It varies widely from person to person. For some, success might be defined by buying a car or a house, while for others it could be landing a new job or even growing closer to God or starting a family. Success is inherently subjective, shaped by individual values and life goals.
However, when it comes to financial success and building wealth, certain principles and strategies apply universally. Understanding these can help anyone achieve their version of success in a more sustainable and rewarding way. I find Jewish culture deeply inspiring.
Recently, I read a book that offered insight into the history and values of Jewish people, and it left a lasting impression on me. It is fascinating to learn that they make up only 2% of the United States (US) population, yet they account for one quarter of the 400 wealthiest Americans. More than 100 of the 400 billionaires on Forbes’ list of the wealthiest people in America are Jewish, and six of the 20 leading venture capital funds in the US belong to Jews, according to Forbes.
And they don’t just prosper in America. Everywhere they go, they succeed in their endeavours. This statistic is remarkable and raises the question: What makes this community so successful? One key factor is their values.
Jewish culture is known for its strong emphasis on education, family and community. They are family-oriented, placing great importance on unity and mutual support. Unlike some cultures, they do not practise polygamy, which helps maintain stable and close-knit family structures.
Men are often naturally drawn to physical appearance – it’s just part of our nature. However, what truly matters is the inner beauty of women we often joke about. If you look at billionaires worldwide and their partners, you’ll notice they often choose intelligence and character over looks.
This mindset is key to building lasting success. What truly matters is dating with intention, marrying wisely and building a strong foundation that can weather life’s challenges. Investing is another one of the most powerful pathways to financial success.
Even small, consistent contributions, like putting aside N$500 regularly, can generate substantial returns over time with compound interest. Over a 30-year period, the power of compound interest can turn these investments into significant financial gains. Mastering the intricacies of tax management is another critical strategy for building wealth.
The wealthiest individuals understand the importance of optimising their tax strategies to retain as much of their earnings as possible. They don’t necessarily evade taxes, but instead focus on legally minimising their tax obligations through careful planning and smart financial decisions. Understanding and applying effective tax strategies can be just as crucial to financial success as investing wisely or managing expenditure.
For those aspiring to build wealth, learning how to legally reduce tax liabilities is a game-changing tactic that allows them to keep more money in their pockets. As a man, there will be times when you won’t always be on top. Life has its ups and downs, and you may face challenges like losing your job or being retrenched, losing a tender or the closure of your business.
In those moments, you might find yourself relying on your wife or girlfriend. It’s in tough times that you truly discover whether you married wisely. The strength and support of a smart partner can be the difference between overcoming hardship or being overwhelmed by it.
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