I recently read Your Money or Your Life, an insightful book about personal finance. I have read the book about a decade ago, but a decade is a long time so I decided to read it again to refresh my memory. There is a concept that is emphasized again and again in the book. That concept is frugality. The book says that frugality is the key to living a fulfilled life financially and I agree with it.
Note: This post is written by Gabriel Fishbein Having a family is one of the most fulfilling accomplishments; it’s a whole new chapter of life. Whether you have one child or more, you probably know that as rewarding as being a parent is, it can also be tough sometimes.
We can’t deny the fact that we need money. We need money to pay our bills. We also need it to advance in our lives (e.g. for education). But what is the right way to treat money? How can we live a meaningful life without money worries? I believe this quote by Jonathan Swift gives us a good answer:
A while back, I read The Code Book by Simon Singh. It’s a good book about the history of codes and code breaking. Among others, the book covers the role of code breakers in wars. They play an essential role there. Why? Because if you break the enemy’s code, you can grasp the real situation of the battle. You can then make the right decisions. Instead of just directing your troops based on guesses, you can direct them the right way. That was the case in World War II. The Allies were able to break the Axis’ code, and because of that they had situational awareness, which gave them a big advantage.
Money, of course, plays an important role in our lives. While it’s not everything, it can help you achieve your goals. That’s why you should always increase your financial intelligence. An important part of financial intelligence is learning how to build wealth. I recently read a good book on that titled The Millionaire Fastlane by MJ Demarco. You might not like the title, but it’s a solid book with good advice. In fact, it’s one of the best books I’ve ever read on wealth creation. The book contains a lot of lessons, so I can’t cover all of them here. But I’d like to share the key lessons with you. If these lessons seem controversial, I suggest you to read the book yourself. I don’t have the space to explain the concepts in depth, but the book gets its point across well. Without further ado, here are seven key lessons on wealth creation: