VirtualWorld711

10/12/2022

Hello there! Let's continue building our community with interesting discussions and engaging posts.

04/10/2022

I've heard so many people talk about how they would want to start a business but that their major challenge is capital. What I've come to realize however is that most people don't actually start not because they don't have capital but because they want to start with more than what they actually have. I believe everyone and I mean everyone has whatever they need to move to the next stage if their life but we focus more on what we don't have.

Someone will have $10 yet they want to start a business of $1,000. How? Some will even go to an extend of borrowing when it's actually their fist time in business. To me that is actually an uncalculated risk unless of course it's a good debt. If you are going to use other people's money to make money, you might as well use other people's money to pay back.

The truth is businesses take long to gain ground and start making profits. That is why some people save up money even for a Year for their business rentals. Did you know that if you can't manage $10 , you can't manage $1000? Life is a process and stages are not to be skipped. If you fail to multiply that $10, how are you now going to multiply $1000?

In the parable of the talents, the servant who was given the least amount went to hide it while the others invested and when the master came back he ended up getting from the one who had hidden his money and gave it to the one who had more. He did so because the one who had hidden his money had proved that he couldn't multiply what ever he had. So life says start with whatever you have and prove that you can manage and only then will you be given more. But since you think you are more intelligent and you are always comparing yourself to someone who started way back, someone who is at point 50, you also want to start at 50 so that you can reach 100 early so you end up borrowing and then end up losing the money.

Listen you are in no competition with anyone. Don't give yourself unnecessary pressure. Believe and trust that God has given you is what ever you need to move from 0 to 1 and once you prove that you can do that he will give resources to move from 1 to 2 and so on. It's a process and once you start moving and enjoying the process you won't even realize how far you would have moved. As Jim Rohn said "It's not the money that you will make that matters the most, it's what you become in the process of getting the money. Indeed the process is more important than the goal. Start small but aim big. As Kelvin Johnson (Author of Entrepreneur Mind ) said " it must be born in mind that the tragedy in life doesn't lie in not reaching your goal. The tragedy lies in having no goal to reach. Not failure but low aim is sin.

Interestingly You don't need a degree to start a business but you may need a degree to work for a business owner. In this era where we have businesses which require very little capital, whats stopping you from starting your own business? John D Rockefeller said "There is no mystery in business success. If you do each days task successfully and stay faithful within the natural operations of commercial laws and keep your hand clear, you will come out alright"

Life owes no man a living but it owes every man an opportunity to make a living. How long will you keep that idea in head as you wait for more capital. You are wasting time. Someone more hungry will get that opportunity or do you think opportunities will always be waiting for you? Everything great started small. Look at how apple, google, Amazon etc started and look at where they are today. If you accept and multiple what ever little you have then many other opportunities will open up. As Napoleon Hill said "The world has the habit of making room for the man whose actions show that he knows where he is going"

30/09/2022

29/09/2022

Fable: DON'T ARGUE WITH DONKEYS

The donkey said to the tiger:

- "The grass is blue".

The tiger replied:

- "No, the grass is green."

The discussion heated up, and the two decided to submit him to arbitration, and for this they went before the lion, the King of the Jungle.

Already before reaching the forest clearing, where the lion was sitting on his throne, the donkey began to shout:

- "His Highness, is it true that the grass is blue?".

The lion replied:

- "True, the grass is blue."

The donkey hurried and continued:

- "The tiger disagrees with me and contradicts and annoys me, please punish him."

The king then declared:

- "The tiger will be punished with 5 years of silence."

The donkey jumped cheerfully and went on his way, content and repeating:

- "The Grass Is Blue"...

The tiger accepted his punishment, but before he asked the lion:

- "Your Majesty, why have you punished me?, after all, the grass is green."

The lion replied:

- "In fact, the grass is green."

The tiger asked:
- "So why are you punishing me?".

The lion replied:

- "That has nothing to do with the question of whether the grass is blue or green.

The punishment is because it is not possible for a brave and intelligent creature like you to waste time arguing with a donkey, and on top of that come and bother me with that question."

The worst waste of time is arguing with the fool and fanatic who does not care about truth or reality, but only the victory of his beliefs and illusions. Never waste time on arguments that don't make sense...

There are people who, no matter how much evidence and evidence we present to them, are not in the capacity to understand, and others are blinded by ego, hatred and resentment, and all they want is to be right even if they are not.

When ignorance screams, intelligence is silent. Your peace and quiet are worth more. ❤️

28/09/2022

Why You Should Not Keep Your Money In The Bank:

The banks don`t keep their money in the banks. Why should you?

1. Banks invest their money in assets. In fact, your money, not their money. The Banks will colapse and die if we all go there and withdraw all our money.

2. Banks give your money out to people as loans (especially to business people). It is worth noting that the bank is where the Rich meet the Poor and take their money. In this context, the Poor are those who have money but lack financial literacy. They do not know how to get their money multiplied, because their financial IQ is low. It does matter their level of education or their profession. That is why you can find a lecturer who teaches Economics, Accounting, Entrepreneurship, Finance, etc and they are still broke.

These poor guys wouldn't want to take any risk and lose their hard earned money. They would therefore keep their money safely in the banks. The Rich people on the other hand are those who have ideas on how money works. However, these guys may not have enough money to put their ideas into use. So they go to the bank to take the money which the poor guys brought for safe keeping as loans. They do business with this money and make profits, and then pay back to the bank with interests.

The Rich and the Banks make profits. The Poor don´t benefit from their own money.
The Rich do not keep their money in the bank. They keep just something small to make sure their accounts are alive. Their money is invested in assets.

So why keep your money in the bank if you will not benefit?

We should all learn to invest our money in something. No matter how small our money may be, we can still do something.

08/09/2022

Tips for financial intelligence
From: Robert Kiyosaki - Rich Dad Poor Dad

Be aware of a phenomenon of “LIFESTYLE INFLATION”

Lifestyle inflation is when you start spending more than you need because you have more money at your disposal.

The saying “more money more problems” comes into play here. While I don’t believe you necessarily get more problems when you get more money, there is some truth to the saying.

The more money you get, the more you get exposed to things you did not previously know about or desire.

When you get there (I say when because I am certain that you will), remember the basic financial principles that you’ve already known and try not to spend lavishly on liabilities. Retain the sound financial principles you had when you had 100,000 when you get to 10m.

Expand on the application of those principles of course, but as I said earlier, those principles do not really change so retain them.

Don't spend more than you need to, to sustain a lifestyle that will not make you happier.

Keep Learning

Although the basics never really change, the application might change. For example, I was listening to this book “The Way to Wealth by Benjamin Franklin” earlier this year, and he was talking about how debt is bad and should be avoided.

While this made sense in the times he was describing; it is not the whole picture. As we learnt in this article, debt is not always bad. Debt (leverage), if used the right way, can be beneficial. So, while the principles remain the same, know that the application might differ.

Principles are universal, but their application is contextual. Keep learning about different contexts.

In today's climate, we do not always NEED to read many books or spend large sums of money we don’t have to learn. If you’re not a reader, you can watch YouTube videos or read shorter articles for free online etc.

Also, a lot of personal finance is really just knowing your options, common sense and math. If you can sit for yourself and think about it and run the numbers, you’ll get it.

You do not need to be rich or wait till you get rich before you start applying financial intelligence

Financial intelligence (like cooking) is a life skill. Irrespective of the tax bracket you are currently in, you need to begin applying what you now know in the way that best suits your current financial situation.

If you wait till you get rich before you start implementing things like saving, investing etc., you may never start. Because the truth is, being rich is not a destination. What would you define as rich? Do you know the wealthiest people in the world are still looking for opportunities to grow their wealth? You can start where you are.

Also, compound interest favours time and consistency more than the amount at your disposal so start where you are and build up from there.

Never let Greed be the ruling motivation behind taking a personal finance decision

Greed can make you a lot of money, but it can also lose you a lot of money. Greed can sometimes blind us from objectively weighing the risks of taking a financial decision. It takes discipline to stop and weigh the risks when faced with investment opportunities or businesses offering to double our money in a short time.

Build that discipline.

Don’t take on more risk than you can cope with. Start small and build your risk tolerance. If you take too much risk as a young person or as a person that is just starting out investing and lose a lot of money in the process; you might not be able to pick yourself up and give investing another try.

Don’t let your greed take you where your knowledge, bravery, and money cannot sustain you.

Take calculated risks

In Finance, we are taught that there are 3 kinds of risk appetites: risk-averse, balanced and risk-takers.

Don't be afraid to take risks but do the calculation before taking those risks. Seek out opportunities that fit your risk appetite. Take the risk that you are comfortable with.

Finally, Use financial intelligence and frugality as a means to an end

There is no point in saving/investing all your life and never enjoying your money at all. Financial intelligence is not the goal. The goal is financial freedom. As you aim to get freedom, treat yourself every now and then. It's easier to convince yourself to keep saving & investing when you can see the benefits. Reward yourself.

08/09/2022

24 Weeks Ipon Challenge

08/09/2022

15 Great Lessons From the Book “The Magic of Thinking Big”
From: Robert Kiyosaki - Rich Dad Poor Dad

1. GET THE ACTION HABIT :

Don’t wait until conditions are perfect. They never will be. Expect future obstacles and difficulties and solve them as they arise.

2. Be an activationist. Be someone who does things. Be a doer, not a don’t-er.

3. Remember ideas alone won’t bring success. Ideas have value only when you act upon them.

4. Start your mental engine mechanically.

Don’t wait for the spirit to move you. Take action, dig in, and you move the spirit.

5. Use action to cure fear and gain confidence.

Do what you fear, and fear disappears. Just try it and see.

6. Think in terms of now. Tomorrow, next week, later, and similar words often are synonymous with the failure word, never.

Be an “I’m starting right now” kind of person.

7. Get down to business—pronto. Don’t waste time getting ready to act. Start acting instead.

8. Seize the initiative. Be a crusader. Pick up the ball and run. Be a volunteer. Show that you have the ability and ambition to do.

9. MANAGE YOUR ENVIRONMENT( GO FIRST CLASS):

Be environment-conscious. Just as body diet makes the body, mind diet makes the mind.

10. Make your environment work for you, not against you. Don’t let suppressive forces—the negative, you-can’t-do-it people—make you think defeat.

11. Don’t let small-thinking people hold you back. Jealous people want to see you stumble.

Don’t give them that satisfaction.

12. Get your advice from successful people.

Your future is important. Never risk it with freelance advisors who are living failures.

13. Get plenty of psychological sunshine. Circulate in new groups. Discover new and stimulating things to do.

14. Throw thought poison out of your environment. Avoid gossip. Talk about people, but stay on the positive side.

15. Go first class in everything you do. You can’t afford to go any other way.

08/09/2022

THE 100 PIECES IPON CHALLENGE

At the start of each year, families think of different resolutions or goals that they want to achieve in order to grow their money. But you don’t need a new year just to start saving — the key is to pick one that you’re most comfortable with and stick to it!

Looking for an “ipon challenge” that will motivate you? Here is the money hack: It’s called the ‘100 Pieces’ Ipon Challenge where you set aside 100 pieces of each peso denomination starting from Php5 to Php1,000. After finishing the challenge in one year, you were able to save a total of Php168,500!

07/09/2022

Just a few Business Tips:
From: Robert Kiyosaki - Rich Dad Poor Dad

1. Stop treating your business like a side hustle.
- register with the state
-get a EIN
-register with D&B/Sam
-get a business account
-start building business credit
-trademark, patent & copyright

2. Put yourself on payroll. Don’t quit your 9-5 until you are CONSISTENTLY making at least 2-3 times your 9-5 income. Do NOT pocket all of your business income. You need to be consistently investing back into your business. Have a reserves account. Putting yourself on payroll has tax benefits personally & business.

3. Invest in marketing/ branding. Your customers should be COMING to you.
-stop inboxing people offering your services
-stop tagging everyone offering your services
-stop posting your links on random pages and in random comment sections

Invest in automations: email/text marketing, CRM software and processes, automated messaging, retargeting ads.

4. Stop chasing money. Your business should evolve around a passion that solves a problem. Stop doing something just because everyone else does it. SET yourself apart from everyone else.

5. You will have down times. NO ONE is consistently winning.

6. Understand that NOTHING happens overnight.

7. Understand you have to PAY to be the boss:
-vendor fees, merchant fees, taxes(federal, state & property, inventory/merchandise , software fees, payroll, lease/mortgage, utilities, title, maintenance, contractors etc.

8. Keep an updated business plan. You should have goals of where your business is headed within the 5 years.

29/08/2022

10 Best Financial Advise. 🤗🤗

1. Don't buy an expensive phone. A new version will come out even before you've finished paying for it. 📱

2. Don't buy an expensive bag. Replicas are scattered everywhere. Only a trained eye will see that it's genuine. 💼

3. Don't buy expensive shoes. You can't walk like a duck trying to keep it from deforming with every use. 👞👞

4. Don't buy expensive clothing. You can't walk around showing the small tag behind your nape. 👔

5. Don't buy an expensive watch. A 100-peso vintage watch online looks good too, and all kinds will tell the same time. ⌚

6. Don't buy expensive undergarments.
It's not allowed to walk in public wearing only a Victoria's Secret bra and panties. 👙

7. Don't buy expensive cars. It depreciates with every kilometer it runs. Your 1.2 Million-Peso SUV will sell for only 500K. 🚗

8. Don't buy a huge house. Too much space creates distance between family members. They'll grow old and leave anyway. 🏫

9. Always settle for the justified price. You can do more with two for the price of one. 💸

10. Remember that it's not the brand that carries you. It's how you carry the brand. 🗂️

Grow old and wise. Learn How to Save and Invest.

26/08/2022

https://youtube.com/clip/UgkxAj5gLBBxy5FI3m92ioMHC02fAmSrhS_z

55 seconds · Clipped by VIRTUAL WORLD711 · Original video "The SEVEN Things You NEED To Learn for Your Financial FREEDOM - Robert Kiyosaki" by The Rich Dad C...