The Fastest Way to Become a Millionaire | Ray Dalio | Big Money Investing Review
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if you want to get rich be stupid not smart is the surprising advice of Ray doio a billionaire investor with a Fortune of $18 billion I like to be the dumbest guy in the room says Ry that’s how I get richer how can stupidity put money in your pockets well doio proves by example that it can the point is that a person has to feel stupid in order to strive to gain more knowledge to learn more strategies to stay hungry for new opportunities to be a winner n for nothing did the Great philosopher Socrates say in 399 BC I know that I know nothing your main goal should be to want to be the best version of yourself every day Ray says recognize that you’re stupid literally put yourself in that state and then start gaining more knowledge not being afraid of criticism and moving forward desire to learn as much information as possible every day that will help you reach incredible Financial Heights that’s the key to rayo’s success but this is only a small part of his valuable advice and I will go on to share some equally important ones Ray doio was born into poverty at the age of 12 he started working part-time at a golf club where wealthy people often discussed important Financial topics one of those topics was investing Dalia was lucky enough to hear things that would later lead him to success for example at the age of 12 Ray first thought not just about earning extra money for various expenses but about saving money that could could eventually multiply the young Doo then decided to take on other odd jobs to increase his Capital he started mowing lawns and plowing snow so here is rayo’s first piece of advice think about your savings and how much money you can save the billionaire is known for founding the investment firm Bridgewater Associates which is one of the largest private Equity firms in the world Bridgewater’s main goal is to manage money wisely in order to multiply capital and in order to have funds that can make even more money you first have to learn how to save money so Ray Doo suggests determining how much money you spend each month and how much you can save be sure to optimize your income and expenses because the more you can put away the faster you will get rich calculate the time frame over which you can comfortably save and most importantly remember savings is freedom and security doio also emphasizes Credit in today’s society credit is considered the absolute Norm and for many even routine however the billionaire warns Consumer loans are very bad they should be avoided such loans do not help build capital and often make it impossible to grow financially however Doo does not rule out the possibility of using credit services to buy an apartment or house for example or an asset that can provide additional funds for your savings therefore borrowing for Capital Growth is prudent if you borrow borrow wisely says the billionaire now let’s talk about setting the right goals it’s great when you finally decide to save money but often you lack the motivation to do so that’s where goal setting comes in Ray Doo’s advice Among other similar recommendations is to take an approach to this process that he believes is the most effective start by defining your true goals evaluate what’s going on around you the state of your bank account your job situation future profit increases raises promotions starting a business and so on and set obje goals based on reality as time goes by your life situation will change and of course your ultimate desires will also change but the most important thing is to always evaluate your goal soberly after you have written a list most likely it will go from the most important goal to the less important now determine what you need to do to achieve your plans specific steps write down each one that needs to be done but that’s not all you can keep track of all the cars houses and apartments in the world think about what you really lack in your life perhaps your list will shrink and now that you have the end result you are ready to move on to your goals as you climb the success ladder Ray Delio has derived another important Criterion for reaching absolute Heights the billionaire states that it is crucial to analyze the steps you have taken to achieve the necessary results what’s more it’s critical to write down all of these steps or criteria we all have certain weaknesses that usually manifest themselves in the mistak we make doio believes that success depends on knowing your weaknesses and working hard on them the first step in correcting mistakes is to identify and write them down and then build on your experience so that you can avoid repeating mistakes later in your journey to wealth eventually when you encounter obstacles again you will probably already have the key to solving the problem but remember the importance of failure many people who fail become extremely fixated on the fact that they made a series of mist mistakes because they focus primarily on the outcome but it is important to recognize and accept the fact that mistakes are crucial in The evolutionary process remember that there is a first time for everything learning from your mistakes will prevent you from making thousands of similar mistakes in the future realize that people who are successful are only successful at what you pay attention to they are likely to fail at many other things as well so don’t be afraid to make mistakes the important thing is not to give up when you do doo is always impressed by people who fail but are able to carry on with their heads held high such people are able to show character willpower and determination on their way to wealth and success the billionaire also points out the importance of mentoring find a person who will not coddle you saying things like look you did well but we’ll try harder next time won’t make you stronger find a coach who will tell you what you need to do to get better find a mentor who will give you a a little kick in the pants to help you move forward if you haven’t found one yet now is the time also don’t be afraid to ask for help some people think that doing so will make them look weak but in fact it is something that can help you reach New Heights most successful people are more than happy to share their advice and experience you just have to ask do you have a task in your life that you are trying to accomplish but nothing is working try asking others for advice you may not see someone right away who can help you with a problem but try it anyway Doo believes that if you analyze your Social Circle carefully you will quickly find the right person with the right advice but be careful when taking someone’s advice very often it can be confused with a person’s opinion and as we know almost everyone has an opinion and it is often wrong so before you take someone’s advice seriously make sure that the person giving it has experience and knowledge in the area you were interested in at the same time force yourself to do the most difficult tasks because the cost of not doing them is enormous this is a fundamental law of nature to gain strength and power you must do difficult things Doo Compares this to challenging exercises at the gym over time we make the connection between doing difficult exercises and the benefits you get from them so just like in the gym you have to stick with the challenges and chew on them because they are beneficial remember the incredible and somewhat brutal truth the things most people avoid are the very things they should be doing and here is perhaps one of Doo’s top tips for financial success realize that you’ll never get rich doing something you don’t understand enjoy or Master perfectly if you want to be successful if you want to reach Millions if you want total freedom you have to know the field in which you are competing and in which you want to succeed you must read research know your competitors and become an expert at identifying opportunities once you realize that wealth is created from needs and opportunities you will know how to attract money and the Law of Attraction will begin to work as you already know Ray Doo became successful through investing if you’re interested in what the billionaire recommends to become financially free with even $10 like the video and I’ll share it in my next videosWelcome to Big Money Investing – Your Ultimate Destination for In The Money Facts!
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