Money can't buy you love or happiness but it can certainly buy you out of a lot of unhappiness
and it can give you a lot of pleasure Hi I'm Chris I'm a doctor I've read this book which basically
contains 109 things about how to manage your money and about nine suggestions about managing
other people's money I'm gonna summarize the most important parts really wealth and money
clearly are not the same but from the point of this book it seems they're virtually synonymous
so here's 10 things that people want to spend their money on security comfort luxuries mobility
ideally first class travel status that's prestigious invitations for example
influence and if you're donating substantial sums of money people will listen to you leisure are you
able to choose where you want to go with who and when popularity and this is being able
to entertain friends and acquaintances who know that you give potentially generously
you'll have a very active social life if that's what you choose and finally philanthropy and that
philanthropy is often what you'd look at people who have made it then turn in to giving it away
let's build your wealth so think wealthy get wealthy and then get even wealthier how do you
do that well basically you need to carry out regular financial checks and that's important
just to not think I've forgotten about a debt therefore it's paid off this would be added in
all of your outgoings and your in-goings and then actually think about your finances in the future
what potential up um what potential things are you going to be spending on the outgoings some
of those you can predict some will not be as easy to predict but having a contingency fund there you
can roughly work out how much you need in relation to your current spending and your outgoings
this book would suggest about half a year's income is what you should have saved away then you want
to make savings simple by often just having a percentage of your say of your income that
you will dedicate to savings and after that you may wish to divvy it up accordingly the author
stated he saved 50 of his income which is much higher than other similar books would suggest
even when you're looking at somebody reading a newspaper it's harder now because they all do it
on their phones but you could see how much money somebody makes roughly by seeing which newspaper
they read and which part of the newspaper they attention to pay attention to first so the book
would suggest if you've got a kind of financial times high-end newspaper versus one with a red
top that the person who's reading the the former will potentially earn more and then it would be
about the money or the business sections are they going for those first or are they going
for the celebrity bit first clearly this is just an association and it's not causation and if you
like reading a particular newspaper go for it you know in terms of children it's important not to
protect them too much from the valuable experience of poverty and by this it's the learning lessons
and learning about the valuable meaning of money remember with other people's money
it's up to them they can spend it how they wish or how they like this is particularly challenging
if you have parents who perhaps may have even promised an inheritance and then go and spend
their money on things that you don't approve of remember it's their money it's not yours with
your money you should make your own decisions but you can't blame other people for how they manage
their finances so another thing is how we think about wealth and that can potentially hold us back
because if in our heart we believe that money is bad uh then we're not going to be pursuing more
money and that could unwittingly undermine efforts to obtain more money because the more effort
you put into making money generally the more you'll get and it's getting that simple system
so that you can keep earning saving and managing future needs that will help you become wealthy
because once you've got the ball rolling and you're starting to earn money that's the time
to accelerate and put more effort in because a lot of this is about making effort over time because
thinking of money it's a slow process to gain it and if you actually did get it all quickly
chances are you just spend it and that isn't good whereas if you've gathered it over that period of
time you will have also gathered the know-how to actually make the surplus cash work for you
it's important clearly to make financial decisions wisely after considered thought but after you've
had the plan then take action don't just leave it in an interest save an account that's given
pitiful return at present it's important to negotiate particularly if you're trying to
gain lots of wealth because you what you'll find is with negotiations it's often not a one-off
transaction and you'll never see somebody again so you're really aiming to establish rapport
know what your bottom line is what the walk away point is for you
and aim for a win-win situation and be prepared to perhaps be flexible and fluid so that you can
negotiate and give some things away to achieve more of what you want it's clearly important
for you to know what you want when you go into negotiations and also have as much knowledge of
that particular negotiation as possible because in these circumstances knowledge is certainly
power so going back to money don't borrow it unless you really really really have to
keep working harder than those around you and it's only at their very end when you can think
okay time to turn into philanthropy and start giving things away don't just say I'm
comfortable stop if money is what you want keep working on it see other people for what they are
of course not how much money they have because some people are fearful that money can change
people but other things can change people fame having kids a promotion drugs alcohol most people
are just themselves whether they have an abundance of money or not so try to really see others
for who they are not um how much money they have for me that's glaringly obvious advice but I
think it's an important message from this book I'll leave you with this and it's about taking
action with your money you have to think like a samurai they lived by a simple creed no hesitation
no doubt no surprise no fear so once you've decided on a course of action
such as battle or combat then be committed so think what you want to do with your money and then
make that thoughtful decision and then do do it don't be afraid after dedicated thought
do it quickly make your money work for you hope you found that helpful I'll see you next time