Compound interest is so powerful that Albert Einstein is said to have called it “the most powerful force in the universe.”
Most businesses fail because a technician starts his own business without adapting the Entrepreneur and manager personalities. He skips the 3 stages a business must pass through, and he works in their business instead of on their business.
Stephen talks about his difficult road from being denied by many investors to being so successful in his field that even the president requests his expertise on how to grow the economy. Here are his 25 rules for work and life:
To sum things up, bad debt is borrowing money to buy liabilities while good debt is borrowing money to buy assets. This knowledge is one of the key factors that separate affluent individuals and everyone else.
“My thing is related to who I am as a person,” he says. “The clothes are an extension of me. The music is an extension of me. All my businesses are part of the culture, so I have to stay true to whatever I’m feeling at the time, whatever direction I’m heading in. And hopefully, everyone follows.”
Theodore Johnson worked his way up the newly formed USPS company in 1924. He was no prodigy or even an executive – Theodore worked in the personnel department. He never earned more than $14,000 a year, but he had a net worth of over $70 million.
Warren Buffett and Charlie Munger explain the benefits of working with less capital during Berkshire Hathaway’s annual meeting […]
Funding gives you the ability to achieve things that you could not otherwise with your current budget. Funding […]