Module Units
- 1. Introduction
- 2. Investment In Yourself
- 3. Become A Learning Machine
- 4. Obtain Worldly Wisdom
- 5. Harnessing The Power Of Passion
- 6. The Importance Of Choosing The Right Role Models
- 7. Humility Is The Gateway To Attaining Wisdom
- 8. The Virtues Of Philanthropy And Good Karma
- 9. Simplicity Is The Ultimate Sophistication
- 10. Achieving Financial Independence
- 11. Living Life According To The Inner Scorecard
- 12. Delayed Gratification
- 13. Building Earning Power
- 14. Investing Between The Lines
- 15. Decision-Making
- 16. Checklist For The Standard Causes Of Human Misjudgment
- 17. Journaling
- 18. Power Of Incentives
- 19. Avoid Physics Envy
- 20. Intelligent Investing
- 21. The Three Most Important Words In Investing
- 22. Investing Is All About Capital Cycle
- 23. Analyzing Special Situations
- 24. The Holy Grail Of Long-Term Investing
- 25. Connecting The Dots
- 26. Market Is Not Efficient All Time
- 27. The Dynamic Art Of Portfolio Management
- 28. To Finish First, You Must First Finish
- 29. Read More History And Fewer Forecasts
- 30. Updating Your Beliefs In Light of New Evidence
- 31. Opportunity Costs
- 32. Pattern Recognition
- 33. Role of Luck, Chance, Serendipity, And Randomness
- 34. Value Investor
- 35. Conclusion
Achieving Financial Independence
Financial independence is essential. Saving and investing are crucial steps towards financial independence. It is attainable by anyone.
For example, Warren Buffett's business partner, Charlie Munger, was not born wealthy, but he is now rich. It should be noted that financial independence does not imply a lack of employment.
Using Munger’s life as a blueprint, one can observe a pathway toward achieving financial independence.
- Work hard, get an education, develop valuable skills.
- Use that worked career and save up to ten times your living expenses.
- To accelerate wealth accumulation, you can take some risk and start some sort of business. You need something that scales, something that is not paid by the hour or the month.
- At some point, your investments will earn enough passive income to support your living expenses. This is when you achieve financial independence. It doesn’t matter what you do during the day, because you earn enough money while sleeping.
Many people choose to continue along with one of the paths above:
(1) Employee-based career
(2) Active business management
(3) Actively managing their investments
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