10 rules to create wealth
- Don’t chase industries that are booming, there are many people that do this and there is often an oversupply.
It’s better to look at crashing industries and figure out how to monitise it. (or disrupt industries yourself) For example, I was recently looking at making our own newspaper and we are doing a magazine. Print media is a dying business but it’s likely that it is settled now and there are different ways to approach it.
Amazon is a great example of a replacement for a crashing retail industry.
- Entrepreneur or Intrapreneur – In many cases, you don’t need to be an entrepreneur, you can easily be an intrapreneur. You can have less risk of losing money and still gain some equity.
- Save 20-80% per month and invest it
- Be aware of fake news, rumours and noise. A bad market sentiment is the best time to enter a market.
- Learn to monitise fear – if people are afraid, they will listen to you. Show your solution to fix their fears.
- Study market crashes (Ray Dalio has some great content on it) look at the pre, during and post.
- Know your next move, you should have lots of moves planned depending on different circumstances.
- Obsessively drive the one behaviour that makes you the most money, which of our behaviours makes us the most value? networking? creating content? planning? what gives us the edge? How do we dominate?
- Increase your value in the market place, it doesn’t matter if the market crashes, if your value keeps increasing, you will be in higher demand.
- Study opposing business and financial views, I am into stocks and shares but I still watch guys investing in property. I still look at opposing analysist views.