All success in personal finance boils down to only one
foundation-
FOCUS ON ONE SOURCE OF INCOME IN ORDER
TO FEED YOUR FAMILY.
As funny as that sounds, it is the truth on which all other truths are built.
You might not be like me- a curious polymath who seems to
know a lil about everything, and often finds it hard to choose and stick to one
thing. Still, you too might find it hard to focus.
The one thing that guarantees success in life is this simple
concept which someone rightly made into this acronym:
F- follow
O- one
C- course
U- until
S- successful
And the desire to put food on your family table should motivate you to be
successful…starting at only ONE thing.
The principle of MINIMUM SKILL MONETIZATION TIME
You have to be so good at one thing enough to make money at
it before you say you want to move to a second thing. And how fast you do that
determines how rich and comfortable you can become.
I call it the MINIMUM SKILL MONETIZATION TIME- (i.e
MSMT is the minimum period of time taken to learn a new skill enough to earn a
regular income from it).
However, the richest people are those who do not just do the
minimum…they maximize returns on the skill by investing it. That is, they
continue at it till it becomes a profitable investment. In other words, THEY
CAN MAKE MONEY FROM THE SKILL/FIELD EVEN WHEN THEY HAVE STOPPED WORKING OR USING
IT ACTIVELY.
Don't just invest your time, invest that skill!
The principle can be summarized into two: MSMT
#1. YOU MUST INVEST
YOURSELF TO GET A SKILL, then
#2. YOU MUST INVEST
THE SKILL TO HARVEST CONTINUOUS LIFELONG RETURNS (especially after you have
retired or stopped practicing/working actively).
And the earlier you do that, the better.