Thursday, December 31, 2009

Lesson on making your first million

"Wealth is what you accumulate, not what you spent" - Thomas Stanley, The Millionaire Next Door

Hard-work, perseverance, planning, goal oriented, self-disciplined

Like all sports, must learn to play offense (earning) and defense (saving)

Know the difference between Income and Wealth.

Don't be a cowboy with "big hat, but no cattle"

Taxes are the greatest expense of your life time.

Concentrate on building cashflow over realized income.

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