Property is the old way to make money, here is the new way! | Summary and Q&A

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August 31, 2020
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Simon Squibb
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Property is the old way to make money, here is the new way!

TL;DR

Property ownership is not the only path to wealth; focus on personal growth, finding your purpose, and creating a legacy.

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Key Insights

  • 👨‍💼 Many wealthy individuals made their fortunes through innovative ideas and businesses rather than just property ownership.
  • 🛟 Property ownership might not provide significant returns in the early years of life, making it important to explore other avenues.
  • 🙃 Creating a legacy is about more than just owning property; it involves making a lasting impact through personal achievements and contributions.
  • 🥺 Prioritizing personal growth and finding one's purpose can lead to long-term success and a fulfilling life.
  • 🤝 Property ownership comes with its own challenges, such as dealing with tenants and financial uncertainties.
  • 👯 Young people should not succumb to societal pressure to buy property but should focus on personal development and happiness.
  • ❓ The journey towards personal growth and finding purpose is more important than solely chasing financial success.

Transcript

hi folks i've been thinking a lot about property ownership lately and having examined my own path to success and how i've accumulated wealth i hear so often people talk about you know buy a house rent it out take that money buy another house rent it out and that's kind of the last 30 years seems to be the way everyone thinks is to make money but in... Read More

Questions & Answers

Q: Is property ownership the most effective way to accumulate wealth?

No, the traditional approach of buying properties and renting them out is not the sole path to wealth. Many wealthy individuals have made their fortunes from innovative ideas and businesses.

Q: What is the importance of personal growth and finding one's purpose?

Personal growth and finding one's purpose in life are crucial for long-term success. By understanding oneself and pursuing passions, individuals can create their own wealth and leave a meaningful legacy.

Q: Are there drawbacks to property ownership?

Yes, property ownership comes with its own set of challenges, including dealing with tenants, rent issues, and market fluctuations. It may not bring happiness or a sense of fulfillment to the owners or their future generations.

Q: What should young people consider when it comes to property ownership?

Young people should not feel pressured to buy property immediately. Instead, they should explore different opportunities, take risks, and focus on personal growth and finding their passion before committing to long-term financial obligations.

Summary & Key Takeaways

  • Property ownership is often seen as the primary way to make money, but this is not how most wealthy individuals have accumulated their wealth.

  • Successful individuals like Mark Zuckerberg and founders of major tech companies made money from their innovative ideas, which eventually allowed them to invest in property.

  • Property ownership can be a low return investment in the early years of life, and it is essential to take bigger risks, explore opportunities, and prioritize personal growth and happiness.

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