Five Quotes That Will Make You Rich

Life is rich

Who doesn’t want to become rich? I know I do. But how rich is rich enough? Infinite right? At least as much as I’ll never be able to spend fully, or at least I won’t have to look at the bill ever again. Right? This mentality is why we need to rework our approach to money and work

The truth about money

We use money as a proxy of value that is created, shared, exchanged and (hopefully) earned. If we work to earn money, and money is just a proxy for value. Then we work to create value, money is the byproduct. The magnitude of value we can provide (which is subjective), usually in our close-to-stable societies, means that we’ll be rewarded with a similar magnitude of earning.

In principle this is sound, but it’s missing a major point. Value creation cannot be done with a goal of never looking at the bill again. Becoming so rich that you’ll never be able to spend it fully, requires a principle and lifestyle shift that very few top leaders of our societies follow. These principles are timeless and can be applied not just to money but to every aspect of your lives.

Where to find these principles?

Simple they’ve written it down for us! You can check out phrazee.com to find quotes, principles and their action steps for not just money, but for self help, business, leadership, relationships and many more.

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Here are 5 quotes that will make you rich

The rich invest in time, the poor invest in money - Warren Buffet

Time is the finite resource we all share from our birth. The way we utilise time, defines our destinies. Wasting time has become a habit. But everyone has experienced, at least once, that focused time is rewarding. Maybe not instantly, but everyone has reaped the benefits of focused time. Now imagine if we used this focused time more and more. If we because so conscious of our limited time, that instead of letting it pass by, we conduct ourself productively, which creates value for us creates a ripple effect on people around us. That’s what Warren Buffet has tried to make us conscious of. Rich don’t become rich by focusing on money. But by investing their time on being productive and useful.

The first rule of compounding: Never interrupt it unnecessarily. - Charlie Munger

Compounding is something that our linear brains have a hard time wrapping around. We see the world in a linear manner, but compounding, specifically compound interest happens in an exponential manner. It’s a snowball effect that grows our money over time. So how do we ensure that it does grow as we’d like it to? Using the principle of Charlie Munger. Compounding only grows to it’s full strength when given enough time. Think of it like a tree, the more you nurture it over time, the bigger it’ll grow and soon you’ll enjoy the fruits of it. Similarly compounding works best when uninterrupted.

The man who does more than he is paid for will soon be paid for more than he does - Napoleon Hill

This ties back to the money being a proxy for value creation. Doing more than we’re paid for, leads us to create more value, take more risks, go out of our comfort zone. Which is where we want to be at. The sweet spot. It might seem like Napoleon Hill might be asking people to reach for too much. There is a fear that all the effort is going to waste. The uncertainty of a reward stops us from taking a step further. But isn’t taking a step further just to know whether we can better than any external reward? So take one, and then another. The man who does more than he is paid for will soon be paid for more than he does

Act your wage. - Dave Ramsey

This is it. This is the one line that would make you rich. To spend less than you make guarantees that you’re securing your future while developing discipline. Most people let their lifestyle go up with their salary. Credit cards have allowed people to stretch their legs a little too far out of their financial blanket. They get new EMIs, bigger appliances, better laptops, premium smartphones till they can increase their salaries and then upgrade even further. This vicious cycle can be stopped. By building patience. By experiencing what we can. By knowing the difference between our desires and our interests. We become rich by acting our wage.

Know what you own, and know why you own it. - Peter Lynch

We live in the age of abundance. Be it diet, food, investments, tech products, to do lists, productivity apps, category has one too many options. Which is understandable. Each of us has a unique set of preferences and large scale products are made to according to preferences of the general audience. So we buy into products that are made for everyone. But these are not just limited to needs. We sometimes buy products because it is preferred by the society or recommended by our peers. The latest Nike shoes, an iPhone or the latest car.

We buy into them, because everyone is buying them.

That’s where lies our opportunity. The opportunity to be different. The opportunity to know ourselves a little better. The opportunity to not be generic. Take inventory. If we understand why we own what we own can tell us a lot about our desires. If we know them, we can manage them. Acknowledging and managing our desires, stops us from indulging and overspending on things we don’t really need. Know what you own, and know why you own it.

To know more quotes like these go to phrazee.com and take your next step towards growth. One line at a time.