During my graduation, I changed many rooms in search of solitude. One among the rooms was on the rooftop of an old building. I had nothing much in the room except my suitcase, a matrix on which I lay on and a small TV on the wall provided by the house owner.
As the TV showed Tamil channels which I could not understand, it always remained off. But once when the cricket league got started, I saw hordes of students coming from somewhere to watch the match. Later I came to know that in the whole building I only had the TV. And in this way, I made many new friends, most of them were seniors.
Brijesh, a Bengali boy, who had his room in the same building, often showed his interest in my collection of books, ‘Do you love reading books?’
I told him that I want to become a writer. ‘In this case, you must add some business books in your collection. Selling the art is as difficult as crafting the art,’ said Brijesh. As he was a senior, I listened to his talks respectfully. He wanted to join his father’s business, so he always talked to me about money. Lessons from him enlightened me about the importance of money in one’s life.
Another friend of mine was in the network business. He always had some product to sell. Whenever I meet him, he boasted the features of the products and tried to sell them to me. As he also had a collection of books (mostly on business), after agreeing to purchase his product, I ask him to lend me a few of his books. I bought products from him until I read out his entire collection. One thing I understood that he was working on building wealth creation rather than income creation. Now what is wealth and income creation, an unenlightened may ask.
Income Creation is when you have to do work for the money or you do not get the income. In simple words, working as an employee in a firm and getting the salary every month is income creation. Once, you stop working, your income is stopped.
Wealth Creation is permanent. It is when you escape the time-for-money trap. You do not have to work for money. Money is multiplying by its own. It is generally done by making products and selling it or investing the money. This website is also an example of wealth creation as I’m investing my precious time in it.
A Few More Passive Income Ideas To Build Money:
- Selling e-books
- Create a course online
- Create a mobile app
- Affiliate marketing
- Investing in stocks wisely
Although this website is creating wealth, the prime motive behind my writing will always remain to help others with my knowledge and lessons I got in my life. Money does not bring happiness. Nor does poverty. But below are the points which I think why money is important in life.
- Money is necessary for peace of mind.
- Not always, but money can work in strengthening the relationships.
- Money earned through hard work tastes better.
- A healthy bank balance gives you the freedom to start doing what you love which is difficult when you do not have it (Persistence and determination can beat the lack of resources).
- A healthy bank balance also gives you the freedom to travel the expensive places.
- The dearth of money may enlighten a man that it’s a peak time to work outside the comfort zone.
The biggest advantage of being a youth is that I did not have to think much about the money. If I had lost the money while experimenting, my parents would be there to help me. Moreover, I did not have the bills to pay or a family to feed. Most of the lessons I learned after losing it, so following is what I gained from the past experiences.
1. You Cannot Pour With An Empty Cup
This is something I learned naturally. I always wanted to help people to live their best self. Before writing this post, I asked one question, ‘What should I write now that will help people?’ Like always, an old proverb came across my mind, ‘You cannot pour with an empty cup. Fill yourself first.’
This proverb goes for money also. Most business fails because they avoid taking financial education. They are afraid of updating themselves with the changing world.
Top performers always invest in themselves. They spend their money on buying books, attending seminars and learning new skills. The more they have knowledge the less they have fears to take risks.
2. Uncontrolled Desire For Something Is Nothing
Creating wealth is a long-term process. Before you build wealth for you, you’ll do a lot of mistakes and lose a lot of money. But once, you have discovered out how money works, the next moment you would be free.
Three points that tell how uncontrolled desire for money can result in losing it:
- Once the money begins to flow, a man’s lifestyle changes. He buys an expensive phone or a fancy car rather than investing it. Warren Buffett, one among the richest people on the planet, still lives in a pretty small house in Omaha, Nebraska despite his millions.
- People work for money; they do not work for learning. Once they see the flow of money in their life, they stop focus on improving and updating themselves.
- Greediness and have a false thinking that everyone in the world is immoral often leads to horrendous failure.
3. Invest 20% of Your Income
I read about this point in the book Copycat marketing. The author wrote, ‘The typical millionaire earned his fortune by saving 20% of his income and investing it wisely for years and years. That’s the way the rich get rich and stay rich… by putting their money to work for them by investing it over time.’
4. Wise Investment
Wise investment means avoiding investing in the business you are not enlightened of. Borrowing money on finance and doing wrong investment is a sure way to fall into debt. The steps I follow before putting my money, no matter how little, are:
- Understanding what are the secrets of business by reading dozens of books.
- Focus on the current situation of the business. (If the situation is complex then forget about investment.)
- First, experiment by using less money.
- If there is any hope of getting ROI in the future then take the risk and invest. (In the real world, it’s not the smart that gets ahead but the bold.)
- Have patience; earning money is not rocket science.
5. Creativity Generates Money
On one especially hot, crowded afternoon, Ernest’s fortune took a sudden turn for the better. The ice cream was selling so fast that the vendor ran out of dishes. All he had were sweet Persian waffles that he could not even give away.
Suddenly, Ernest had an idea. He rolled one of his waffles up into a cone that would hold a scoop of ice cream. The cone worked like charm and became an overnight sensation and the hit of the 1905 world’s fair.
Creativity is nearly impossible to copy. Creativity is something that not so many people use because people get frightened of trying new things or they do not have enough patience to complete the work they’ve started.
6. Provide Value
Businessmen who got rich and became famous are really spiritually strong. They provide value to their customers. A true businessman gives his service in a best possible way.
Whatever product you want to create, create it massively awesome. Do not keep your knowledge for later. Empty your cup and develop a masterpiece. By working hard you can fill your cup again.
Whether you are going to write a book or you’ve to develop an app, put your whole heart into it.
Remember, if you are not passionate towards your work, you can never give your best.
7. Self-Improvement Is Mandatory
The first step of self-improvement is to get aware of self. If you do not know your strengths and weakness you can never develop yourself.
One must never leave the path of self-improvement and spirituality. These two educations help you to become stronger in the world inside and make you feel good about yourself. Until a man does not know how to love himself, he cannot progress in the world outside.
Silence and modesty in living are the two major lessons a man learns from the spirituality. By keeping your mind silent, you can feel the outside powerful force. This force lifts you towards a whole new level of spirituality.
This website is created to help you get aware of the world inside. The more you develop yourself, the more happiness and success you can savor in life.
Well, the room full of books is my luxury. Books develop me. I just love spending time with them. Without books, I’ve not reached this place in my life. I feel grateful that I understood the value of time at an early stage of life.
As this post is about money, I’ve listed down a few books, in no particular order, that made me aware how one can create an impressive wealth in life.
- Think And Grow Rich by Napolean Hill
- Rich Dad Poor Dad by Robert Kiyosaki
- How To Win Friends And Influence People by Dale Carnegie
- The Intelligent Investor by Benjamin Graham
- Zero To One by Peter Thiel
- Copy Cat Marketing 101 by Burke Hedges
If you’ve read any of the books listed above then you can share with me in the comments below. Also, if you like the post subscribe to this website, so that you don’t miss latest updates.