I am concerned that too many people are focused too much on money and not on their greatest wealth, which is their education. If people are prepared to be flexible, keep an open mind and learn, they will grow richer and richer through the changes. If they think money will solve the problems, I am afraid those people will have a rough ride. Intelligence solves problems and produces money.
“My friend was gracious enough to conduct me around his place. In the sitting room alone, I could see three giant television sets. In the adjoining rooms, I could see some sophisticated toys which I rightly suspected were for the children”. “My friend had thought, as many others I have encountered erroneously do, that his cars, toys, home theatres were assets. But that is misleading. An informed wealth builder would classify the same items as liabilities. You can only consider an item an asset if it brings to the pocket money that you can spend or save.
“At this stage of our discussion, I am reminded of the contribution of USA Senator Elizabeth Warren’s popular 50/30/20 financial planning rule. This rule is cited in her book, titled: “All your worth; the ultimate lifetime money plan”, which is useful to successfully build and sustain wealth, particularly with employees and self-employed wealth builders.
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