My goal is not to depend on the payment of third party invoices in exchange for active work on my part, as is the case now. I am looking for financial independence.
Financial Independence. It’s a very nice idea. For the vast majority of people it will never be more than that. An idea. In the greatest of cases, it could even become a plan. This is my analysis of why very few people will ever get it.
I start with expenses because despite what you think it is the part that you can best control. You can always move to a smaller flat, sell yourself, check that you spend too much gas, quit smoking, etc. When someone says they can’t save because they have too many expenses, in 80% of cases they are not able to make those changes to lower their monthly cost level. Apart from what comes out of your pocket, it can also be those specific things such as the purchase of a new television with a large screen, the new Play, a bicycle, a mobile phone, etc. You name it. Add to this again small recurring monthly costs like getting dirty on the go, beers with friends, Netflix subscriptions, Prime, etc.
The first part of expenses is the most important. People have a tendency to spend more when they earn more. You have to have the discipline to live like a monk despite having money to spare at the net worth level (I don’t say bank account because your money should always be properly invested). If you have a job for someone else you have a plus. Do not leave it to start undertaking something in which you have little experience. Do both at the same time. Time is your friend. Nothing is easy but if you put in the hours you will see that your own business can grow little by little and help you increase your income each month.
Think of weeks in decades
The first two points are easy to understand. The problem that usually exists is that the results do not arrive in a matter of weeks. In most cases, they don’t even come for months or even years. Most think in weeks when in reality they must think in decades. If you only increase your net worth from month to month by 2-5% the impact over time is brutal. The vast majority of people instead think about how they can be multiplied in a short time by the factor 2-10. This leads them to make wrong decisions and take risks with which they can lose everything.
They don’t know how to invest
One of my big goals in educating my kids is for them to know as much about money at 20 as I did at 35. This will give them an incredible advantage over the restaurant. They will have the possibility of living with 30 years without financial worries. For this they have to hear how money works and how they can make it more.
If you want to grow your net worth faster in addition to controlling the first two points you have to find something that controls a little better than the average people to spot investment opportunities. They can be real estate, the stock market, Lego, whiskey, luxury cars, etc. You name it. Here once again you have to invest the necessary hours to become an expert in the field where you put your money.
The other day I was discussing it with a friend. I have a great advantage. I don’t need discipline for the vast majority of things I do because without being aware of it I have lived according to Stoic philosophy. My routines no longer require discipline because they are part of my lifestyle. What’s more, I need them to give me stability in my day to day life. Doing the same things over and over for years allows you to achieve amazing cumulative effects over time. It doesn’t matter what you do: learn a language, play a sport, set up a negotiation, etc. The step by step without taking many jumps is what will make you succeed.
Vera. Everything I just told you was already clear to you. They are those things that you have read and heard or have been told over and over again. Sometimes you need someone to tell you one more time to take action. Hopefully this was it.
The Indian Central Bank, the book bank India (RBI)I propose a “phased approach” to launch the country’s central bank digital currency (CBDC). The RBI I also said that he will explore the pros and cons of introducing a digital rupee in India.
I will present a CBDC in the next 2 years
The book bank of India is ready to introduce central bank digital currency, or CBDCmonths after authorities revealed their intention to do so. In its annual report published on Friday, the RBI I have stated that I will consider the pros and cons of introducing a CBDC in India.
She added that she was applying graduated approaches through proof of concept, pilot and launch phases. He tries to see if the idea can turn into reality and work as expected. Indeed, the proposal aims to ensure compliance with monetary policy objectives, financial stability and the efficient functioning of monetary and payment systems.
In addition, appropriate design elements for a CBDC which could be implemented with little or no disruption are under instruction.
According to the annual report on the operation of the book bank of India 2022: ” The book bank is engaged in the introduction of a central bank digital currency (CBDC) in India. The design of CBDC must be consistent with the stated objectives of monetary policy, financial stability and the efficient functioning of monetary and payment systems. .
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As a reminder, the introduction of digital currencies was announced in the federal budget earlier this year, and changes to the law RBI of 1934 were distributed in the 2022 finance law. Indeed, the change regulator to declare having I promulgated the 2022 finance law. A promulgation that provides the legal framework for launching a CBDC.
RBI have an innovation center.
Furthermore, the RBI also hosts the book bank Innovation Center (RBIH)exclusive real estate subsidiary of book bank. RBIH will have an independent board of directors comprised of prominent members of industry and academia. Moreover, the head office of RBIH It will be in Bangalore, India.
“Privilege innovation in a sustainable way and through an institutional structure, RBIH was created as a subsidiary in 100% of the Reserve”, indicates the annual report of the book bank from India.
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