The wealth creation series continued this sunday but I couldn't share my part of the summary here, it was really a great session and mind blowing with lot of mindful insight into things we need to take note of to amass wealth. Last week I shared a lot of things, mostly the major things I learn and hold unto dearly which you can find here. This week, many laws where dished out which I can really relate to physically and also from the years I have spent on this crypto space with the few knowledge I have picked up so far.
First is the Law of Continuous Self Development
Developing yourself in acquiring knowledge through adequate information and skills building is one major things I do hear almost all the time, a law was given which stated that the developing your skill over time and mastering it will always pay and generate income for you over and over again. I have a group of mine were we create a hub for our learning process, we keep on developing ourself every day by doing both group and personal learning why serving as core strength to each other. After mastering this skills, we also need to develop our financial life using this skills while gaining more knowledge on how to make money, manage money and even multiply it. I came to understand that there are lot of things to learn and have deep understanding on, even those at the top never stop learning or acquiring wealth, the more you know, the more you can apply. Learning is a continuous process like wise is skills development because that wealth you wish to have can be derived from the skills you put into actions and not the theories.
Law of Leverage
Financial leverage results from using borrowed capital as a funding source when investing to expand the firm's asset base and generate returns on risk capital.
People might not know what the term leverage man financially so I had to put the meaning up there first, it really took me some time to really understand this leveraging terms when I came on board, as an average person hope to start from somewhere without having any capital somewhere have to leverage on some certain things, people most times have mind blowing ideas they wish to implement so they borrow capitals to fund their plans and along the line generate returns to pay back what they borrowed. I have learnt how the well to do people with assets always go to the bank to take a long for some duration while using their assets as collateral till they pay back their loan, even the banks make use of leverage most times by investing with most users savings to generate more for themselves. At first, I always see this as a bad thing because it isn't a good thing been in debt but as long as you aren't using it to fund your lifestyle and just wasting it, it is really and aspect people can always leverage on
The law of Saving and Investment really caught my attention since that is one thing I love doing the most since I join this space, investing most of my rewards into profitable projects that do yield returns over a long period of time, some one once told me it is better to investment and earn apy than to just save your money and let it be stagnant for a long time except you are saving a part just for emergency period which is quite good. There are lot of investment once can engage in that are really safe and yield reasonable returns over a long period of time, we have stocks and we have some crypto investment even stable coin staking just like HBD which yield 20% apy yearly.
Investing over a period of time have really been helpful to me as a whole especially during the last bull run, I did some investment that really yield well and help me in sorting out some things then, even before investing I knew the what i was going into and they major risk I was taking but the zeal to see where it will lea to keep me going. Learning and understanding the risk involve in investment will always give you a head up on what you have ahead of you.