We are all at different levels financially. Someone who starts out on the financial journey with no assets is different to someone further down the path. I think it is like the martial arts system of belts, which starts at white and goes up, depending on level of experience and results. Someone like Warren Buffett would be a black belt, and someone who begins to learn about wealth for the first time would be like a white belt.
When I first started on my journey to financial mastery, It was a struggle. I remember going to all the local supermarkets to do my food shopping, and buying the cheapest goods from each. I would usually end up buying the supermarkets own brand stuff. Now that I am a higher belt level, I might buy slightly more expensive foods, but I do so within a monthly budget.
Donald Trump is a high belt level and is in the leagues of the super rich. Trump actually flies around in a personal 747 Jumbo Jet, which must cost millions a year to maintain. Can a beginner on the path to financial success do this? Of course not, so why is Trump allowed to do it, and why hasn't he gone bankrupt with all of his extravagance? Its because Trump has a higher level of mastery over his finances, and has more financial reserves to draw upon.
The richest man in the UK, Lakshmi Mittal, lost billions this year and he is still going strong, yet many UK businesses are going bankrupt after only losing a few thousand pounds. This highlights the difference in amount of financial resilience you have, the higher financial belt level you are. The heavyweight fighter is able to recover from a heavyweight knockout punch, in a way the lightweight fighter never could.
Imagine if 2 people want to buy a house. A high financial belt person would have a higher deposit, and be offered a better mortgage deal from the bank. A lower belt person may go bankrupt buying exactly the same house, because they can't afford it, most likely the banks wouldn't let him make the deal in the first place.
There are different levels of financial accomplishment. At each level, you are limited in the amount you are able to accomplish and you need to be aware of this. Each time you move up a level you can do more things financially, and new opportunities are open to you. Learn and practice good finance principles regularly, and you will raise your financial level, in terms of knowledge, deal making ability, assets, etc.
When I first started on my journey to financial mastery, It was a struggle. I remember going to all the local supermarkets to do my food shopping, and buying the cheapest goods from each. I would usually end up buying the supermarkets own brand stuff. Now that I am a higher belt level, I might buy slightly more expensive foods, but I do so within a monthly budget.
Donald Trump is a high belt level and is in the leagues of the super rich. Trump actually flies around in a personal 747 Jumbo Jet, which must cost millions a year to maintain. Can a beginner on the path to financial success do this? Of course not, so why is Trump allowed to do it, and why hasn't he gone bankrupt with all of his extravagance? Its because Trump has a higher level of mastery over his finances, and has more financial reserves to draw upon.
The richest man in the UK, Lakshmi Mittal, lost billions this year and he is still going strong, yet many UK businesses are going bankrupt after only losing a few thousand pounds. This highlights the difference in amount of financial resilience you have, the higher financial belt level you are. The heavyweight fighter is able to recover from a heavyweight knockout punch, in a way the lightweight fighter never could.
Imagine if 2 people want to buy a house. A high financial belt person would have a higher deposit, and be offered a better mortgage deal from the bank. A lower belt person may go bankrupt buying exactly the same house, because they can't afford it, most likely the banks wouldn't let him make the deal in the first place.
There are different levels of financial accomplishment. At each level, you are limited in the amount you are able to accomplish and you need to be aware of this. Each time you move up a level you can do more things financially, and new opportunities are open to you. Learn and practice good finance principles regularly, and you will raise your financial level, in terms of knowledge, deal making ability, assets, etc.
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