Work smarter, not harder?

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Work smarter, not harder?

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2023 May 28, 7:13pm 2,466 views 63 comments

I came across this on Quora and thought it was interesting to share.

- Answer to Poor people work hard every day. What's the difference between a poor and a wealthy hardworking person? by Hector Quintanilla

Money is abundant. Money is EVERYWHERE!

The government has money, the banks have money, schools have money, restaurants have money …

You have money, your friends have money!

The rich have money, the poor have money!

Money is EVERYWHERE and always moving. Money is “flying” all around us, ALL the time, 24 hours a day — everyday, 365 days a year!

What’s the difference between a poor, hardworking person versus a wealthy, hardworking person?

The difference is in HOW they ‘catch’ money.

Poor, hardworking people invest their limited working hours ‘chasing’ money, while the wealthy, hardworking people will invest the same amount of limited working hours building an asset that will “catch” money for them.

For example, spiders will NEVER work hard chasing flying insects to make a living. Instead, they will work hard building a spiderweb that will catch abundant flying insects for them.

That’s called an asset. It works 24 hours a day, 7 days a week, catching flying “money” — even while the spider sleeps.

That’s the secret.

Schools won’t tell you this. They will teach you to chase money, which leads to the paycheck formula:

(College degree) x (Time) = Paycheck

Warning: That’s an energy-draining trap!

There’s only one solution: Entrepreneurship.

Stop making excuses and start building your “SPIDERWEB” today!

https://www.quora.com/Poor-people-work-hard-every-day-Whats-the-difference-between-a-poor-and-a-wealthy-hardworking-person/answer/Hector-Quintanilla?ch=15&oid=158123858&share=28755099&srid=hK5Qu5&target_type=answer

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HeadSet 2024 Mar 6, 8:03am

mell says

Haven't seen anything below 4% for months now. Many are 5%. The last 3%er supercheck I cashed in mid last year. During the zirp years there were even a few 0%ers. I doubt you can get am offer with less than 4% fee these days

A local Credit Union here has made an offer to convert any CDs on hand to a one year 5% with no penalty for early termination of the converted CDs. That is. if I have a 3.5% CD with them that still has months left on the term, they will close it without early termination penalty and put the proceeds into a new one year 5% CD. It would seem like this is a money losing proposition for the Credit Union, unless they see rates going up in the near future.

GNL 2024 Mar 6, 8:06am

HeadSet says

It would seem like this is a money losing proposition for the Credit Union, unless they see rates going up in the near future.

Interesting.

Eman 2024 Mar 6, 10:02am

Got a similar offer from my CU, but it’s only for kids and new accounts. They offered 5.5% interest for the savings. Opened new accounts for our daughter yesterday, and they gave her $50 for opening a savings and $25 for opening the checking. I hope this will encourage her to put the money she has in her savings account. Will find out.

AD 2024 Mar 6, 11:39am

Eman says

Got a similar offer from my CU, but it’s only for kids and new accounts. They offered 5.5% interest for the savings.

Nice Eman. Better than most major brokerages like Fidelity offering 5% for a money market account.

Yeah, teach the daughter about compound interest and time value of money versus fiat currency inflation.

.

AmericanKulak 2024 Mar 6, 11:51am

stereotomy says

College used to be a two-fer for guys - get a marketable degree, and wallow in "high quality" coed pussy until you got it out of your system. Nowadays, no pussy, bullshit majors. Yeah, with trades you just get the occasional MILF or random cold approach, unless family business dynamics can elevate your SMV status (e.g. courting the boss's daughter with his permission).

Agreed. Sad thing is that woman are like "I doan wan' no dusty man", when a 35 year old "Dusty Man" is probably making $100k or much more if he has a few years of his own business. Vehicles, Tools, etc. all write offs. In non-California money. More if CA.

stereotomy says

I previously told my son this (he's 15) a few years ago. I think it worked like reverse psychology - now he's busting his ass to get good enough grades for college. Go figure.

Mine is only 10, but once he found out a locksmith gets $60 just to show up, he now prices it out as a video game. Got him a locksmith practice kit, he's getting good with the low end masterlocks. Gonna do some door replacements and he's going to be installing the levers himself. Practice makes perfect. They have apps now for licensed locksmiths to do lockouts on the newer cars. You pay a monthly fee & a few bucks per car, and it auto unlocks the vehicle from your smartphone. Still $60 to show up and (bare minimum) $80 to unlock the car!

57 mell 2024 Mar 6, 12:26pm

HeadSet says

mell says

Haven't seen anything below 4% for months now. Many are 5%. The last 3%er supercheck I cashed in mid last year. During the zirp years there were even a few 0%ers. I doubt you can get am offer with less than 4% fee these days

A local Credit Union here has made an offer to convert any CDs on hand to a one year 5% with no penalty for early termination of the converted CDs. That is. if I have a 3.5% CD with them that still has months left on the term, they will close it without early termination penalty and put the proceeds into a new one year 5% CD. It would seem like this is a money losing proposition for the Credit Union, unless they see rates going up in the near future.

Wondering what the terms of touching the money are. If they can use the money as long as it is in your CD with interest at maturity they will benefit from a higher (sweep) cash position. But no expert in this, never took a CD, I just put my money into my stock trading. Been averaging ~20-30% yearly for the past decade, so sticking with it. Requires daytrading though in addition to buy and hold and is easily a 2nd (part time) job, so there are always tradeoffs.

HeadSet 2024 Mar 6, 12:59pm

mell says