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Daily Meeting - Personal Finance 17: Owning & Controlling ResourcesWhen you own and control resources, the power is in your handsWhen you own control resources, you sell problems you have solved, not productsWhen you sell problems you have solved, you don’t have to beg people for anythingOnly when you own and control resources do you solve your problemsRich Folk FactsRich people don’t come to win, they come to get paidRich people prefer MRI (monthly recurring income)The wealthy don’t delay; they do things immediately The wealthy do everything with the spirit of excellenceYou will accidentally become a millionaire if you do everything with a spirit of excellenceThe wealthy do things differently than everybody elseYou can’t live on Earth brokeWealthy people only fight vertical battlesWealthy people are vertical ownersVertical ownership is when you are the salesperson and you’re a partner in the productWhen wealthy people need a certain amount of money, they don’t go to the bank and beg; they go to their community and serveWealthy people’s communities are partnershipsThe wealthy have no intentions on not being wealthyThe only way to keep your wealth is to serveInequality is big businessWHY THE RICH GET RICHERI have heard from many people around me that their expenses always seem to keep up with their income. They do not understand why they earn more than they used to but still have no money left at the end of the month. They struggle financially because when their income goes up, their expenses also go up. However, their assets do not increase, but their liabilities do! They work to make their boss rich, they work to pay government taxes, and they work for the bank to pay off their debts. Working harder means that you will have to hand over an even bigger share of your efforts to these three parties.You must decide where you exist in this societyMoney follows rules, and as long as you understand the rules, money will bend and bow to youThe rich get richer because their assets generate more than enough income to cover their expenses, and part of the income is then reinvested into new assets, therefore increasing the generated income even further. On the stock market, net income which is reinvested is called retained earnings. Reinvesting income into new assets triggers the power of compounded interest, to which Einstein once famously referred as the "eighth wonder of the world.”A savvy person who understands business will keep their investmentsYou will work harder than anybody else, and make less than everybody else, or your money will work harder than anybody else and have more than anybody else.Owning and controlling assets should be your new goalClosing Thoughts Emulate the wealthy We have been talking about income generating assets, but what falls into that category? Here is a list to give some ideas:Businesses that do not require your presenceStocksBondsMutual fundsIncome-generating real estateRoyaltiesAnd really anything which appreciates in value over timeIf you think investing is scary and just another word for gambling, then I advise you to read into the low-risk, high-return strategy used by the investment greats: value investing.Rich Dad, Poor Dad in 20 Points1. For most people, their profession is their income. For rich people, their assets are their income.2. If I want to buy something, I must first generate enough cash flow from my assets to cover these expenses. Buy luxuries last, not first.3. Excess cash flow generated by my assets should be reinvested into other assets.4. Do not simply aim for more income, aim for more assets.5. Keep your expenses low and reduce your liabilities.6. Create a corporation to protect your assets and reduce tax expenses. An employee earns, gets taxed, and then spends what is left. A corporation earns, spends everything it can, and then gets taxed on what is left. This is the biggest legal loophole that the rich use!7. Know a little about a lot. Learn something about accounting, investing, markets, the law, sales, marketing, leadership, writing, speaking, and negotiating. An investment in knowledge pays the best interest.8. Work to learn, don't work to earn. Find a job where you can learn one or more of the above mentioned skills.9. Do not simply buy investments. First invest in learning about investing.10. You will become what you study, so choose your study materials carefully. Find people who are the best in their field. Then study and emulate them.11. Every rich person has lost money at some point, but many poor people have never lost a dime. Playing not to lose money means you will never make money. "Winning means being unafraid to lose."12. Failure inspires winners and defeats losers. When something does not work out the way you planned, let it inspire you to try a different approach. Learn and move on.13. Be in control over your emotions. Do not let fear or opinions of the general public dictate your actions. When stock prices decline, people run away. However, when the local supermarket has a sale, people buy as much as they can.14. Most sellers ask too much. It is rare that the asking price is lower than something is worth.15. Surround yourself with people who are smarter than you, and pay them well!16. Saying "I can't afford it" shuts down your brain. Asking "How can I afford it?" opens up your brain and triggers your financial genius to come up with a creative solution.17. Pay yourself first. Each month, first invest a certain amount of money into income generating assets before you pay your bills. You come up short? Use this pressure to pay to inspire you to come up with innovative ways to get enough money to pay the bills before the bill collector comes knocking at your door. This is a difficult, but very important principle. However, it does not mean you should be irresponsible. Always pay your bills. Just pay yourself first, not last. If you pay yourself last, you would feel no pressure, but you would probably not come up with new sources of income either.18. Have a clear purpose in mind. Why do you want to earn more passive income? For me, because I do not want to work all my life. I want to have control over how I decide to spend my time. Also, I want to support my parents financially, because they have been working hard all their life and they deserve an amazing retirement. Write down yours, because it will keep you motivated.19. Listening is more important than talking. Do not constantly argue and think with your mouth, but instead ask questions and absorb new ideas.20. On the market: do not follow the crowd, and do not try to time the market. Profits are made when you buy, not when you sell.Support this podcast at — https://redcircle.com/the-secret-to-success/exclusive-contentAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy