Introduction
Intro, so these are 9 tips from Rich DP that changed my life, and hopefully they can change yours too.
All right, so the first one is that one of the main problems with school is that we are taught that making mistakes is a bad thing and we are punished for them, yet humans learn from making mistakes; we learn to walk by falling down. Like Robert says, we either succeed or we learn. Failure is one of the most motivating and powerful tools that we have.
1. Money
Most people don’t talk about money with their friends or family, but it is one of the more important things to talk about. Rich DP discusses how poor people will never discuss finances or their money, claiming they’re not interested in it. In contrast, the rich will discuss it around the dinner table; it becomes a topic of conversation because it is one of the more important things in our lives. It’s what we trade our lives for; we exchange our time and effort for money.
Well, most people think it’s important to go to school, get your degree, and get a good, high-paying job with a big company. That is not how you become wealthy. Instead, we should be studying money, trying to figure out how to make money work for us, especially when we’re younger, and working for experience instead of money.
2. Motivation
Rich DP shares personal experiences, having tried various jobs in different forms of business, sales, and online marketing. Each job allowed him to learn something valuable, emphasizing the importance of working for experience and knowledge rather than just for money.
So, if you’re not seeing results, instead of just working harder, which is the default thing that most people do when they have money problems, take a step back and ask yourself if you should be running so hard in the direction that you’re running.
Use your motivation, desire, and greed to actually motivate you to make more money. As an aspiring minimalist, the author uses the desire for a Tesla as motivation to grow the channel. This approach encourages readers to use their goals as a carrot to dangle in front of themselves, fostering motivation to make more money.
Instead of saying, “I can’t afford it,” which allows you to shut it off and say, “I’ll never have it,” ask yourself, “How can I afford it?”
In summary, Rich DP’s tips encompass learning from failures, discussing the importance of money, challenging traditional advice, focusing on experience over money, and using motivation and desire as tools for financial success.
3. Reputation
Reputation is a powerful aspect of shaping our lives. It involves the image we hold of ourselves and the impact it has on our actions and decisions. Building a positive reputation can be transformative, especially when it comes to areas such as health and finance. Let’s explore how reputation plays a crucial role in our lives.
Building a positive health reputation
Since the realization of the importance of reputation, the speaker has been applying this concept to health. The idea is to perceive oneself as a fit and healthy person, making choices aligned with this self-image. This involves dietary decisions, exercise habits, and an overall commitment to well-being.
Financial Reputation
Similarly, applying the concept of reputation to finances is emphasized. Viewing oneself as a wealthy person before making financial decisions can lead to more thoughtful choices. The importance of learning about investing and money management is highlighted, urging individuals to invest time in education before venturing into financial endeavors.
4. Choices
From seemingly mundane activities to major life decisions, each choice contributes to the overall trajectory of our lives. Let’s delve into the significance of choices and how they impact our journey.
The Abundance of Choices
The speaker emphasizes the plethora of choices available to us in every moment. Activities range from leisure pursuits like watching TV and playing video games to more productive endeavors such as learning about money. Understanding that each choice has consequences is a crucial aspect of making mindful decisions.
Studying Money as a Choice
A particular focus is placed on the choice to study money. The speaker encourages individuals to recognize that the decisions made daily, including what to study, directly influence their lives. To achieve financial goals, it is essential to spend time learning about money, whether through books, videos, or other educational resources.
5. Stop focusing on toilets.
Fear and distractions often hinder individuals from taking necessary actions, particularly in the realm of investments. The speaker addresses the common fear of dealing with practical issues like fixing toilets and advocates for a shift in focus. Let’s explore why it’s crucial to overcome such fears and redirect attention towards financial freedom.
Overcoming Fear in Investing
Many people allow fear or past negative experiences to prevent them from taking action on investments. The speaker discusses how some individuals avoid real estate investments due to a fear of dealing with maintenance issues like fixing toilets. However, the focus should be on the long-term financial benefits rather than the short-term inconveniences.
Prioritizing financial freedom
The importance of redirecting attention from trivial concerns, like fixing toilets, to the broader goal of achieving financial freedom is highlighted. By understanding the bigger picture and the potential for positive change, individuals can overcome obstacles and focus on the transformative aspects of their financial journey.
6. Be generous.
Be generous; most people say that once they have more money, they’ll give, or anything they have left at the end of the month, they’ll give. They focus on receiving first and then giving.
But as we all know, it’s better to give than to receive, and he talks about this mentality of if you need help, then help somebody else. If you need money, give money away. Obviously, not irresponsibly, but having the nature of being blessed, having abundance, and being able to help other people. Focus on that instead of always focusing on yourself and what you don’t have.
7. Focus on assets
Focus on assets; we need to focus on assets instead of liabilities. Most people don’t know what an asset versus a liability is; it’s not something they focus on. But it’s one of the more important things if you want to be wealthy.
An asset is something that puts money in your pocket every single month, and a liability is something that takes money from your pocket every single month. People who say they’re not interested in money are often fine, yet they’ll go to work 8 hours a day for almost every day of the best years of their lives so they can earn money. It is important; it’s not a bad subject to talk about.
8. Overcome Fear
Overcome fear; most people will never win because they’re afraid of losing. The fear of losing money is greater than the joy and happiness of actually being successful. So, they’ll never invest, they’ll never leave their job, and they’ll never take any risks. They’d rather play it safe and guarantee that they’re going to continue living paycheck to paycheck, staying exactly where they are.
If you want to have financial freedom, you need to overcome fear and surround yourself with people who are smarter than you. You don’t need to be an expert on everything, but you do need to know experts on everything.
9. Start Minding Your Business
Start Minding Your Business; a lot of people will never move past working for a paycheck, and they’ll only focus on their income. To gain financial freedom, you have to move past always trading your time for money. Start focusing on buying real estate, buying stocks, starting a business, or doing something that will continue to pay you while you’re sleeping.
Eventually, you can surpass your job’s income and have freedom in your life. A lot of people will dream about being wealthy, healthy, and fit, but very few actually take action and do something. Action always beats inaction. Just get out there and do something.
