Why you all need to work hard to make a million dollars

The songwriter said: “If I can see it, then I can do it, if I just believe it, then it’s nothing.” Because your knuckles are there; it means whatever you can think of and believe it is easy to achieve. Think of a million dollars and guess what? Your mind will start thinking about how to gradually reach a million dollars.

You can’t sit at home and worry about why you are not making money, and then all kinds of money are gone. No, the opposite will happen, and you will eventually lose more money, or even go bankrupt.

If you know what is happening in the world, you will find that something interesting is happening in the world we live in. It seems that those with confidence end up with prizes, and those who lack confidence end up with trophies with nothing. Even Oprah, a billionaire talk show host, said that the world is built on intentions. Therefore, keep your intentions as good as possible, otherwise you may end up suffering, trust me.

When someone asks how much money they want to make in the future, I have heard countless people answer that they just want to make enough money to live comfortably. They just want to earn food for a week, pay rent this month, and pay the bus tickets this month, nothing more.

Among these people who just want to live a comfortable life, ten out of ten people are unemployed or lost their homes because of their small thinking. After buying the first house, I even fell into this trap. I feel that I have achieved so much that I am determined not to work hard. In fact, I cut my working hours in half. Want to know what happened? Just like that, I was fired in the next 8 months!

I cannot overemphasize the importance of photographing clouds. Clouds are worth a million dollars, because, as they say, you might just land in the sky? But this may end up being 500,000 $, which is not bad.

Therefore, today no longer just want to have enough money to do or do that thing, no, consider having too much money, so that your mind will work with you to bring this wealth into your life, if You actually end up earning a million and feel that it is too much for you because you are a selfish person, then go to hell and give part of it to others, at least it still got somehow Good use.

Financial Advisor-How does reverse gender discrimination become an acceptable norm?

I believe that there is no gender in pretending to participate in sexist activities. This may be the worst manifestation of the moral foundation in human endeavour. Let us take the financial media industry as an example.

Okay, The Wall Street Journal lists the top financial advisors. The men and women on the list are based on rank, actual return and the amount of funds managed. Then, the “Wall Street Journal” listed the top female financial advisors. Looking at this, it’s easy to say: So what? But this is only because we have been trained to think this is correct, even if it blatantly shows total prejudice against women. I asked myself why the Wall Street Journal did this?

Quite simply, the people in the media are journalists, and journalists spend a lot of time in college to get a degree in journalism, so they have more time to be brainwashed into the trap of sexism theory, which shows that in our patriarchy Women in female society are victims. The commercial newspaper “Wall Street Journal” pretends to be above all else, but judging from the choice of content, they are obviously not.

If the situation is fair, there is no gender discrimination, and everything is truly “gender neutral,” then there is only one list of men and women, or only two lists, one with men and one with women, which is fair to both. When we look at the list of all financial advisors, there is only one woman in the top 20 and only four women in the top 100. This is not a good performance. Of course there may be reasons for this, but these numbers are Reasonable and square. We live in a highly competitive society, and the financial sector does so. These are actual results based on predetermined standards. This is a fact.

If for some reason we (as a society) worry that women look bad on such surveys and data points, or if we are concerned about The Wall Street Journal, then we have better options.

A. Do not publish surveys at all

B. Two separate surveys-one for men and one for women

If we choose “A”, then we will be biased towards retaining or hiding data, which will only perpetuate the misuse of abilities and support the theme of complete equality between men and women in all aspects of human endeavour. We are not. All of us know or should already know this, just by observing our species and basic people observing our species need to understand the inner technology of the world around us.

Therefore, the method above “A” is worse than the “financial consultant survey” we are currently conducting, but it may not be as meaningful as “B” in the selection.

At that time, one might argue that a gender studies professor would definitely say that the reason why women were only 4 in the top 100 was because the industry was biased towards women. Okay, let’s take a moment? First of all, the field of Financial Advisor is a very new field. In fact, the first batch of people even got permission for it, and the first batch of courses took place in the late 70s and early 80s. There are women in these first-class cabins. I know, because I am married to one of them and is actually a student in the first class. Most people in the class are men, but there are also women.

Maybe that class title or subject is not so interesting to women. Anyone at the time can register. Most stockbrokers who are a little tired of the standards are first-class brokers, but not all of them. Some people are just people with financial, banking and accounting and other backgrounds and interests. The entire industry started without prejudice. In fact, some people may say that because “Financial Advisor” mainly involves the “relationship” with customers, that is, women may be more suitable, so this is of course my bias, because I believe that women who evolve into mothers in the family department do better it is good. I am better than men in terms of interpersonal relationships, but I digress because I have spent enough words on this topic to fill a day’s artificial Internet data.

So why do men outperform women in financial advisory? Well, it can be said that men are usually more competitive and therefore take a higher-risk approach, which will make them very successful, or generally less successful, so they will collapse, burn and find new jobs in other fields. A survey shows that in this situation, the worst-performing or worst-performing financial advisers (in terms of return) will be full of people. Women who are better relationship builders take less risk because they don’t want their clients to lose money, so their average rate of return is higher, and working overtime is a safer choice. This may actually make them “better” overall, which is the subject of future conversations.

The interesting thing about all this, please note that I will not talk nonsense about “gender equality” or even make the financial sector highly respected. It is when people are busy playing gender equality games and the government is busy making more regulations in the department, artificial intelligence robot consultants take over. Soon, the best candidates for work were not men, women, or even transgender people, but computers. Well done human, you did it yourself-again!

Steps to build a strong financial foundation

Are you the master of wealth? you should!

In order to build a stable structure, you must start with a durable financial foundation that will strengthen your future goals while taking care of you. What do you need to do to put the structure in place? It is very clear. The following strategies will help strengthen your financial confidence and prepare for financial success.

Get organized

Before continuing, you must know your current financial situation. You can first develop a personal balance sheet. Make a list of each asset (owned assets) and liabilities (liabilities). Once you have collected all the statistics, this will give you an idea of ​​your net worth.

Next, find out your monthly cash flow and check your credit limit. You can use budget templates like this to help simplify the process.

Increase your net worth

-Analyze your take-home salary

-Make sure your expenses are less than your income. Use tools such as Moneydesktop to track your personal finances, which can put you in control of your finances and simplify your life.

-Pay on time, manage debt responsibly, and pay all additional costs of consumer debt.

-Save money for your long-term goals. Open an employer-sponsored 401(k) and make sure you take advantage of any employer matching plan.

Protect yourself

Now that you have organized and followed the growth plan, you need to ensure that you are financially safe. Try to implement these options.

-Because life will happen, establish an emergency fund. You must ensure that your financial situation is reliable-avoid falling into debt in the event of unexpected costs or other financial crises.

-Check your insurance coverage. When unexpected expenses occur, these types of strategies will help limit your out-of-pocket expenses.

-Make sure you create or update your real estate plan. This may include updating your will, building trust in survival, and making power of attorney and health care instructions.

Prioritize debt reduction

Pay excessive interest through borrowed interest to avoid excessive expansion. This will prevent you from spending your money on other financial goals. Debt repayment is the ideal way to start building a financial foundation. If you are interested in implementing a rapid debt repayment strategy, try using the debt snowball method or other financial strategies to lower interest rates.

Define your financial goals

Now that you have put all the elements together to build your financial foundation, it is time to ask yourself short-term and long-term needs. Remember, your goals should be wise: specific, measurable, achievable, realistic and time-bound. Here are some concepts that can help you get started.

-Save house deposit

-Establish a retirement fund

-Save money for children’s college

-Establish an emergency fund

-Save bucket list for holidays

-financial freedom

Now let’s implement it

-Strictly disciplined: stick to the plan

-Maintain a balanced budget. If your expenses exceed your income, you cannot maintain financial health.

-Automate your finances (regular fund transfers from checks to savings, and online bill payment)

As you can see, building a financial foundation requires great attention and determination. If you follow the step-by-step process, you will not help but see the results. Most importantly, you will begin to have confidence in your ability to create and sustain a new healthy financial life.

Financial Antivirus Stimulus Package and Gold Medal

Unfortunately, the new coronavirus is fatal not only to humans but also to the global economy. The central bank has already launched a rocket launcher, but monetary policy cannot do anything during the pandemic because their supply interruption and self-isolation have effectively frozen economic activity. Interestingly, even the central bank seems to admit its incompetence. As Jerome Powell said in a recent press conference:

“We don’t have the tools to reach individuals, especially small businesses, other businesses and people who may be unemployed… We do believe that fiscal responses are crucial.”

The government was soon persuaded to intervene and increase spending. For example, Spain announced a $220B economic stimulus plan, which accounts for almost 16% of its GDP. The United Kingdom has launched a larger stimulus package: an unprecedented $400 billion financial rescue program, accounting for almost 15% of GDP, to “support employment, income and business activities.” Germany goes further: Germany authorizes its KfW Bank to provide companies with loans of up to 610 billion U.S. dollars, or about 16% of GDP, to mitigate the impact of the coronavirus.

Trump has signed two packages, but the value is only $108 billion. But don’t worry: the Americans have yet to say their last words. Republican and Democratic senators have reached an agreement on a stimulus package of approximately $2 trillion. Yes, you read it right. Two plague trillions! But if you think a lot, you are wrong! In terms of US GDP, the two trillion is “only” 9.4%. So don’t worry, there is room for further stimulation if needed.

Will huge fiscal stimulus help? Well, it depends on the details. Much depends on the government spending some money in response to this epidemic. Expenditures on healthcare and vaccine research are urgently needed, so even fiscal hawks like us will not complain. However, it cannot prove the F-35’s approach, and it can also be said that funding for infrastructure projects is currently not very helpful. As you will see, this is a unique situation where the entire economy is frozen to flatten the curve and prevent the health care system from collapsing. But when the company is closed, they have no income. Without income, people have no wages. Without wages and income, the loan cannot be repaid. Without repayment, the banking system collapsed-the entire system collapsed like a house of cards. Therefore, some support is needed to prevent this from happening so that people can fulfill their obligations smoothly.

It remains to be seen whether loose fiscal policy will help. But the recent unprecedented fiscal stimulus will have a very important consequence. The fiscal deficit will soar. Forget about austerity, surplus or even a balanced budget. Therefore, public debt will inevitably follow.

Why is it so important? Well, the global debt level is already high. In the third quarter, global debt, including debt, household, government, and corporate debt, rose to $253 trillion, an increase of more than 322%, the highest level on record. In many countries, public debt will soar to unstable levels.

In addition, this increases the possibility of the United States falling into stagflation, which means that gold investment is likely to be particularly attractive. Before it becomes obvious to all investors, it may be a good idea to consider learning more about this precious metal-if it does, its price may already be much higher.

Some things are more important than your deposit interest rate certificate

Whether you are planning to retire or just want to protect your funds, looking for a reliable long-term investment usually means comparing certificates of deposit from different institutions. CD interest rates are usually low, and many programs end up unexpectedly close to the inflation rate. In other words, a portfolio with a moderate certificate of deposit may grow in dollars, but there is no real value growth. This is better than simply burying the money in a hole, because the value of $500 will be greatly reduced in a few decades. A bottle of Coke that used to consume nickel may now cost a dollar or more, and the composition does not seem to be much better.

When you compare the deposit interest rates of different banks and credit unions, it is important to keep the overall picture in mind. Not only will inflation reduce the impact of any earnings, but early withdrawals usually mean fines. If you feel pressured by comparing all the details of different options, remember that certain things in life are more important.

Invest time, not just money

If you spent two full weekends comparing plans online and talking to investors, you have already made a major investment. How much is your free time worth per hour? Assuming you are working full-time, evenings and weekends are more valuable. If you have to pay yourself overtime for the time spent researching and comparing financial options, will the information you get is worth that much?

From the perspective of hourly wages, it is difficult to “invest” time in a way that seems worthwhile, but “saving” time is more intuitive. If you need the entire portfolio to manage the fund, why not hire a professional? They may charge high hourly rates, but you can also benefit from their years of training and experience.

Cultivate experience wealth

As any consultant will tell you, the best time to start saving is always now-the sooner the better. But the money set aside to make money means extra working hours or short-term work experience. You can set aside enough investment funds through minor lifestyle adjustments (such as packing lunches and restricting personal purchases), but eagerness to pinch a few cents may be too much. If you give up all opportunities to watch your favorite band concerts or make deals throughout the holiday, and spend a few more hours, then you may overemphasize saving. In the immortal words of Baloo, the unwavering mentor of The Book of the Jungle, “If you behave like a bee-that doesn’t work, then you have worked too hard.”

It is irresponsible not to plan for the future, but any hobby or project may get out of control at any time. Keeping the big picture in mind, when you find yourself comparing deposit rate certificates among twenty institutions, you can consider simply hiring a financial adviser. There are better ways to invest your time and money to enjoy the life between now and retirement.

Know your finances

The reality is that money comes and goes. More important is how you handle the funds. A long time ago, when I learned how money works; the rule of 72 was an eye-opener. Rule 72 is a simple way to determine how long it takes for your funds to double; it is calculated by dividing the annual interest rate by 72, which is equal to the number of years it takes to see the actual increase in overtime. For example, suppose a 1K investment has an annual rate of return of 1.0%, which is higher than what your bank currently pays. It will take 72 years for your funds to double. (72/1 = 72 years). In 72 years, this money will only grow to 2K.

Now, to correctly invest the same 1K in the financial market at a historical average rate of 10%, it will take 7.2 years to double your funds. Therefore, in these 72 years, you will have 10 doubling periods, which is $955,594, which is slightly less than $1 million; 1K is not bad. Have you ever wondered why local and national banks have a luxurious atmosphere and walkable marble floors? We must learn how to manage our finances; budgets, expenditures and savings; all part of being wise and responsible stewards.

Over the years, many of us have made mistakes with money. Whether through extended credit, poor financial management, buried by debt; or cheated by other financial advisers or scammers. In order to clarify our financial situation, we must discipline ourselves, do the right thing, and avoid frivolous bad habits. In the Corona virus pandemic of the past few weeks, I have seen people spend their hard-earned money stupidly. Buy more than you normally need for a certain day. The world is not over. Spread your funds across the table to get everything you need to sustain life. Arousing our attention to finances should not cause a crisis, but how to properly manage funds within a year or so.

It is during this period that we will pay attention to slowing down and thinking about problems before we take the impulse. Again, this is another way God draws our attention. For those who believe that he is a real and living God. He controls the whole situation and masters the whole world. When everyone understands their own financial management knowledge, their goals should include but are not limited to: buying life and health insurance products, obtaining a legal source of income through multiple asset diversification, owning real estate, and knowing how to buy low and sell high or at least achieve income Have a basic understanding of balance; or profit by engaging in any business. Last but not least, trusted and reputable professional financial advisors will advise you to help them manage large financial investment portfolios.

The truth behind money is to know how to manage it properly and live within one’s abilities and keep peace in mind, soul and spirit. We must learn from mistakes and mistakes and bless others who may lack both financial and sufficient knowledge. Share your education with others to help them change their mindset from poverty and increase wealth accordingly. It’s time for your money to start working for you; not for money!

Ethereum’s Decentralized Finance (DeFi): The future of finance?

Decentralized finance (“DeFi” for short) has taken the encryption and blockchain fields by storm. However, its recent recovery obscured its roots in the 2017 bubble era. When everyone and their dogs are conducting an “initial coin offering” or ICO, few companies see the potential of blockchain far beyond the rapid price increase. These pioneers envisioned a world like this: from transactions to savings to banks to insurance, financial applications will be simply implemented on the blockchain without any intermediary.

To understand the potential of this revolution, imagine if you have a savings account with an annual rate of return of 10%, but without a bank, there is almost no capital risk. Imagine you can sit in a Tokyo office trading crop insurance with a farmer in Ghana. Imagine being able to become a market maker and earn a fee according to the percentage each castle wants. Sounds too good to be true? It’s not. The future has arrived.

The building blocks of DeFi

Before proceeding, you should understand some of the basic building blocks of DeFi:

  • There is no need for automatic market making by intermediaries or clearing houses or untrustworthy exchange of one asset for another.

  • To provide traders, speculators and long-term holders with over-collateralized loans or the ability to “use your assets”.

  • Stablecoins or algorithmic assets that track the price of the underlying securities without the need to be centralized or backed by physical assets.

Understand how DeFi is made

Stablecoins are often used in DeFi because they mimic traditional fiat currencies such as the U.S. dollar. This is an important development because the history of encryption technology shows the volatility of things. Stablecoins like DAI are designed to track the value of the U.S. dollar with a small deviation even during a strong bear market, that is, even if the price of cryptocurrencies collapses like a bear market in 2018-2020.

Loan agreements are an interesting development, usually built on stablecoins. Imagine if you could lock in assets worth a million dollars and then borrow money from them in stablecoins. If you do not repay the loan when the collateral is insufficient, the agreement will automatically sell your assets.

Automated market makers form the foundation of the entire DeFi ecosystem. Otherwise, you will not be able to use the old financial system, and you need to trust your broker, clearing house or exchange. An automated market maker, or AMM for short, allows you to trade one asset for another based on the reserve of two assets in the asset pool. Price discovery is done through external arbitrageurs. Liquidity is pooled based on other people’s assets, and they can get transaction fees.

You can now access various assets in the Ethereum ecosystem without interacting with the traditional financial world. You can make money by lending assets or market makers.

For developing countries, this is a great innovation, because now they can use the full financial system of the developed world without barriers to entry.