Title：Automatic Wealth for Grads...and Anyone Else Just Starting Out.
Author：Michael Masterson
[Main idea]
If you're graduating from college or just starting out in life, your primary business goal should really be to become financially independent as soon as possible.
In practical terms, that will require you have a personal net worth of ten times the amount you want to live on each year so you can live indefinitely on the interest generated by your investment alone.
To reach that goal as fast as possible, you need to put your wealth generation activities on auto-pilot. Specially, you should commit to saving 15 percent of everything you earn and applying that money in five keys-generating areas:
1. Enhance your career.
2. Save money and let it compound.
3. Buy some real estate.
4. Invest in the stock market.
5. Start your own business.
How you spread that 15 percent of your income between these five areas will vary over time, but if you make a simultaneous strong start in all five areas, it's not unreasonable for you to expect to become financially independent after 10 years or less of solid, focused work. You’ll also need to organize yourself to find the time to work all five parts of the automatic wealth program. There’s really only one realistic way to do that: Wake up ─ and get to work ─ earlier that everyone else. Each morning, use that extra time to work on doing the things that will matter most in terms of your long-term success. Those optional early hours can make your life into exactly what it should be as determined by your own passions and desires.
Something From [Enhance your Career]
Extraordinary employee─If you’re willing to work hard, you will eventually do better than those who are smarter, more qualified or luckier. This kind of hard work is always focused tightly rather than scattered. Take few minutes each morning to think about what needs to be done. Select some tasks that will move you in the right direction rather than letting your work time be driven by what ends up in your in-box. Manage your job rather than letting your job manage you by default. Also pause once a week for a few minutes and think what you need to do in the coming week. You do want to work hard, but do so intelligently so you maximize the benefits that will be derived.
Invaluable employee─to make the final leap from an extraordinary employee to becoming an invaluable employee, there are two more things you need to do:
1. Learn and master a skill that is financially valued by your company─which most likely will be something in the sales, marketing, creative or product development fields. To decide what specific skills are valued by your company, look at how your firm creates its profit and which jobs contribute directly to that process. Then focus on those areas.
2.Apply your skill to your company’s profit stream─with the 10-for-1 rule in mind. This states that to get a raise of $1,000, you generally need to generate at least $10,000 in additional net profits for your company each year. Focus on coming up with new ideas that will enhance your company’s revenue streams and profits. Be fully engaged in optimizing the profits your employer is earning.
Note also that nobody in your company is going to assign you to a critical task unless they know your background and believe you can do what’s required. That means at first, you will have to volunteer to do things in your free time. Think of this as in investment in your future. Use that as an opportunity to run through your paces and show what you’re capable of. This will also help you learn from the inside out.
[Key thoughts]
“Making money is not the most important thing in life. And getting rich shouldn’t be your number one goal. But as recent college graduate (or young person embarking on a career), wealth building should be on your agenda. Because like it or not your financial situation will effect your ability to enjoy every other aspect of your life. When you have 60 years of life ahead of you, becoming wealthy is not just easy, it can be automatic. If you start practicing the wealth building skill now, then before you know it you will be doing them without conscious effort. That’s what I mean by automatic. Financial wealth is the net saving you have put aside for spending in the future. If you want to become wealthy, you have to learn how to save and invest a significant portion of your income.”
Author：Michael Masterson
[Main idea]
If you're graduating from college or just starting out in life, your primary business goal should really be to become financially independent as soon as possible.
In practical terms, that will require you have a personal net worth of ten times the amount you want to live on each year so you can live indefinitely on the interest generated by your investment alone.
To reach that goal as fast as possible, you need to put your wealth generation activities on auto-pilot. Specially, you should commit to saving 15 percent of everything you earn and applying that money in five keys-generating areas:
1. Enhance your career.
2. Save money and let it compound.
3. Buy some real estate.
4. Invest in the stock market.
5. Start your own business.
How you spread that 15 percent of your income between these five areas will vary over time, but if you make a simultaneous strong start in all five areas, it's not unreasonable for you to expect to become financially independent after 10 years or less of solid, focused work. You’ll also need to organize yourself to find the time to work all five parts of the automatic wealth program. There’s really only one realistic way to do that: Wake up ─ and get to work ─ earlier that everyone else. Each morning, use that extra time to work on doing the things that will matter most in terms of your long-term success. Those optional early hours can make your life into exactly what it should be as determined by your own passions and desires.
Something From [Enhance your Career]
Extraordinary employee─If you’re willing to work hard, you will eventually do better than those who are smarter, more qualified or luckier. This kind of hard work is always focused tightly rather than scattered. Take few minutes each morning to think about what needs to be done. Select some tasks that will move you in the right direction rather than letting your work time be driven by what ends up in your in-box. Manage your job rather than letting your job manage you by default. Also pause once a week for a few minutes and think what you need to do in the coming week. You do want to work hard, but do so intelligently so you maximize the benefits that will be derived.
Invaluable employee─to make the final leap from an extraordinary employee to becoming an invaluable employee, there are two more things you need to do:
1. Learn and master a skill that is financially valued by your company─which most likely will be something in the sales, marketing, creative or product development fields. To decide what specific skills are valued by your company, look at how your firm creates its profit and which jobs contribute directly to that process. Then focus on those areas.
2.Apply your skill to your company’s profit stream─with the 10-for-1 rule in mind. This states that to get a raise of $1,000, you generally need to generate at least $10,000 in additional net profits for your company each year. Focus on coming up with new ideas that will enhance your company’s revenue streams and profits. Be fully engaged in optimizing the profits your employer is earning.
Note also that nobody in your company is going to assign you to a critical task unless they know your background and believe you can do what’s required. That means at first, you will have to volunteer to do things in your free time. Think of this as in investment in your future. Use that as an opportunity to run through your paces and show what you’re capable of. This will also help you learn from the inside out.
[Key thoughts]
“Making money is not the most important thing in life. And getting rich shouldn’t be your number one goal. But as recent college graduate (or young person embarking on a career), wealth building should be on your agenda. Because like it or not your financial situation will effect your ability to enjoy every other aspect of your life. When you have 60 years of life ahead of you, becoming wealthy is not just easy, it can be automatic. If you start practicing the wealth building skill now, then before you know it you will be doing them without conscious effort. That’s what I mean by automatic. Financial wealth is the net saving you have put aside for spending in the future. If you want to become wealthy, you have to learn how to save and invest a significant portion of your income.”
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