watch
bag
dvd
cheap cheap
wanna buy?
great art exhibition
ah, we go traditional tea ceremony, wanna join?
same same
doesn’t matter
anything i forgot?
Financials
Reviewing two books on financial progress.
“Rich Dad, Poor Dad”
R. T. Kiyosaki and S. L. Lechter
1997 (RDPD)
Available editions at Amazon
“The Richest Man in Babylon”
G. S. Clason
1926 (RMB)
Available editions at Amazon
What makes managing ones own financial success so difficult? Is it just so complicated and one doesn’t know where to start? Or is it rather easy but one doesn’t have the motivation to stick to ones own rules.
The two books follow the same basic principle:
Simple ideas and simple rules produce powerful outcomes.
RDPD starts with stating: do not work for money, let money do the work for you. Thinking about compound interest, obvious, isnt’t it? So start saving.
Then, RDPD wants you to increase your financial knowledge, your smartness with money, your finance IQ: learn the difference between assets and liabilities, between income and expenses.
RDPD no. 3: do your own business, start thinking about transactions of money and goods.
Having followed the RDPD’s rule no. 2, it should now not scare anybody to learn how capital-based incorporated can be run and how tax-paying can be limited to a minimal necessary amount.
The difference between the abstract entity of a company and the breathing person is that the first a) earns money, b) spends some of it and then pays taxes whereas the second a) earns money, b) pays taxes and then spends the rest of it.
Now it gets tricky: RDPD talks about inventing money, creating new opportunities for businesses and earning the difference between a small investment and a big reselling value.
Rule no. 6 of RDPD: work for learning. Learn how to manage your cashflow, how to organize your time, relationships and yourself and how to lead people (who then do the work for you).
Summing it up: Pay yourself first, always (that is: save some money of your income right after your paycheck which is not to be spend again). Buy a book on financials for starters today (and read it).
Looking at RMB we see even more concrete rules:
#1 save 10 percent of your income.
# 2 find new sources of income.
#3 control your expenses.
#4 invest your money, avoiding high risks, ask experts.
#5 plan your future income.
#6 when in debt, pay back 20 percent of your income (don’t forget #1 at the same time).
Just getting started…
JFK
New York, New York
been there, done that. for the archives.
DEL
Ein gemütlicher Abend im Hotelzimmer, dessen Vorhänge man nicht hochziehen kann, mit einer “Mockumentary”, einem Scherz-Dokumentarfilm: “A day without a Mexican”.
The movie answers the question: What if one day all Hispanics living (and working) in the State of California disappeared?
What if-questions are the perfect philosophical tool to handle the analysis of situations you will rather not test out yourself (and you don’t want even a Mexican to test). The movie offers an hypothetical answer that is far from unrealistic: the economy would break down. Nothing, almost, would workanymore. Having visited West Coast USA a few times and having talked quite as much Spanish as English i certainly agree.
Ich warte nun auf Mexico City in meinem Dienstplan…
Ach ja, Delhi. Es liegt in Indien, dort leben viele Inder und es gibt einen tollen englischen Buchladen.
SFO
“If you are going to San Francisco, be sure to wear flowers in your (head)”… listening to the wonderful song by Scott Mckenzie i arrive in this wonderful port city on America’s west coast once again. Feels like home, as i recognize familiar corners, enjoy understanding the language of the inhabitants of the city (that is, English and Spanish, sorry for the lack of Chinese), and can meet up with my friend Christine in a lovely restaurant, that offers a wine menu way longer than their food menu.
Second day was a wonderful one as well: We rented a two-seater convertible, passed the Golden Gate Bridge and toured the serpentines to Bolinas, CA.
My first time surfing, at least i didn’t fall off the board every time :)
Certainly not my last time… Thanks, Rebekka, for hinting me to that spo(r)t!
BLR
My first trip to India!
I have never seen so many people bobbing their heads, driving and honking in tuck-tucks (rickshaws).