Mindset & Psychology

We Have Forgotten How to Say “No,” But This is Precisely the KEY to a RICH Life: 4 Rules of Monetary Well-being

We very often try to “squeeze” too many things, tasks and desires into our lives.

But, alas, our “days on earth” are always limited — and we simply do not have time to do everything that we want to do.

That is why each of us should sort out our priorities in order to choose the most important and significant.

After all, the main secret of time management is not at all in being as efficient and productive as possible, but in deciding WHAT TO NEGLECT and what to give up (that is, the secret is in the correct prioritization).

1) “What do I want from life”?

Not only time management, but also the road to sustainable financial well-being begins with this question.

A powerful side effect of searching for an answer to this question is the elimination of “second-level priorities,” that is, those matters and tasks that, in fact, are not that important to us.

Whatever it is, if it is not one of the top five things you want in life, then you should decisively abandon it (or urgently delegate this task to someone else).

The ability to say “NO” is the key to a full and rich life.

2) Calculation of opportunity costs

First, I will explain the term “opportunity costs” — these are the potential benefits that a person misses by refusing to do something.

Since most of the time these “lost benefits” are not visible, they are easy to overlook. Especially if you are not used to thinking in such categories.

Calculating several alternative options allows you to make the best decisions.

Incl. from a financial point of view — by comparing all the benefits and costs of each possible alternative.

For greater clarity, I will give the following example:

Any investor often faces a difficult choice of what is more profitable for him to invest his money in: 

(1) buy real estate for rent or (2) buy shares on the stock market.

A novice investor almost always chooses the first option, as it is more familiar and understandable (especially if he has read Robert Kiyosaki’s books).

An experienced investor is well aware that real estate is the worst investment option (due to extremely low liquidity and a constant fall in its value in real terms).

3) Five thousand weeks

On average, we can expect to live approximately this amount of time in this world.

Not so much….

Therefore, we must stop deceiving ourselves that we still have a lot of time ahead of us.

We must clearly decide:

* what is important to us and what is not;

* what exactly should we do in the professional field of activity (and what should we refuse);

* how we will increase our income;

* how we will generate wealth and financial capital.

Each of us has to make a difficult choice, but there is no worthy alternative to it.

Because we are not able to “embrace the immensity.”

And the exclusion of the “infinite” will lead to the expansion of the parameters of the possible.

4) What matters is what you DON’T read.

Avoid reading news published in financial media!

This is “addition by subtraction.”

By doing this, you will prevent your thinking from becoming someone else’s.

Get used to making decisions about your money on your own, and not under outside pressure.

By CashGuy

Online Money Maker

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