1. Do not underestimate the role of chance in life.
It is easy to assume that wealth and poverty are caused by the choices we make, but it is even easier to underestimate the role of chance in life.
Although you must believe in the values and benefits of hard work, it is also important to understand that not all success is the result of hard work and that not all poverty is due to laziness. Keep this in mind when forming opinions about others, including yourself.
2. The biggest profits give the opportunity to control time.
The ability to do what you want, when you want, where you want, with whom you want, and for as long as you want, provides a lasting level of happiness that no amount of “fantasy” can ever offer.
The thrill of having fashion stuff fades quickly. Being able to retire whenever you want means you will never grow old.
Achieving independence is our ultimate goal in life. But independence is not “all or nothing” – every dollar earned is like owning a piece of your future that might otherwise be run by someone else based on their priorities.
3. Don’t rely entirely on yourself.
Learning that you can’t have everything you want is the only way to understand needs versus desires. This in turn will teach you how to budget, save and evaluate what you already have.
Knowing how to be frugal – without hurting you – is a basic life skill that will be useful to you during the inevitable ups and downs of life.
4. Success does not always come from big actions.
You don’t have to do amazing things to get in a good place over time, you just have to keep fucking yourself for long periods of time.
Avoiding catastrophic mistakes (the biggest of which is burying oneself in debt) is more powerful than any fantastic financial advice.
5. Live on less than your means.
The ability to live on less is one of the most powerful financial levers because you will have more control over it than over things like your income or return on investment.
A man who makes $ 50,000 a year but only needs $ 40,000 to be happy is richer than a man who makes $ 150,000 but needs $ 151,000 to be happy. An investor who earns a 5% return but has low costs may be better than an investor who earns 7% per year but needs every penny of it.
What you do does not determine how much you have and does not determine exactly how much you need.
6. It is good to change your mind.
Almost no one has invented their life until the age of 18, so it’s not the end of the world if you choose a major that you don’t enjoy in the end. Or earn a degree in an area you are not 100% passionate about. Or you work in a career and later decide you want to do something else.
It is good to acknowledge that your values and goals have evolved. Forgiving yourself for changing your mind is a superpower, especially when you are young.
7. Everything has a price.
Everything worthwhile comes with a price and most of those prices are hidden. Sometimes it’s worth paying, but you should never ignore their real costs.
Once you accept this, you will begin to look at things like time, relationships, autonomy, and creativity as currencies that are just as valuable as money.
8. Money is not the greatest measure of success.
Money will not provide what you (and almost everyone else) want most. No amount of money can compensate for the lack of character, honesty and genuine empathy for others.
9. Do not blindly take any advice given to you.
All the lessons here are things that most people learn too late in life. But do not hesitate to reject them.
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