Addendum to "I quit poverty!"

12:00:00 AM

A week ago. I had dinner with one of my mentors, Peter. It's been a while since we last had the chance to sit down and just talk, so I made it a point to put my phone face down on the table the whole time. I refused to let my work get in the way. It was a much-needed catch-up session and we had a lot of ground to cover.

I'm lucky I met him in Cyrano a few years ago. He's more than a friend and mentor - he's actually like a father to me. When he refused to let me pay for dinner last weekend, he joked, "I haven't seen my adopted daughter in four months. What kind of a father would I be if I didn't get you a decent meal?"

Peter is an extremely smart man and a successful entrepreneur, so I consult him whenever I have big business and career decisions to make. He gives the best advice, and so far, everything he's shared with me has been very, very helpful.

I told him about the "I Quit Poverty" blog post, which I published last week. I shared with him the story that Jerry shared with me to demonstrate the difference between the rich guy and the poor guy (poor guy will save to buy shoes, rich guy will expand his income). Peter agreed with it, but added another nugget of wisdom: The rich guy would think really hard if he even needs the pair of shoes. And if he doesn't, he will again think hard if he wants them badly enough.
What is your priority?
(image from the internet)
Good point, right? Unless there is a compelling reason to buy, the rich guy will invest his money on something that will yield returns. And that is why and how the rich guy stays rich.

To put everything together, what I'm telling you is this: first, snap out of the scrimp and save mindset, a.k.a. the poor person's mentality. Instead, focus on making more money. Next, know the difference between needs and wants, and be sure to prioritize the former. Pretty easy, right? Now this is where it gets hard: you have to think of the return on your investment. Unless you are going into the shoe business and you're buying pairs of the designs you want to improve on or reverse-engineer, then you can either look for a cheaper alternative that does the same job, or just don't buy the shoes altogether.

Let's shift to another example: last December, I thought my trusty Lenovo laptop had finally died on me after three years of use and abuse. It's okay now, by the way; I only needed a new charger. But because my work depended on a computer, I immediately started looking for a replacement. I considered getting a MacBook Air, but when I realized that I could get a PC with the same specs for half the price, there really was no merit to spending more. I'm a writer, not a graphic artist or a gamer, so I didn't really need anything fancy. For as long as it had the MS Office suite, a browser, and WiFi, any computer is perfect.

Hope you picked up a thing or two from reading this!


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