What does success require, luck, hard work, or both? Success largely depends on luck.
If you succeed, it may be because
You are intelligent and/or good-looking, this is a matter of genetics.
Your parents love you and take care of you. (Imagine if you were born into an abusive family)
You receive education at a good school (rather than your contributions)
You have the company of good friends (lucky)
You were born in the right country (imagine being born in Syria or Afghanistan)
You were born at the right time (imagine Gandhi being born in today's India)
You are born with the correct talents (imagine Bill Gates born in the 19th century)
If we analyze honestly, we can easily understand the role of luck in our success.
In fact, even if you are very lucky, success still requires hard work.
However, if you are unlucky, despite all your efforts, you will not succeed.
For example, we all know that the Prime Minister of India, Narendra Modi, is very diligent.
Due to his diligence and dedication, he went from being a tea seller to becoming the Prime Minister of the world's largest democratic country.
Of course, he also possesses all the other qualities needed to be a successful politician.
We tend to attribute his success to his hard work.
What is the biggest secret of wealth?
I used to think that wealth was about earning more - getting a high salary or winning the lottery. But then I met someone who completely changed my perspective. He is not extravagant and doesn't show off; in fact, he lives a simple life. What sets him apart is his mindset.
One day, he told me: "Wealth is not something you chase after, but something you silently accumulate step by step." This sentence left a deep impression on me. He didn't make millions in a year, but over time, he created a financially independent life through some small, deliberate decisions.
Here are the five habits he shared with me, perhaps the 'secret' to wealth you have been looking for:
1. Start with high-interest savings
His first step was to no longer keep money in ordinary bank accounts with almost no interest. Instead, he deposited his savings into high-yield accounts with annual returns of 5% or higher - which he called "free funds".
He pointed out that with tools like this list of high-interest savings accounts, anyone can start increasing their savings passively.
2. Cut recurring expenses, especially insurance
He's used to checking his expenses every year - water and electricity bills, subscription fees, even car insurance. "Most people unknowingly overpay for insurance," he told me. By using tools like Coverage.com, he ensures he always gets the best prices, saving hundreds of dollars every year.
3. Get rid of debt as soon as possible
One thing he never tolerates is high-interest debt. "Debt will erode your ability to accumulate wealth," he explained. For those struggling with credit card debt or loans, he recommends using programs like national debt relief to get them back on track and start afresh.
4. Invest early—even if it's just a little bit.
"People think investing is only for the wealthy, but that's not true," he said. He started small, investing in accounts that offer bonuses or low fees, allowing compound growth to play a significant role. Even $10 a month can make an impact over time.
5. Protect your credit score.
He also emphasized the importance of maintaining a high credit score. "Good credit is not just about borrowing, it also includes saving," he said. With a high score, he saved thousands of dollars in interest and always had access to the best financial products. If your score needs improvement, there are tools available to help.
The biggest secret? It's those little things.
I learned from him that wealth is not built on one major decision, but the sum of dozens of small and wise choices. By saving a little here, investing a little there, minimizing waste as much as possible, he quietly accumulated wealth without sacrificing his quality of life.
If you are ready to start accumulating your own wealth, you can take some small steps immediately:
Open a high-interest savings account.
Check for better rates on auto insurance.
Explore debt relief programs.
Start investing with your bonus.
Improve your credit score.
Wealth is not about luck, but about actions. Start with small things, persevere, and see how far you can go. If you want to support my work, feel free to use this article - it helps me continue creating valuable content.
The biggest secret to getting rich lies in the brain.
That's correct.
If you can change your way of thinking, then it is possible to obtain huge wealth. The amount of wealth you have is directly proportional to the degree of change in your mindset.
You may think this is an easy thing. However, changing your mentality may be one of the most difficult things in the world.
Warren Buffett likened it to teaching fish how to survive on land.
Here are some wealth secrets, which are actually not secrets, but the pointers and habits that rich people use every day to gain enormous wealth.
1. Change your mindset through reading.
2. Seek self-education. Academic education can only help you find a job. Self-education will help you become wealthy.
3. Learn at least 5 technical skills and 5 soft skills.
4. Learn human management, financial management, and machine management.
5. Learn how to utilize other people's money, time, talent, and skills.
6. Seek financial education. School education will teach you how to buy good things. Financial education will teach you how to invest for your future.
7. Learn the vocabulary of the rich. Your language must change.
8. Invest instead of saving. Saving is a term used to make banks wealthy.
9. Invest in businesses and other income-generating enterprises.
10. Acquire financial management skills.
11. Buy assets instead of liabilities.
12. Develop your financial discipline. Learn to resist impulse spending.
13. Learn to delay consumption.
14. Become a bookworm.
15. Learn something new every day.
16. Cultivate some financial principles, morality, and philosophy. Deal honestly with everyone.
17. Develop character.
18. Learn to take calculated risks.
19. Learn to overcome fear and doubt.
20. Imagine you are already wealthy.
21. Learn to see opportunities where others see problems.
22. Cultivate creativity and imagination.
23. Cultivate an optimistic mindset.
Avoid baseless arguments and debates.
Choose your friends carefully.
Find about 5 excellent mentors and strive to be at their average level.
Develop long-term financial plans and blueprints.
Establish multiple sources of income.
Clarify your financial beliefs and follow them devoutly.
Create a blueprint of daily habits and strictly adhere to it.
Cultivate the art of listening.
Sometimes free services can be provided, but do not hesitate to charge for any services provided.
Learn to pay yourself first.
Cultivate a spirit of generosity. Give back one-tenth of the profit to society, charity organizations, or churches.
How can I break the habit of daily intraday stock trading? I am addicted to it, suffering heavy losses.
Day trading is very addictive.
I can inform anyone who trades daily in writing that they will strive to profit on weekends.
Now, let me first answer why there is a huge loss?
I will give you an example from real life.
Tell me, how will it be if I start performing heart surgery tomorrow? No need to study 5 years of MBBS and 2 years of MD to become a heart disease specialist.
Do you think a holder of a Master's degree in Computer Science can perform surgery without studying any knowledge of human anatomy?
Yes, I can. If one can trade without understanding the stock market, then why not perform surgery?
Guys, that's the problem, most people don't even have the basic knowledge before they start trading. They only start learning the basics when they lose all their capital.
Learn before you earn. Trading also requires learning and preparation.
Let's get to the main issue.
Although I follow the market, I don't trade every day of the 5 trading days in a week.
I have a fixed goal, and when I achieve that goal, I consider it done.
Just like this, if you are continuously losing, fix a certain amount X, if I can make so much profit, then my work today is done.
If you become greedy after reaching your goal, the likelihood of losing profits will also be higher.
Similarly, if you exceed that amount, fix some amount of the loss, stop and do not trade.
If you trade to make up for losses, your losses will be even greater.
Everything goes smoothly.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
成熟投资者：格局，概率，取舍。没有格局必然急功近利。不计概率会把运气当技术。不懂取舍，有所不为，最后必落入陷阱和圈套。
1345Followers
71Following
7512Visitors
Follow
PAUL BIN ANTHONY : New life come true