Laws For Economical Success
1. Money is a resource NOT the goal
If you have enough money and income for food, water, shelter, and your basic wants in life then chances are you don't need more money. Capital at this point should no longer be a part of the plan unless you have it working towards future goal(s). Say if you want to buy a house or a car or you want to save for an emergency and so on and what you are making now can't supply it to you then seeking out more finances isn't a bad idea. However, if you are just seeking out money for mostly superficial reasons (i.e. to be popular, pride, drugs, etc.) with no ethical purpose guiding it then you are susceptible to being taken advantage of, wasting your time, or if you finally do get it then it will destroy you. Treat it as the resource that it is NOT A GOAL.
2. Debt is a tool NOT the enemy
Dave Ramsey always talks about get out of debt because the average American wants to get out of debt and that happens to be his audience. Most of the debt that we talk about in America is student loan debt which is the worst kind of debt, followed by mortgages which would be the second worse, then your standard loans and credit cards being more objective and dependent upon how they are used. Anyway, so many people want to get out of debt because they have taken on the bad kind of debt or are irresponsible or are just not well informed on debt itself. Rich people, and people who understand debt don't want to get out of debt. In fact they love it and probably want more debt. You see debt is not the enemy. It is like anything else a tool. A tool can be good or bad dependent upon it's use. Say for instance I have a knife. I can use that knife to open a tightly secured box or cut some vegetable and fruit for a meal which is good. Now on the bad end I can use it to hurt someone or take a life. This is debt. Debt utilized properly should be used to make you more money or save you money. If you don't know how to use a tool properly then don't use it at all until you understand it better. Plain and simple.
3. A strong team shouldn't just be a dream
In life as in business you can't do everything yourself. You need a team to really help propel you forward. A team, the right team is your biggest (legitimate) shortcut to success, and that team shouldn't be a group of people where you are the smartest. Then everybody ends up looking for a hand out once you make it big without giving you nothing in return. The team should ideally consist of people who are talented or those whose talents exceed yours in other areas. Say you are a well known singer then it would be a great idea to have a vocals teachers so your singer can get better, a fitness coach so you always look good in public, a lawyer to handle to any legal contracts and lawsuits that may arise, etc. An when you hire these people aim for the best, the most trust worthy people who have your interest at heart and are not just looking to fill their pockets. Find out what they were doing before they became who they are now and audit them from time to time. Run some background checks into their past, friends, relatives, and check if they have any criminal history. Stay on your toes not just in your craft, but also on those who are regularly around you.
4. The long game is usually the way to go
As in finances as with anything else in life, anything that seems too good to be true usually is. The same can be said at how easy one attains a highly desired item like money. If it's a get rich quick or get this highly desired object with no strings attached then chances are the idea isn't worth your time or energy. Everything has a price and the more highly valued something is the higher the cost is likely to be. So, if the price of a valued item is listed for insanely lower then what it's actually worth then always consider the cost (risk). Don't take shortcuts in life and you'll likely avoid any pitfalls from getting what you want by alternative routes.
5. The more money you make the more taxes become a problem
You always hear especially on the higher end of the spectrum about the dread of taxes. That's because it really is that bad when you make a massive amount of capital. Imagine making 1 million dollars a year and having to pay 3 to 400 thousand to the government in taxes. The point here is, everybody talks about making more money and we all want to make more money. But when you finally are making a substantial amount of money now you got to focus on being able to keep it by learning how to (legally) subvert taxes.
6. Success is about 5% creativity and 95% business
A lot of people think it's about creativity or talent or being the most popular person out in the world, but it's about business. Never forget the business aspect of things otherwise you will always be on the losing side of the spectrum. Well, if your goal is to make and maintain capital. On the other hand if your goal is to just be popular then that isn't to difficult. Creativity, friendship, love, leisurely activities or whatever you choose the 5 percent to be are often important factors for your come up, but business should ALWAYS be the cornerstone and foundation for everything you do. By making business of the highest priority you avoid wasting time, money, energy, peace of mind, getting screwed over, and losing your sanity. A business mindset is not just a tool for wealth. It is a tool for life that if utilized regularly will make success in any area that much easier.