Diary of a CEO

The podcast, Diary of a CEO, is one of my favorite podcasts. It has everything in it for the entrepreneur. And I consider myself an entrepreneur. Now, last week, Scott Galloway was the guest, and he had some pretty hefty advice to become wealthy. Some tips seem simple, but are so often overlooked by most of us.

First of all, it's about spending, 98 % of all people spend almost everything they earn every month. Regardless if they need the stuff or not. We all need food, clothing and a roof above our heads, but most of our spending is besides these basic needs, is for showing off, or for the dopamine of getting something new. That is something we have to learn to mitigate.

Second, if you are an entrepreneur, be prepared to take risks, that may or may not make your reputation go down the drain, for instance by becoming bankrupt. Because reputation can always be built again, and businesses too. It is about being prepared to take the risks.

Third, once you start earning money, create assets, like investing in simple ETF's or funds, because they make your money while you are not working. And the earnings from your assets are far less taxed than the income from labour. So, this is the key part, grow your assets weekly, monthly. How small the contribution may be, but invest, invest, invest... In the long run, it will create you wealth.

Rich is not wealthy

And then there is this quote from him, which I loved! Being rich, is being able to show of your money to your friends or peers. But that is not wealth.
Wealth is being able to live from the returns of your assets and still being able grow your assets!

Don't mix the two up!

Sincerely,

Pele23

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