Category Archives: Building Wealth

You’re Responsible for Managing Your Money

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“Don’t be like a ship at sea without a rudder, powerless and directionless. Decide what you want, find out how to get it, and then take daily action toward achieving your goal. You will get exactly and only what you ask and work for. Make up your mind today what is it you want and start today to go after it! Do It Now!” ~ Napoleon Hill

When you understand that you alone are responsible for managing your money and building wealth, everything changes. It’s not up to the government or your neighbor—it’s all on you.

Take control and make it happen.

It is ultimately the choices and actions you take with your money that have the greatest impact on your financial well-being.

It is about developing disciplined spending and saving habits, being responsible with debt, making wise investment decisions, and exhibiting patience and long-term thinking when it comes to financial goals.

Start by thinking about your end financial goal. What is the number (amount needed for retirement) you are aiming for? Once you have that number in mind, consider what actions you need to take now to make it a reality. If you’re unable to invest a lot right now, think about what steps you can take to change that situation.

Break down your goals into smaller, more manageable tasks, and you’ll be surprised at how much progress you can make.

Even if you cannot afford to invest $1,000 monthly, do not allow that to discourage you from investing. Beginning with more modest amounts such as $25, $50, or $100 can be a great starting point. It is crucial to make investing a priority, no matter how little, and then gradually increase your investments as time goes by.

When striving to build wealth and for financial freedom, don’t forget the importance of maintaining good health. True wealth is not only the freedom to pursue personal goals, but also the presence of good health. Without good health, financial freedom holds little to no worth.

While a healthy person desires numerous things, a sick person longs for just one: good health.

Defining Wealth

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Frequently, when discussing wealth, the importance of good health is overlooked.

Being wealthy means more than just having money—it also means having good health. So, while you’re working hard to build wealth and be financially free, don’t discount the importance of good health.

Wealth is not about having the most expensive possessions, but rather having the freedom to do what you want, feeling joy and contentment in life, and being healthy. This is the best definition and meaning of wealth.

Mental Health Awareness Month: Positive Thinking

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What you think shapes who you become and where you go.

Self-talk is the endless stream of unspoken thoughts that run through your head. These automatic thoughts can be positive or negative. Some of your self-talk comes from logic and reason. Other self-talk may arise from misconceptions that you create because of lack of information or expectations due to preconceived ideas of what may happen.

If the thoughts that run through your head are mostly negative, your outlook on life is more likely pessimistic. If your thoughts are mostly positive, you’re likely an optimist — someone who practices positive thinking.

There are numerous health benefits associated with positive thinking. Researchers continue to explore the effects of positive thinking and optimism on health. Health benefits that positive thinking may provide include:

  • Increased life and health span
  • Lower rates of depression
  • Lower levels of distress and pain
  • Greater resistance to illnesses
  • Better psychological and physical well-being
  • Better cardiovascular health and reduced risk of death from cardiovascular disease and stroke
  • Reduced risk of death from cancer
  • Reduced risk of death from respiratory conditions
  • Reduced risk of death from infections
  • Better coping skills during hardships and times of stress

It’s unclear why people who engage in positive thinking experience these health benefits. One theory is that having a positive outlook enables you to cope better with stressful situations, which reduces the harmful health effects of stress on your body.

It’s also thought that positive and optimistic people tend to live healthier lifestyles — they get more physical activity, follow a healthier diet, and don’t smoke or drink alcohol in excess.

References:

  1. https://www.mayoclinic.org/healthy-lifestyle/stress-management/in-depth/positive-thinking/art-20043950

Tax Everyone But Me – The Rich

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Congress! Congress! “Don’t tax you. Don’t tax me. Tax the guy behind the tree.” ~ U.S. Senator Russell B. Long

Regarding taxing the other guy, “Most people have the same philosophy about taxes,” says U.S. Senator Russell B. Long, (D-LA), Chairman of the Senate Finance Committee, which handles tax legislation.

“All taxes discourage something. Why not discourage bad things like pollution rather than good things like working or investment?” – Lawrence Summers

Making federal tax policy is hard work because virtually any path chosen by Congress will have different impacts on sectors, regions, and tax payers no matter how hard one tries to make it as even-handed as possible.

“It is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise the revenues in the long run is to cut the tax rates.” – John F. Kennedy

In recent years, governments seem to have even stopped trying for tax policy neutrality and instead have embarked on tax policy competitiveness—using it as a bribe to entice companies to locate in their territory and as a weapon to punish companies that are either out of favor or attractive targets for easy money, writes William Reinsch, the Scholl Chair in International Business at the Center for Strategic and International Studies (CSIS).

“For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Winston Churchill

Recently, the European Union has begun to weaponize its tax policy as a search for easy money from foreign (almost entirely American)—marks and a way to disadvantage foreign companies in areas where the Europeans are having a hard time competing. The best current example of this is EU efforts, as well as those of individual member states, to impose a digital services tax (DST), according to Reinsch.

References:

  1. https://quoteinvestigator.com/2014/04/04/tax-tree/
  2. https://www.csis.org/analysis/dont-tax-me-dont-tax-thee-tax-fellow-behind-tree

 

ChatGPT to Explain AI

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Recently, I asked ChatGPT to explain artificial intelligence and ChatGPT to a novice. Below is the response:

”AI stands for artificial intelligence which is the simulation of human intelligence in machines that are programmed to think and learn like humans¹.

ChatGPT is an AI-powered chatbot developed by OpenAI¹ which uses natural language processing capabilities to interact with humans³. It was built on a family of large language models (LLMs) collectively known as GPT-3⁴.

ChatGPT can be used for a variety of tasks such as answering questions, generating text, and even writing code⁵.”

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References:

(1) Demystifying ChatGPT for Government Leaders | LMI. https://www.lmi.org/blog/demystifying-chatgpt-government-leaders.
(2) ChatGPT: 30 incredible ways to use the AI-powered chatbot. https://interestingengineering.com/innovation/chatgpt-30-incredible-ways-to-use.
(3) ChatGPT explained: everything you need to know about the AI chatbot. https://www.techradar.com/news/chatgpt-explained.
(4) ChatGPT explained: Everything you need to know about the AI chatbot …. https://www.tomsguide.com/news/chatgpt.
(5) AI And You: How ChatGPT Can Take Your Career To The Next Level – Forbes. https://www.forbes.com/sites/bernardmarr/2023/03/15/ai-and-you-how-chatgpt-can-take-your-career-to-the-next-level/.
(6) ChatGPT for dummies. I asked chatgpt to explain me chatgpt… | by …. https://medium.com/geekculture/chatgpt-for-dummies-6dd542c60cf9.