Your Wealthy Mind

Because Ideas Change Lives

Work Smarter, Not Harder: Three Short Tips About Success and Productivity

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Tagalog Version (Click Here)

Have you ever heard the phrase “work smarter, not harder”? One day I was hanging out at a coffee shop and I overheard a young man talking to his older companions (potentially his relatives) about his potential business plans. From real estate, to online businesses, to vending machines, that man had a lot of decent business ideas.

Unfortunately, it felt like he was vastly underestimating the financial risks involved and it also seems like he has very little business knowledge and experience. That’s a recipe for disaster. I still hope he succeeds at whatever he plans to do though.

In any case, while he was talking to his older companions I heard him repeat the words “work smart” and “not work hard”, and how nobody gets rich being an employee (there IS a way if you know how to save and invest properly). It’s thanks to him that I got something I want to write about this week.

What does it mean to “work smarter” and not harder? We have three tips for you here!

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A Short Money Lesson

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There are some rare weeks where we’re a bit too busy to make long and detailed articles. Thankfully, even short ones can contain valuable lessons that you shouldn’t miss, so here’s one from Prosperity: How to Attract It by O.S. Marden!

In a certain chapter of Marden’s book, he talked about the list of personal finance rules from New York’s Y.M.C.A., and it’s called the “Ten Commandments for a Young Man’s Financial Life”. Check them out here!

Ten Commandments for a Young Man’s Financial Life

  1. Work and Earn.
  2. Make a Budget.
  3. Record Your Expenditures.
  4. Have a Bank Account.
  5. Carry Life Insurance.
  6. Own Your Own Home.
  7. Make a Will.
  8. Pay Your Bills Promptly.
  9. Invest in Reliable Securities.
  10. Share with Others.

And there you have the very basics of good personal finance! This is a short lesson, but if you want more details on each of them, just click on the links above to learn more!

An Overview of the Best Bitcoin Exchange Apps

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*Article contributed by Mary Ann Callahan.

After a relatively slow 2018 and the beginning of 2019, the second half of 2019 has seen some major growth in the bitcoin market. Nearly every major asset is experiencing growth and making investors a lot of money. Many assets are up around 100% or more over the last 12 months, silencing some of the crypto critics out there.

As a result, there is a renewed interest in the crypto space, so more and more people are looking to get involved. People are buying, trading and selling all different types of cryptocurrencies, but there is no doubt that Bitcoin is still king. It still has the largest market cap, has grown nearly 100% since last July and shows no signs of slowing down.

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What is Gambler’s Fallacy?: How to Avoid Losing Money on False Hope

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Tagalog Version (Click Here)

Long ago when we used to visit our grandparents (before they passed away), I’d see a lot of our neighbors play mahjong, cards, and that colored dice game (some locals call it “casino”) on the streets. Those kinds of games are fun, but when there’s money involved, the thrill of the risks and potential rewards can make them very addictive. You win some and you lose some (you actually lose a lot more often), but the possibility of winning big keeps you coming back for more.

Unfortunately, it just makes you lose more money. We all know how a gambling addiction ruins people’s lives.

There’s a lot of psychology involved when it comes to gambling, and that’s why it so easy to lose more and more of your hard-earned cash to some slimy dealer at a casino, lottery ticket stand, “gacha” game, or some other similar gambling system, but for now, we’ll talk about one in particular. It’s called the “gambler’s fallacy”.

If you want to avoid losing more money in games of chance, investing, or on other kinds of financial decisions, this is one more lesson that you need to learn.

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Good Luck and Bad Luck… and How to Stop Worrying About What Comes Next

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Tagalog Version (Click Here)

Bad luck doesn’t always follow good luck, and getting lucky in one thing won’t directly CAUSE bad luck elsewhere. If you got lucky, you shouldn’t spend your time worrying about upcoming bad luck somewhere else. Just be grateful for what you’ve got, and enjoy it!

Life is often like a “wheel of fortune”. We may be on top of the world and happy one moment, but we can get crushed by misfortune the next. Still, is that always the case? Will bad luck ALWAYS follow happiness?

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