5/12/16
Chapter 22
- Economic alchemy — take something with little value & convert it to something of significantly greater value.
- All wealth begins in the mind
- The key to wealth is to be more valuable.
- The purpose of any company is to create products & services that increase the quality of life for all customers.
- ★ How can I increase the value of what I do by 10 or 15 times?
- wealth is created by distribution.
- Adding value is not just creating products; it's finding a way to make sure more people experience an increase in the quality of life.
- Find something that already has great value & distribute it to people, or distribute it at lower cost.
- raises should be tied to increased value, & we can easily increase our value as long as we educate ourselves & expand our repertoire of skills.
- equipment gives a limited return. invest in the education/development of your own people
- How can I add more value to any environment I'm in?
- True contribution makes life richer.
- ★ spend less than you earn & invest the difference
- invest 10% of income → & reinvest your returns for compounded growth
- w/o a clear investment plan, you will fail.
