What Really Makes The Rich Get Richer And The Poor Get Poorer - The Five Laws Of Gold

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This video shares principles for saving and investing money, from the book the Richest man in Babylon. If you have never read the book, you will be blown away by the tried and tested lessons it presents for accumulating wealth and riches.

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DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.
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1.) Put aside some money
2.) Invest the money
3.) Ask people who know how to invest
4.) Understand your investment
5.) Do not gamble or fall for scams

Chujutsu
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My old boss drove a lemon and brought her own lunches to work. She owned her own home in Pasadena. I never forgot that. She was a great boss too.

seventhfirestephanie
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How to be rich. 1) don't borrow money for things that loose money i.e. car payments. 2) don't spend money you don't have. 3) Be happy with yourself and quit spending money to try to impress others. All I can think of right now.

mjp
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The secret of your future is hidden in your daily routine. Successful people do daily what the unsuccessful only do occasionally.

thestylishman
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I grew up around a lot of wealthy people, and the wealthiest people lived like they make $50k a year. They drove old cars like toyota corollas and didn't go on fancy vacations. They invested through places like vanguard in index funds. The ones with boats and fancy cars and big houses were actually broke, even though they made deep into 6 figures, they spent it all keeping up with the Jones'

fordracng
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You get poor by paying interest...
You get rich by collecting interest.

mrsparex
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The best decision I ever made in my life was investing in financial market. Trust me guys, it pays!😊

kailaneregina
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They forgot to say stop buying 1000$ iPhones

mrcwoodworks
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One of the first rules of making money....


1/ DON'T TELL ANYONE

sadikmeah
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The problem is, when one is born into money, it's very easy to maintain or grow that money. When one is born into poverty, or even middle class these days, it's incredibly difficult to break through to the level of those born with money even with proper investing. Even the most simple opportunities that the wealthy have access to that the poor don't makes a dramatic difference in "success".

jaygatsby
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Laws of gold:-
1) save 10% of ur income
2) Invest ur money
3) seek the right advice
4) Dont invest in unknown areas
5) No possible right way to become quick rich.

Pritamsagar
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Eight years ago I inherited enough to retire and I now have a net worth that is 30% more than I inherited. My sister inherited as much as me and now she's looking for a job.

gastonave
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It all comes down to priorities. Do you prioritize your material wants above your time? Time is the ultimate limited resource. Every purchase you make is essentially traded for time spent toiling away in your day job. Think about it.

personalfinanceprofessor
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Lack of self discipline, lack of emotional strength to over come discouragements, lack of ability to cope with stress. These are contributing factors.

waterheaterservices
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I disagree with the third law. Financial advisors rarely are correct. The third law is read and research before buying or investing.

MrSwanseajames
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It's true. I've seen my parents try the quick ways to get rich. I'm not rich, personally, but I feel more financially stable because I've been using the practices in the video.

TravisPluss
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Rich dad poor dad the richest man in Babylon think and grow Rich those books change my financial life

chestervillaruel
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An older gentleman once told me, "the rich get richer, while the poor have babies."

hotstockgirl
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The general concepts are sound.

However both Kiyosaki and Clayson ignore (conveniently) market competition, personal skills, and legitmate need of your speciality services.

If the advice were this easy to implement, no one would be poor.

jakobrosser
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Be careful though: Just because someone is an expert doesn't mean they'll give you advice that's in your favor

tomlxyz