Wisdom From Books

New rules for money……

Posted on: December 2, 2009

 

Cover - Cash Flow Quadrant

Book cover

Here is the common saying:
Go to school, get good education, do a secured job, retire with good money in bank……

However, there are few other NEW rules for earning money.

The cash flow quadrant tells us that a person can earn money be either being an employee, by being self employed, by being business person or by being an investor.

Every one is Chief Executive of one self. Have we ever thought:

1. What are our assets? (Remember that the asset is what feeds me if I have no other source of income)

2. What are our liabilities? (Remember that the liabilities eat me. If I am paying for my house i.e. a lease / mortgage etc., my house is a liability, not an asset – Kindly refer to prior posts / videos for this concept)

3. How does our life’s balance sheet look like?

4. Are we creating any asset?

Here are new rules for money:

Other ideas from the book:

1. Job provides little freedom and personal time.

2. You don’t need school / university education to be rich. Look around and see – how many rich people do you know are very well-educated?

3. An understanding of risk and management of risk is a must when you decide to invest. Making investment is not risky. However, not knowing how to manage risk is risky..

More ideas from the book to come in this week. Keep reading and share your thoughts

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