Hello Everyone!
Who does not want to make money? We all are here to make money. But ever wondered why you need money? A basic and common reason is to meet our several expenses we need money. How to make money? By travelling on that path which leads to money.
Now comes the most important question. How to ensure that the path you chose is the right one? The answer is: It should match 3 sentences.
Those 3 sentences are basic and no one talks about them. Even I am ashamed to dedicate a blog post to them. They don’t deserve it. The first sentence contains only 5 words, the second too contains 5 words and the third contains 4 words. So, there are only 14 words in total. But despite all this, around 85% of the money lovers tend to ignore them. So, here I go.
Yes, this is the first rule.
Warren buffet (Walmart head) once said – do not save what is left after spending, rather spend what is left after saving.
You need to manage savings and expenditure. Will discuss this separately.
You might be wondering isn’t it too basic to be written here. Well, more than half of the world misunderstands this rule.
You need to buy cheaper and sell costlier. Yes, it is that simple. You also need to make an important assumption. Cost is what you give up. If you purchased something but spent money on its maintenance, your cost will increase. You need to recover this cost. You need to make something more and that is your net profit.
It is important to redefine costs so that we can proceed towards profit optimization.
Who wants to work day and night till the last day in order to make money? Don’t we have personal life?
We need to find something where we earn even if we aren’t active at all. That’s why blogging is getting popular.
Happy money making.
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View Comments
Good insights, particularly about the cost of maintaining (or even operating) an asset! Many people think only of what money can buy them and of the things they want, but they fail to understand the true cost of their purchases.
In everything we do, there is always the word balance. Some people forget things about being a person and not live just because of money. In a business context, profit is company's blood. That's the basic principles in maximizing the effort to gain more. However, some companies forget social responsibility. They cannot share the profit with people who also needs to survive.
That's just the fundamental laws of money you listed out there. Anyone that painstakingly abides by this rules is absolutely on his way to a very great financial future. So also, anyone who either knowingly or unknowingly ignores these rules is prepared for poverty