1. Firstly KISS, Keep It Simple Stupid. Many of the suggestions given about life are very simple. Start by getting the simple things right first is the magic key. For example, researched done have shown that how much you invest and for how long is the most important key determinant of wealth at retirement. Not percentage returns, salary or even level of financial knowledge.
2. Get rich gurus always ask you to ditch your job for easy money. In reality, the reverse is true. Get a job and then be good at it. After that, start your own business.
3. Be realistic and only control what you are able to control. Stop worrying about things like when the stock market will crash or other things you can’t control. Instead, focus on the business fundamental and invest in conviction of your analysis like Warren Buffett.
4. Learn and focus on emotional control. Often, one of the biggest risks is our own emotion. For example, the market crashes aren’t a risk in and of themselves. Historically, markets have always rebound and move higher. However, what is at risk is the markets falling, and you panic and sold out.
5. First gain knowledge and take calculated risks is one of the keys to success. No risk no gain and taking those risks when you are young can be even more rational as you have less to lose.
6. Be a lifelong learner. Attending school, or university, is the just the start of the learning process. The more you learn, the more you are likely to prosper.
7. Focus on action and not ideas alone. Knowledge is important and so is implementation. Knowledge is potential power. Yet implementing knowledge is the real power that counts.
8. Mediate and cultivate personality traits like persistence is just as important as any of the above traits.
9. Work hard and working smart is
just as vital in this digital age. Be sure to work really hard on
relevant tasks that are important to your long-term plan. If you
can't even draft out your life-plan, how you expect the universe to help
you to succeed.
10. Spending below what you earn
is also a kind of self-disciple and learning to invest your surplus wisely
means you let your money work hard for you too.
11. Don’t keep spending more as you earn a lot more. Many people do this mistake in their 30s. More money comes in, and just as much (sometimes more) goest out.
12. Avoid most any forms of consumption debts.
13. Don't be a perfectionist. 80% of success is just showing up as Woody Allen once said. So, often, it makes sense to just let things get started.
14. Don’t purely reply on the media for impartial advice, as the business commercial model is based on sensationalism
15. Read and educate yourself about personal finances. If you are too busy for that, use an advisor.
16. Once many the above points had been achieved, perhaps going beyond the basics and simple is a great idea.
Thanks for reading and may success be with you.
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