When it comes to money, I’m always for learning from people who’ve already done it. Questions like “how to save more money”, “how to invest in the right way”, “how to get out of debt”, etc. have specific techniques to go about with and are best answered by people who’ve done it themselves. They say experience is the best teacher, and when it comes to money, it couldn’t be truer.
One such personality, who has seen it all, is Patrick Bet David.
American Investor, financial advisor and multi-millionaire, Patrick Bet David, fled to the U.S. as an Iranian refugee. Needless to say, he didn’t have the best childhood. As a teenager, with an entrepreneurial mindset, he was always on the lookout for ways to make money to buy the best baseball cards.
He grew up to serve in the U.S. military for a brief period and work at various prestigious firms, before starting his own company, PHP Agency. Today, at 38, he is a father of two, a multi-millionaire and a mentor to the hundreds of thousands of people that follow him online, on his Entrepreneurship YouTube channel, Valuetainment and its various social media profiles.
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Here are a few of his rules of money:
For more information like this, please make sure to check out his YouTube channel here.
1.It’s a game:
Patrick says, Rule #1 is the most important one, and it's the one you have to buy into immediately. It's very simple. You may want to fight it, but regardless of what you do, it's a rule. And the rule is that money is a game.”
The bad part: Since it’s a game, sometime you win and sometimes you lose.
The good part: The more you play, the better you get at it.
I, for one, focus on the good part. The more planned investments you make, the better you get at making them. You’ve got to remember that almost nothing works the first few times; chances are 1 in a hundred, that you won’t fail. Buy hey, failure is also a part of the game. Practice makes perfect and you’ve got to keep trying.
2.If you hate money, you’ll never get money:
When was the last time you said either one of these: “Money is not important” “I don’t need money” “One can live without money” “Rich people are so and so….”? If you hate money, you’ll never get more of it. Change your mindset.
Here’s the deal. Money is not everything. However, it is important. Money is a tool; a commodity- that allows us to invest in our ideas. Weather we chose to do it or not, is a different topic.
Remember, there is no nobility in poverty. Being rich, doesn’t mean you’re an evil person, as much as being poor doesn’t mean you’re a saintly person. Stop hating on money.
Apart from being a successful business magnate, Patrick is also a well-known author. Two of his famous titles, “The 25 Laws of doing the Impossible (2011)”, and “Drop out and get Schooled (2017)”, are available in our bookstore. To have a deeper insight on his tips, you might want to get yourself a copy, below. Alongside, are a few more of our recommended reads. By the way, these are some of the best book prices on the Internet, don’t hesitate to invest in yourself.
3.Don’t let money seduce you, you seduce money:
Here’s what Patrick says: ” Let me explain to you about seduction. Money likes to be seduced. Money's attracted to seducers. Just like a woman doesn't like a desperate man, money doesn't like desperate people. Money's not attracted to desperate people that want it so bad because they want to show it off to everybody. No, no, you need to seduce money. When you do, all of a sudden money will say, ‘Oh, I like this guy, I like this girl. Oh my gosh! I'm turned on by you.’”
4.Have a secret account:
The idea here is to have a secret account, nobody knows about- not even your spouse or parents. It could be cold cash, as long as nobody- except for you, of course- know about it.
Patrick says, “A secret account is what saved my business when we were going through a difficult time. The company's checking account went down to $13,000, and I had payroll, commissions and everything to pay out of it. The crisis account that I had is what saved us. No one knew about it. That money showed up, I put it back into the business, and we lasted through the tough times. So, you always need to have a secret crisis account.”
The idea here is to have a deposit that no one knows exists. In fact, you yourself should try and forget about it. This stash is going to be your last resort, in times of disaster.
5.Don’t fly first class:
Earning more is a big part of having more money. But, spending wisely is equally important.
Your biz is doing fine, you can obviously afford it. You know what else I know about you? You fly back and forth 10 times a month for work, and spend an extra 2000$ each time. That’s an extra expenditure of 20k, per month!
Patrick says, “Obviously, I can afford to do it, no problem. But here's how I did the math. If I pay $2,000 for a first-class flight and I can get on the same flight for $500, that's $1500 more I'm paying for the flight. If I fly nine times a month, that's a $13,500 monthly difference. Do you know what I can do with $13,500? That's four employees or marketing or expansion. Over a year, it's $162,000. Why would I waste that money? That's an executive I could bring in, or two incredible employees. So I don't pay first class.”
When should you fly first class, then?
“After you make 10 million,” Patrick says. At that point you could probably even buy a private jet.
6.Crises can make you wealthy:
Most of us think the exact opposite. Here’s what Patrick says: “Every time crisis happens, a LOT of people become wealthy. Why? Because everything's on sale when there's a crisis. People sell exotics because they can no longer afford them. People sell artwork for 1/5 of the price and homes for 1/2 of the price. All kinds of things are for sale when there's an end of the world type of mentality.
So it's important to have a strategy for this time. Some say the markets will tank again in the next two to three years. I don't know if that will happen, but what I do know is that they'll tank in the next 20 years. And you have to be ready for it because there will be opportunities, if you're prepared.”
In situations like these, it’s always the wisest investors around, that emerge successful. To make sure you fall into this category of investors, start educating yourself and associating with the right people. This brings us to the next point; study smart investors.
7. Study smart investors, they know ‘the game’
Learn the right mindset of money making, from successful entrepreneurs. For example, read every single thing Warren Buffet puts out- every single tweet, every article, every interview, every book. Study great people in search of keys to success. You might not have time to shadow every single investment that your mentor or idol makes, but you can get pretty close to that. Social media has made it easier than ever to know the whereabouts of successful people. Books are another great and effective way to surround yourself with the ideas of successful people.
People ask, "Why did Warren Buffett spend $35 million to buy silver six years ago? And why does he stay away from technology?" The thing you have to respect about Warren Buffett is that he sticks to a philosophy long enough until it works. So study smart investors.
8. Befriend money makers:
Patrick says, “Befriend money makers that you trust. Here's why. If you're around other people that know how to make money, you're going to make money. If you're around people that don't make money and don't know how to make money, you won't make a lot of money. That's just how things work.”
Who you’re around, determines how you behave. The Law of Averages states that you are the average of the five people you most commonly associate yourself with. Think about it- many of your habits, are in fact, affected by the people around you. It is your duty, to protect your environment from those who will hold you back from acquiring success in life.
I hope this article gave you a good insight on how you can make more money and lead a better life. For more articles like this one, check out the suggestions below. Also, make sure to head over to our store and get yourself a copy of your favorite books, for the best prices on the Internet.
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