"PERSONAL FINANCIAL ANECDOTES"
by Thomas Patterson
A collection of personal financial notes that I have written down as I travelled my financial journey, these are the gems that have proven to be true and stepping stones to my financial freedom.
Trees to Wealth. Someone's sitting in the shade today because someone planted a tree a long time ago. Plan your work, and work your plan. Before starting a career, making an investment, buying a property, or starting a company, make sure it’s something that you will believe in 10 years from now. Trees and businesses take a long time to mature, and if we give up and stop watering them, after a while they will die. When you start a business or an investment, make sure you’re prepared to tend to it until it matures.
Wealthy people buy assets, poor people buy liabilities.
Compounding, is the magic sauce to investing.
After me, you come first.
True wealth requires both financial and emotional skill.
BUFFETISM'S
On Earnings - Never get dependent on one source of income, make an investment to create a second source.
On Spending - If you buy things you do not need, soon you have to sell things you need.
On Savings - Do not save what is left after spending, but spend what is left after saving.
On Risk Taking - Never test the depth of river by both legs.
On Investment - Do not put all your eggs in one basket.
On Expectation - Honesty is a very expensive gift don't expect it from cheap people.
The stock market is designed to transfer money from the active to the patient.
For every stock/ETF you buy, someone sells that to you; both of them think they're correct but only one of them is.
Millions of dollars will pass through your hands in a lifetime. What are you going to do with yours?
Paying credit card interest is akin to robbing yourself
Earn your wealth by investing and controlling your spending.
The best way to double your money is to fold it in half and put it in your pocket.
Wealth is largely the result of habit.
“It’s not the man who has too little, but the man who craves more, that is poor.” ― Seneca
Be bold enough to use your voice, brave enough to listen to your heart, and strong enough to live the life you have always imagined.
Don’t diversify their investments right away. Ride the momentum.
“Do one thing every day that scares you.” ― Eleanor Roosevelt
Buy in bulk to get a better price per unit.
Invest in your people network.
Don’t waste time trying to do everything yourself.
Ignore the Joneses.
Being Rich is having money, Being wealthy is having time.
There is no passion to be found playing small — in settling for a life that is less than the one you are capable of living.” ― Nelson Mandela
“The greatest wealth is to live content with little.” ― Plato
“The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.” — Michelangelo
If you want to live a happy life, tie it to a goal, not to people or things.
“Children are the living messages we send to a time we will not see.” ― John F Kennedy
"An investment in knowledge pays the best interest." — Benjamin Franklin
"The individual investor should act consistently as an investor and not as a speculator." — Ben Graham
"Know what you own, and know why you own it." — Peter Lynch
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