury Items Makes You Rich
- Secrets Of The Millionaire Mind by T Harv Eker
- You Are a Badass at Making Money by Jen Sincero
- The Psychology of Money by Morgan Housel
- The Abundance Book by John Randolph Price
- The Science of Getting Rich by Wallace D. Wattles
### 2. Debt is a Gifted Curse to Become Rich Easier
- The Total Money Makeover by Dave Ramsey
- Your Money or Your Life by Vicki Robin and Joe Dominguez
- Debt-Free Forever by Gail Vaz-Oxlade
- The Debt Escape Plan by Beverly Harzog
- The Simple Path to Wealth by JL Collins
### 3. You Should Make Money While You Sleep
- Rich Dad Poor Dad by Robert Kiyosaki
- The 4-Hour Workweek by Timothy Ferriss
- The Algebra of Wealth by Scott Galloway
- Technical Analysis of Financial Markets by John J. Murphy
- Multiple Streams of Income by Robert G. Allen
### 4. Money Degrades When It Sleeps in a Bank Account
- The Intelligent Investor by Benjamin Graham
- A Random Walk Down Wall Street by Burton Malkiel
- Unshakeable by Tony Robbins
- The Little Book of Common Sense Investing by John C. Bogle
- I Will Teach You to Be Rich by Ramit Sethi
### 5. Be Friends with Your Money, Revenge Will Pay Back
- Happy Money by Ken Honda
- Money and the Law of Attraction by Esther Hicks and Jerry Hicks
- The Soul of Money by Lynne Twist
- Money Magic by Laurence G. Boldt
- The Energy of Money by Maria Nemeth
### 6. Be Frugal, Not Cheap: Invest in Value
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Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(01:00:00):
No one will tell you these money secrets.
Have you ever wondered why Elon Musk,
Warren Buffett, Bill Gates, Richard
Branson and Jeff Bezos, credits their
success to reading books.
After reading and researching through
this 50 plus personal
finance books over the period of
last five years and applying their
lessons in my life, my
financial life changed completely.
Over the journey, I discovered a pattern
(01:00:21):
emerge which is common
across all these books,
which I call it 10 eye-opening money
secrets that no one tells
you. These secrets are as
powerful as an elixir, as lively as a
vine and as potent as a
venom and they can transform your
life instantly. From saving on assets to
spending on value and on
understanding inflation to the
power of compounding and automation,
(01:00:43):
these 10 secrets will give
you fresh insights to rethink
about your approach and understanding
about money. And don't
forget to check the description
of the whole 50 books listed under each
sections in the description. Let's get
straight to the secret
number one. Secret number one, spending
on luxury will make you
rich. Yes, I said it right.
Money is an energy. The way you interact
with that energy matters.
(01:01:05):
So when you spend on money,
you will have that appreciation and
gratitude towards money
that will make the universe to
attract more riches back to you. Even
when you are in debt, try to spend at
least 10 percentage of your
income on such luxurious, wealthy item
that will motivate you
(01:01:26):
to earn more and that way
you will attract more of abundance back
to you. A tip is to use
cash instead of card. A card is
just a plastic, but your cash has life in
it. So use that life.
Secret number two, having debt
is a gifted curse to become you richer.
(01:01:47):
Yes, debt is a curse. It
will actually challenge the
core of your existence. But if you are
determined to get rid of debt,
then that discipline will pay
off. And once you finish paying off the
debt, that same discipline
can be used to create wealth for
(01:02:07):
you. Secret number three, you should make
money while you are
sleeping. Yes, Warren Buffett told
if you are not doing that, you will work
until you die and you will
not be richer also. Suppose even
you have a very gigantic salary and you
are earning enormous
profits from your company. Still,
your health, everything can be risk. Your
(01:02:29):
job is at risk. Your company
could be in risk and even your
business could collapse. So try to make
sure that you earn money
while you are sleeping, while you
watch TV or while you are just enjoying
your shower as well. Secret
number four, money degrades when
it's sleep in your bank account. You can
safely put your money in the bank
(01:02:51):
account. That's true.
But if you are planning to become rich or
abundant or wealthy by
putting the money into the bank,
actually your today's money is more
valuable than tomorrow's
money or put it another way,
your value of your money will degrade.
You can buy less number of items in
(01:03:13):
future when you put that
money in your bank account. Instead, if
you take that same amount of
money and put it somewhere,
it will generate more wealth. Secret
number five, be friend with your money.
The revenge will pay
back. So having a healthy relationship
with money is essential. If
(01:03:33):
you feel that having money
is actually greed or unwise, then the
moment you get some
money or income or anything,
you will find a way to get rid of it.
This could be coming from societal
conditioning or from the
movie or from culture or your
(01:03:53):
understanding subconsciously.
So you have to make sure that
your money, your currency or the bill,
actually that's your friend, your
partner, your ally in
living a wonderful life for you. Even
when you are spending
something, secret number six,
be frugal but not cheap, inverse in
(01:04:14):
value. So there's a famous
saying telling that if you buy
cheap, you buy twice. So frugality is not
cheap. Frugality is
somewhere you are having a due
diligence or reevaluating the value of a
particular item before you
invest on it. That's important.
It is happening on every part of your
(01:04:34):
life, even if you're buying, say, an
item, a keyboard or a pin
or anything. So that way you can save
your money and make sure that all the
items or the things you
buy, it will stay with you as well.
Secret number seven, risks can reward you
and punish you as well.
So the gigantic profit you are getting
(01:04:56):
from your business is because
you take a risk to start that
business instead of someone else waiting
there, hesitating to start
because of the fear of failure.
Same thing applies that you are paying a
very high amount of
interest rate to your credit card
because you take a big risk or bank took
(01:05:18):
a big risk on giving you
money without making sure that
you have a position to pay back. So in
both cases, risk is
punishing you and rewarding you.
That's the thing. So you should make sure
you should not ignore the
risk. That's not the case.
You should evaluate it, understand it,
(01:05:38):
mitigate it, analyze it, and
somehow you can accept it also.
So one way to consider it is
diversification or in put it simply put
your eggs in multiple baskets
so that the damage on one basket will not
impact you. That's the
point. So we have another book
summary in our channel called algebra of
(01:06:00):
wealth which we are
explaining in detail about such topics.
But in short, diversification is
important and you should respect and
analyze and somehow enjoy
taking the risk as well. So one short
example of diversification
is that if you're planning to
invest, trying to invest in opposite
polar items like stock and gold, usually
(01:06:22):
if you look at in the
market when the stock go down, gold will
go up. Secret number eight,
automate and see the eighth
wonder. Yes, Albert Einstein, I'm not
sure he told it or not, but compounding
interest is the eighth
wonder. That's what people told us. So
the point is that automation is somehow
for sure it is going
to save your time in paying your bills
(01:06:44):
and making your investment,
but it's not ending there. There
is a psychological dimension to it also.
So instead, if you are automating your
thing, it is not allowing
you to think like, okay, I will save
something what is left over. Instead, the
system automatically
will pull your money to your expenses and
your investment and you
(01:07:06):
have less available bandwidth
to allow your cognitive biases to control
your money. And once in a
while, when you look back,
you will see that the money is too much
there. Maybe it's not your
money, because that's the
eighth wonder. Compounding in millonaire
next door, the book, they told
that there is one thing common
(01:07:27):
among all the millionaires. That is, they
all do budgeting. Budgeting may think
like an extra effort
or a waste of time or a simple exercise.
Maybe it's all like that.
You'll think that you have
everything already in your brain. Why
should I budget? But actually
(01:07:48):
budgeting is a very powerful
tool. It is a fundamental tool to your
personal finance and
management. One way it will give you
a small picture and a big picture. One
way to look at it is to just make
multiple baskets or buckets
for it, we call it. So say you should
(01:08:10):
always live below your means. That's a
secret. At least only
spend 55% of your income or less than
that on your expenses. And the remaining
45%, you will divide
across four way. One is long term and
short term investment. 20%
will go there. And another 10%
(01:08:32):
you'll spend for your education and
improvement. And another
10% for the secret number one.
Yes, I mean it for luxurious spending.
And five percentage
remaining, you should give back to the
community. Secret number 10, think big
and feel big. Just dreams
(01:08:52):
don't work. Manifestations and
affirmations also mostly don't work.
There is a critical part in
manifesting that is the belief
or the thought that the faith that this
will happen back to
you. That is the principle
explained in think and grow rich and even
(01:09:13):
any other manifestations
book further to including
law of attraction. Many of us have a
limited mindset. Or we
think that, okay, Ferrari is not
for us. Rolls Royce is not at all for us.
Maybe you think like that.
But actually, if you really
like Rolls Royce, you should think that
(01:09:36):
you are riding one. That's
important. Then only your mind
or another way to put it. Universe only
fill a cup which is free. It
will not fill a cup which is
overflowing or which does not have a
space. So these 10 eye
opening secrets has been distilled
(01:09:57):
from 50 financial books. As we mentioned
in our introduction, all of them is
already listed in the
description as well. So just knowing this
is not sufficient, you
should try to make sure that you
are applying it immediately. Just
automate your spending, diversify your
investment and let us
have a budget that will make your
financial abundant. And
(01:10:17):
always make sure these 10 secrets
are always with you in your financial
journey and your success is inevitable
and invincible as well.
So until we come across with the next
book, thank you for watching. Thank you
for all your support.
Bye for now.
No one will tell you these money secrets.
Have you ever wondered why Elon Musk,
Warren Buffett, Bill Gates, Richard
Branson and Jeff Bezos, credits their
success to reading books.
After reading and researching through
this 50 plus personal
finance books over the period of
last five years and applying their
lessons in my life, my
financial life changed completely.
Over the journey, I discovered a pattern
(01:00:21):
emerge which is common
across all these books,
which I call it 10 eye-opening money
secrets that no one tells
you. These secrets are as
powerful as an elixir, as lively as a
vine and as potent as a
venom and they can transform your
life instantly. From saving on assets to
spending on value and on
understanding inflation to the
power of compounding and automation,
(01:00:43):
these 10 secrets will give
you fresh insights to rethink
about your approach and understanding
about money. And don't
forget to check the description
of the whole 50 books listed under each
sections in the description. Let's get
straight to the secret
number one. Secret number one, spending
on luxury will make you
rich. Yes, I said it right.
Money is an energy. The way you interact
with that energy matters.
(01:01:05):
So when you spend on money,
you will have that appreciation and
gratitude towards money
that will make the universe to
attract more riches back to you. Even
when you are in debt, try to spend at
least 10 percentage of your
income on such luxurious, wealthy item
that will motivate you
(01:01:26):
to earn more and that way
you will attract more of abundance back
to you. A tip is to use
cash instead of card. A card is
just a plastic, but your cash has life in
it. So use that life.
Secret number two, having debt
is a gifted curse to become you richer.
(01:01:47):
Yes, debt is a curse. It
will actually challenge the
core of your existence. But if you are
determined to get rid of debt,
then that discipline will pay
off. And once you finish paying off the
debt, that same discipline
can be used to create wealth for
(01:02:07):
you. Secret number three, you should make
money while you are
sleeping. Yes, Warren Buffett told
if you are not doing that, you will work
until you die and you will
not be richer also. Suppose even
you have a very gigantic salary and you
are earning enormous
profits from your company. Still,
your health, everything can be risk. Your
(01:02:29):
job is at risk. Your company
could be in risk and even your
business could collapse. So try to make
sure that you earn money
while you are sleeping, while you
watch TV or while you are just enjoying
your shower as well. Secret
number four, money degrades when
it's sleep in your bank account. You can
safely put your money in the bank
(01:02:51):
account. That's true.
But if you are planning to become rich or
abundant or wealthy by
putting the money into the bank,
actually your today's money is more
valuable than tomorrow's
money or put it another way,
your value of your money will degrade.
You can buy less number of items in
(01:03:13):
future when you put that
money in your bank account. Instead, if
you take that same amount of
money and put it somewhere,
it will generate more wealth. Secret
number five, be friend with your money.
The revenge will pay
back. So having a healthy relationship
with money is essential. If
(01:03:33):
you feel that having money
is actually greed or unwise, then the
moment you get some
money or income or anything,
you will find a way to get rid of it.
This could be coming from societal
conditioning or from the
movie or from culture or your
(01:03:53):
understanding subconsciously.
So you have to make sure that
your money, your currency or the bill,
actually that's your friend, your
partner, your ally in
living a wonderful life for you. Even
when you are spending
something, secret number six,
be frugal but not cheap, inverse in
(01:04:14):
value. So there's a famous
saying telling that if you buy
cheap, you buy twice. So frugality is not
cheap. Frugality is
somewhere you are having a due
diligence or reevaluating the value of a
particular item before you
invest on it. That's important.
It is happening on every part of your
(01:04:34):
life, even if you're buying, say, an
item, a keyboard or a pin
or anything. So that way you can save
your money and make sure that all the
items or the things you
buy, it will stay with you as well.
Secret number seven, risks can reward you
and punish you as well.
So the gigantic profit you are getting
(01:04:56):
from your business is because
you take a risk to start that
business instead of someone else waiting
there, hesitating to start
because of the fear of failure.
Same thing applies that you are paying a
very high amount of
interest rate to your credit card
because you take a big risk or bank took
(01:05:18):
a big risk on giving you
money without making sure that
you have a position to pay back. So in
both cases, risk is
punishing you and rewarding you.
That's the thing. So you should make sure
you should not ignore the
risk. That's not the case.
You should evaluate it, understand it,
(01:05:38):
mitigate it, analyze it, and
somehow you can accept it also.
So one way to consider it is
diversification or in put it simply put
your eggs in multiple baskets
so that the damage on one basket will not
impact you. That's the
point. So we have another book
summary in our channel called algebra of
(01:06:00):
wealth which we are
explaining in detail about such topics.
But in short, diversification is
important and you should respect and
analyze and somehow enjoy
taking the risk as well. So one short
example of diversification
is that if you're planning to
invest, trying to invest in opposite
polar items like stock and gold, usually
(01:06:22):
if you look at in the
market when the stock go down, gold will
go up. Secret number eight,
automate and see the eighth
wonder. Yes, Albert Einstein, I'm not
sure he told it or not, but compounding
interest is the eighth
wonder. That's what people told us. So
the point is that automation is somehow
for sure it is going
to save your time in paying your bills
(01:06:44):
and making your investment,
but it's not ending there. There
is a psychological dimension to it also.
So instead, if you are automating your
thing, it is not allowing
you to think like, okay, I will save
something what is left over. Instead, the
system automatically
will pull your money to your expenses and
your investment and you
(01:07:06):
have less available bandwidth
to allow your cognitive biases to control
your money. And once in a
while, when you look back,
you will see that the money is too much
there. Maybe it's not your
money, because that's the
eighth wonder. Compounding in millonaire
next door, the book, they told
that there is one thing common
(01:07:27):
among all the millionaires. That is, they
all do budgeting. Budgeting may think
like an extra effort
or a waste of time or a simple exercise.
Maybe it's all like that.
You'll think that you have
everything already in your brain. Why
should I budget? But actually
(01:07:48):
budgeting is a very powerful
tool. It is a fundamental tool to your
personal finance and
management. One way it will give you
a small picture and a big picture. One
way to look at it is to just make
multiple baskets or buckets
for it, we call it. So say you should
(01:08:10):
always live below your means. That's a
secret. At least only
spend 55% of your income or less than
that on your expenses. And the remaining
45%, you will divide
across four way. One is long term and
short term investment. 20%
will go there. And another 10%
(01:08:32):
you'll spend for your education and
improvement. And another
10% for the secret number one.
Yes, I mean it for luxurious spending.
And five percentage
remaining, you should give back to the
community. Secret number 10, think big
and feel big. Just dreams
(01:08:52):
don't work. Manifestations and
affirmations also mostly don't work.
There is a critical part in
manifesting that is the belief
or the thought that the faith that this
will happen back to
you. That is the principle
explained in think and grow rich and even
(01:09:13):
any other manifestations
book further to including
law of attraction. Many of us have a
limited mindset. Or we
think that, okay, Ferrari is not
for us. Rolls Royce is not at all for us.
Maybe you think like that.
But actually, if you really
like Rolls Royce, you should think that
(01:09:36):
you are riding one. That's
important. Then only your mind
or another way to put it. Universe only
fill a cup which is free. It
will not fill a cup which is
overflowing or which does not have a
space. So these 10 eye
opening secrets has been distilled
(01:09:57):
from 50 financial books. As we mentioned
in our introduction, all of them is
already listed in the
description as well. So just knowing this
is not sufficient, you
should try to make sure that you
are applying it immediately. Just
automate your spending, diversify your
investment and let us
have a budget that will make your
financial abundant. And
(01:10:17):
always make sure these 10 secrets
are always with you in your financial
journey and your success is inevitable
and invincible as well.
So until we come across with the next
book, thank you for watching. Thank you
for all your support.
Bye for now.
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