E003: How to Be Rich

Passionately Wrong Podcast Episode E003

How to be Rich

Key takeaway: You can get rich by anyone's definition with a modest salary, and you can be poor despite making a tremendous salary. Your starting conditions don't determine where you end up because of the power of time. Time is one of the best things that you can put to your service in the pursuit of material things.

Topics covered in this video:

• Time is your friend
• Determine what benefits are available at your company (401K match, education, etc.)
• The purpose of wealth is to give you freedom, flexibility, and time
• Don’t fall prey to Hedonic adaptation
• Don’t compare yourself to others when determining what you need.
• Try and save 10-20% of your salary every month.
• Be generous with your knowledge

Resources: 

The Latte Factor - David Bach

LaLuRich - Netflix (about Multi-Level Marketing)