The secret to wealth is simple: Find a way to do more for others than anyone else does. Become more valuable. Do more. Give more. Be more. Serve more Money makes the world go around. When you don't have money everyone forgets you and when you have the money you forget yourself. Book reveals 7 simple steps for becoming rich. 1) The Power of compounding. From Albert Einstein to Warren Buffett everyone' has told about the significance of compounding. It's saving your money over a consistent period. Ask how much money you will pay to yourself before utilizing it for any expanse??. Expert signifies laying 10-15% of your money for the future and using remaining for all your expanse. 2) Beware of hidden fees and taxes Taxes and fees can take up to 60-70% of your wealth. Be aware of it from start. To curtail it the safe step is to choose a fiduciary advisor and invest in index funds because both come with low risk and fees. 3) Diversification The key to a winning portfolio is diversified, diversify, diversify. The author guides you in the book to diversify your income in three categorize 1) Security bucket = A constant and safe investment like "government bonds" 2) Risk/growth bucket = Investment where the risk is very high but with that dividends are too high Eg: (high-yield bonds or international stocks) 3) Dream bucket ( Money for your personal use ) The best ratio is 1/3. 4) Upside without downside Distributing your portfolio into 50% stock and 50% bond is a common blueprint among investors but it comes with a huge risk. Simple Solution is. You have to divide up your money based on how much risk/reward there is —not just in equal amounts of dollars in each type of investment. Recommendation This book is best for a fresh college graduate and a retired person. Life will be arduous than your syllabus and odds are that you won't have any re-exam option. The guidance in the book can assist you to earn millions and most importantly contentment. Qotd = Do you think money is everything? Your opinion?. #tonyrobbinsbook #moneybook #investmentbooks #booksummary #successbooks #bookblogging #bookphotos (at Mumbai, Maharashtra) https://www.instagram.com/p/CC_TmZbgwtB/?igshid=a8naxzilhmzi
