The system may need fixing. Until then, you have to stand it. Better yet, work it and develop the skills and strategies to increase the likelihood you will prosper within it. What Churchill said about democracy, that it’s the worst system except for all the others we’ve tried, is also true of capitalism.
Inequality pricks ambition, incentives drives outcomes, and the wheel turns. If the system suits you, play the best you can. If it doesn’t, play the best you can. None of this is your fault. Society faces greater risks than you becoming a millionaire.
And until you can attain economic security, your time will not be your own, and much of your stress will be unproductive.
Pursuing wealth doesn’t mean you are immoral, greedy, or selfish, and it doesn’t require you to be so. Indeed, those qualities only make achieving economic security harder and undermine your happiness once you get there. To overcome the obstacles between you and wealth, you will need allies.
You’ve likely been told to start saving and investing early. Start cultivating allies and fans early, too. In all aspects of your life, you want to have some home field advantage. You should, and can, be front of mind when people are asked, who would be good for this job, this investment, this board?
And the ultimate objective is to enjoy a life rich in relationships, not to die with the biggest number in the bank.
Accumulating right decisions builds confidence. Piling up wrong ones builds scar tissue.
Success is the best thing. Failing fast is the next best thing… plan your out ahead of time, so when the emotion of the moment takes over, you’ve got a signal you can count on. Knowing when to quit is essential.
What’s thieving your time? Where are you being dollar wise and hour foolish?
Free up your time for what’s truly productive, not for what you’d rather do in the moment. Work, education, relationships. But mostly, when you are young, work.
Technology is an enabler, but time management is a skill that transcends technology. Being good with money means being good with time. (Using technology to make things efficient)
“What gets measured gets managed”. Watching metrics move provides positive feedback; measuring the wrong thing distorts action. Measuring something you have no control over creates frustration. The best metrics have an effect (what they measure contributes to your goal) and can be affected (your actions can change what is being measured).
Tracking spending intentionally and not through an app is key, so that you’re aware of spending in real time: if you want to be an entrepreneur, a gimlet-eyed focus on the money flowing out is a critical success factor. In life and in business, money has a way of leaking away when you’re not paying attention. Capitalisms genius is inventing new things for us to spend money on that feel like needs, not wants. (Hawthorne effect)