Decision making is one of the most important factors in having a successful life. A major reason why some people are successful is that they make better decisions than others. Jeff Bezos is one of such people and he has made a lot of money from the biggest bets he has made in the last few decades.

“Why learn from Jeff?” you may ask.

Well, he is currently the wealthiest man in the world with a net worth of close to $172 billion dollars from owning a 12% stake in his company Amazon (AMZN). He owns roughly 57 million stocks and the value of these stocks has skyrocketed during the pandemic.

If you missed the most expensive divorces in history, know that Jeff gave his ex-wife $38.3B in a divorce settlement



To live a meaningful and purposeful life you need to improve your decision-making skills. Who better is it to learn from in not the wealthiest man in the world?


These four steps will assist you to make decisions like Jeff.

1. Carefully review all the information and go all in.
Jeff had a high paying job on Wall Street but got attracted to the internet because of its high growth rate and the interest of his line manager at D. E. Shaw. He then decided to continue to observe the information about the growth of the internet and realized that it was exponential beyond belief. With a resolute mindset and $100,000 cash investment from his parents, he quit his job, packed his stuff, and moved with his wife to begin Amazon.

Whenever you want to make a critical decision, you need to get all the proper information necessary then go all in. If you are only partly invested in an idea, a business, or a job, it would show. When you know what is at stake and you put all your effort into it, you will definitely get great results. However, the first thing you need to do is to actually review all possible information.

Do not use your natural bias to make decisions.

You need to make an informed decision every time, which means you would need to have various credible sources to review the available information. You might also have conversations with people that have ample experience to understand the effect of the information you have consumed.

2. Focus on What is important, not what other people say.

When he was making a decision to begin Amazon many people felt it was crazy to leave a well-paying job on Wall Street but he focused on what was important to him which was the information he had received and understood.

Also, when he was looking to expand Amazon from just books to carry other products, most of his staff didn’t understand why they will leave their ‘core’ but he understood that there was a bigger market and selling books was just a way to enter the market.

Most times people might not understand why you are making your decisions but because you have looked at the numbers, spoken with experts, and have a clear vision, it’s easier for you to make those critical decisions.

It was also necessary for Jeff to focus on his customers more than his competitors because he knew that the more his customers were involved in purchasing from Amazon, the higher their market share. That was one of the reasons he was able to think about creating a program like Amazon Prime which brings about 30% of their revenue from the web platform. Kindle and Alexa were other products that seemed “unnecessary” at the time but eventually became huge revenue earners.

3. You will not get it right all the time.

It is almost impossible to make the right decisions at every single crossroad. What you need to do is to make more right decisions than you make the wrong ones.

This means that you don’t need to beat yourself up when you make a wrong call. All you need to do is to review what went wrong and learn from the lessons.

Once you understand this, you will not take it so hard on yourself and you would not be crippled by fear when making decisions in the future. You’ll just realize it is a part of the process you have to go through to get to success.

4. Create a system that works for you.

The system Jeff created is quite amazing.

He ensures he makes about three to four critical decisions a day early in the morning and doesn’t work past a particular period of time. He also tries to get as much sleep as possible now at least eight hours of sleep a night. (I can imagine when Amazon was a growing company, he would have burned the midnight oil but now that he is at the helm of affairs of a behemoth, he needs to be sharp with his thinking)

His schedule is such that he has his critical meetings earlier in the day when his brain is still sharp and focused.

His system also allows him to relax with family or friends to ensure that his mind is clear and prepared for the next day


P.S:

Jeff has a deep-throated croaky laughter that many find annoying. He does, however, share this laughter without feeling awkward. Many people say they get used to it with time. I am sure he is just excited that he is laughing to the bank. COVID-19 has increased his net worth and this is just the beginning.

It’s true!



4 KEY TAKE OUTS THAT WILL ENABLE YOU MAKE BETTER DECISIONS IN YOUR LIFE

Review all the information that allows you to make informed decisions.
Focus on what is important to you and your long term goals.
Take it easy on yourself, you will not get it right every time.
Create a system that works for you.
Further reading:

The Everything Store: Jeff Bezos and the Age of Amazon


Culled From: https://realitycheck.world/2020/07/02/jeffbezos/

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Lalasticlala
Mynd44
Crazyman
1forall

Hello, GreatGrandKids,

I will have loved to do a video but I am not certain if Youtube will still be around in 2120 so it’s safer for me to write.
You will have read about CoronaVirus in your history books as a viral disease that engulfed planet earth at an unprecedented scale. However, there were a few things I wish I knew before it hit. I am learning from history and providing you amazing tips you’ll use in due time.

1. Prepare for Your Own Pandemic

It might be earlier than 2120 because of the advancement in technology and exploration of the earth and depths of the sea. However, be extremely certain that you will have a world-wide scale of the disease.

Your version might be an upgrade to this one. Maybe a COVID3.0.

Also, know that there will be conspiracy theories from naysayers. We had our own share with 5G. (I am certain you’ll be using 100G by now) Focus on the facts and dig for more information about your pandemic immediately.

2. Put aside money to invest and buy assets.

Businesses and real estate will require cash at this point. You’ll have leverage once you are liquid. J.P Getty became a billionaire many times because he had $500,000 inheritance (which I plan to leave you more than this) and bought oil stock at the lowest rate possible and used his astounding business acumen to turn this money over.

You have to be prepared and know what to do beforehand. Study how men made millions during the great depression of the 1930s. Those principles hold true even till now.

3. There will be a second wave. Stay shored up.

History is always said to repeat itself.

The second wave of the Spanish flu was more brutal than the first. Let me educate you about viral diseases. It mutates with time. In fact, as I write this treatise, it is suspected that the Novel CoronaVirus has mutated about 3 times in 5 months.

The mutated strains are usually more dangerous and will kill more people than the first.
Stay safe and focused on the longer goal of survival.

4. Be your own government.
Some countries, especially Western nations grossly miscalculated and underreacted to the spread among its citizenry. The United States of America (If they are still referred to by this name) had a delusion of grandeur and their President termed the disease as a “Chinese Virus” without making adequate preparation of appropriate medical equipment and supplies. They had the worst number of deaths although they were a “World SuperPower”

Be your own President no matter where you are in the world. Do not let an idiot that has a title make you another statistic. Take charge of yourself and your family. Make deductions from the reports you study from reliable sources and prepare for the very worst.

America and Britain did not learn from the mistakes their fathers made during the Spanish flu. Do not be like them.

Be smart. Use this playbook.

5. Trust God, trust yourself.

No matter the religion you might be exposed to in your time, know this. There is an omnipotent Being and you need to trust that he has your back. This does not mean you’ll be foolish and not make smart decisions. He gave you a brain to be able to decipher what is right and how to protect yourself. Use this brain to the best of your ability and do not fail to trust the almighty.

I am certain my grandchildren had prepared you for the battle of life so you already know how to react in the face of war. This is war. The soldiers that survive wars are those that trust their abilities and their instincts.

Never doubt yourself.

I love you very much.

Your GreatGrandDad,

Mobolaji Atolagbe.

Source: https://medium.com/@AtolagbeBolaji/letter-to-my-greatgrandchildren-about-covid-19-3aa7b4a84382

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Lalasticlala
Mynd44
Crazyman
1forall

It was 5 a.m and Julius’s phone rang.

He had already envisaged the call. The same person had called six months straight at the same time of the month, every month asking for the same thing.

And this month was not going to be different.

“Peroo, My guy!” Julius hailed his friend after he had picked up the phone.

A little backstory before we go deeper into why Julius knew his buddy would call. Peter is a young and smart engineer that had been a bookworm since their childhood and got a well-paying job in an oil company. He had been in that position for about 8 months and was doing well for himself. While Julius is a self-taught web developer that has an amazing freelance portfolio built over 5 years and was just beginning his own company. He spends the very first hours of the day learning business basics from online courses and youtube videos. Both of them have known each other since childhood and only reconnected recently at a mutual friend’s wedding.

Peter answered, “J boss, I’m not good o. I woke up with a terrible headache and I also have a meeting with my boss in a few hours. The club was banging last night! I wonder why you did not show up, it was Raphel’s birthday.”

“Well, I had already sent him a gift, he knows that I do not club as a matter of choice,” Julius responded.

“That is fine, chief. I need a small favor from you. You know, a small loan until my salary drops. I have spent all the cash with me and I cannot access my other account. You can make the transfer to the same account you sent it to last month.” Peter said.

“Peter, I think it is time for us to see. Today is Saturday so your meeting should not last long right?” I can come to your office at around noon. I hope that is fine?” Julius said.

“What is the problem? Is it because I asked for another loan? You know I do not default. I will pay you in a week immediately my salary drops.”

“I do trust you’ll pay me. That is not why I want us to meet. Just be at the coffee shop at the corner of your office street at noon. Do not worry, you’ll understand when we speak”

“Okay then bro, see you at noon,” Peter said and hung up the phone.

Julius, who was a stickler for punctuality was already at the shop at 11:30 a.m. He sat in the corner with his cup of cappuccino reading one of the Harvard Business Review books titled “On Managing People” from his laptop


Peter strolled in just at the dot of noon with dark shades. Julius noticed him and waved him to come over to his table. He stood up and they shook and hugged.

“Mehn, you look like you outdid yourself with alcohol yesterday” Julius joked as Peter sat and took off his shades.

“You have no idea bro. It was fun and I’ll do it again” he replied with both of them laughing.

“Have some breakfast and water to get your head in the right place”.

The waitress took their order quickly and in a matter of minutes, Peter was served his meal. Julius had breakfast before heading for the meeting so he just kept sipping on his coffee. They just kept talking about their childhood friends, how life was going for both of them and how things have changed in their city.

After his meal, Peter looked and felt better. He stretched in his seat and then said:

“What’s up, Jay? What was so important that you wanted to see me?”

Julius cleared his throat and took another sip of his cappuccino.

“It is about you, Peter.”, he said after dropping his mug. “We have just reconnected since we lost touch about 15 years ago and I am glad you are doing well for yourself. In fact, I am excited because we did not come from privilege so we are in the process of breaking poverty and growing wealth for ourselves and our families”

“Amen to that brother, that is the goal. We can never be poor again” Peter responded.

“With your habits Peter, and this is not me judging you, you might go back there if you are not careful.“

Peter sat up and looked at Julius straight in the eye.

Jay continued.

“I get that we are young and should have the time of our lives, but we should also work on growing our wealth. For you to ask for money from me every month since we met only means that you are currently living above your means. You might not want to hear this but I am here to teach you some financial tips if you want to. If you are not interested, I can just walk out of this shop and never talk about this again.”

Peter slouched back into his seat and closed his eyes. Although the pounding in his head had stopped, he was tired and wanted to sleep. However, his friend did not lie. He needed to make a change or he would dig himself into a pit. He sighed and opened his eyes.

“Continue,” he said, sitting up.

“I am glad you decided to allow me to show you what I have known and how it has worked for me.

The most important thing to do is to

1. Understand your expenses and income
“Since you earn a salary, it means you get paid at the end of every month. This means you are confident that you will have income. However, what are your important expenses monthly?”

“Erm… Food, subscription for my internet and cable TV, fuel for my car and I think that is all” Peter replied.

“That is not all. I am sure you pay rent for your apartment. Put that in your monthly calculation. Take out the monthly amount for your rent from your salary and save it in an account so it will not creep up on you at the end of the year.”

“Smart move bro, smart move,” Peter replied.

“Thanks, do you have any other source of income besides your salary?” Julius asked.

“Not at the moment. I am looking for a business to invest in so I can have some form of payment asides from my monthly pay”.

“Okay then.”

Now that we know how much is coming in and going out, the next thing is to…

2. Budget

Julius turned to his laptop and began typing.

I’ll be asking you questions and your answers will help me fill this spreadsheet.

“How much does all your subscription cost?”

“Wait a minute, let me think about that. I pay the full payment for my cable TV because I cannot miss my Gunners games, spend 20,000 on my internet subscription, I have a gym membership that costs me 35,000 for the month.”

Julius kept asking various questions and filled in the answers in the spreadsheet.

When he was done, he then said to him.

“As a rule of thumb, it is best advised to budget 50% of your income on your essential expenses (transportation, rent, food, and the likes) 20% on investments, 15% on short term savings (for the rainy days) and the remaining 15% for miscellaneous.

What are the things you believe you can cut down from this budget? Things that are unimportant. “ Julius asked looking up from his laptop.

“Julius, I won’t even try to lie to you, I have not been to the gym since I paid for the membership and there is a gym at the office. I should be able to go there before work on days that I want to exercise.” Peter replied.

They both reviewed other parts of his budget critically and cut out the things that were not needed.

When they were done, Peter asked him ”Guy, you won’t be here with me every month to do this, will I be able to draw a proper budget after this?”

“I’ll send you this spreadsheet so you can just edit it every month or you can use an app like “Goodbudget” you can see on your store app on your phone.

“Make sense then. So what next”

3. Investments

Julius then stretched out his hands; They had been at work for a little above an hour. He said,” I read a quote by Benjamin Franklin once, it said, “If you would be wealthy, think of saving as well as getting.”

So all we will do with all the unnecessary expenses we have cut when we were writing a budget will be put into investments. You will be in charge of the investment to get the returns that you talked about.

Some investments are short term while others are long term. Some investments are very low risks but most of those have low percentage returns.

You’ll need to learn how to invest and not only rely on the report of other people. That way you can only invest in things that you understand and reduce losses to the barest minimum. Many people are out there looking to take your money from you. It is best to be safe but it is worse not to invest at all.

The more you invest, the better you get at it.”

Peter seemed more alert at this prospect. He had not complained about anything and his eyes lit up with the thought of making more money from his savings.

Julius continued: “ I have 2 audiobooks that will help you make the right decisions. “The Intelligent Investor” by Benjamin Graham and;Rich Dad, Poor Dad” written by Robert Kiyosaki. They will give you a foundation for how you can make good investment decisions. What will help you the most is to tie your investment to a particular goal such as buying a piece of real estate in a prime location or investing in a fish farm or something of such. This will allow you to begin searching for great opportunities in these places. Take baby steps and learn as fast as you can.

“But you also know that you cannot invest ALL the remaining money without having some cash left?” Julius concluded.

Peter laughed. “ I was just about to ask you o. How will I be able to live my baby boy life with all these rules and strategies?

4.Emergency Funds and other activities

“Do not worry Peter, I have you covered. You’ll still live your lifestyle but on a budget. You can have a budget for outings and other activities. All you need to do is to discipline yourself not to overshoot your budget except in critical times.”

“Jay, the truth is that I have been spending more whenever I hang out with some of my guys from the company and the club. I cannot seem to say no and at the end of the day, I spend more than I am meant to. When I called this morning, I had paid for drinks that I didn’t even know we took last night. I have wiped my savings trying to keep up with them but I think this talk will help straighten a lot of things.” Peter said, letting out a sigh.

“You mean you do not even have any money for emergency funds? What if something happens that requires you to make use of cash?”

“I have some of the basic things covered, my parents are on my HMO as from the office, my car has comprehensive insurance and I have 8 months more before my rent elapses. I am pretty good bro.”

“No, you are not Peter. You are not. What if you are fired or your company decided to shut down its operations? What will you do? You need to build your emergency funds to be at least 6 months of your expenses. This covers you in case anything extreme happens and you do not earn anything major. Think about this.”

“Darn! You are very right. It seems I will be balling on a budget from now on” Peter replied.

“That is very right. I am not saying you should not have fun or go out. I love to travel and I set money aside to travel and have fun but an emergency fund is very important. It is the money you save when everything is going well. Imagine if you are fired tomorrow, or your entire department is shut down and you do not get a job in 3 months, how will you survive. It is not about the amount you make but the amount you manage. Do you understand bro?”

“I do. Thanks for your time and for breaking this down to me. I really appreciate it. I was going to be defensive when you brought this up but I realized I was going down the same path my dad went and decided to listen. I’ll do my best to follow through with our discussion bro.” Peter said.

“Let me send you the spreadsheet to your email and I’ll be on my way,” Julius said typing on his system while Peter slouched back into his seat staring into space, thinking.

MAJOR POINTS FROM HOW TO MANAGE YOUR FINANCES TO BECOME A MILLIONAIRE

1. Understand your Expenses and Income.
Once you have a good understanding of how your money is spent, you’ll be able to properly plan and prevent some expenses.

2. Budget your Money.
When you do not properly budget your money, many unnecessary things will seem necessary until the money is exhausted. It is smart to know what you will do with the money before it comes.

3. Investments.

It is important to set aside money for investments so your money can make money for you. Know your risk appetite. Increase your knowledge of investment by reading books, attending seminars, and speaking with seasoned investors. Know that there are people out there that are interested in taking your money without giving you returns. Always be careful.

4. Emergency funds and miscellaneous activities

It is critical to saving for a rainy day because it might happen closer than you expect it. Money spent on frivolities cannot be retried when you need it the most.

Source: https://realitycheck.world/2020/03/31/becomeamillionaire69/

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Lalasticlala
Mynd44
Crazyman
1forall

I appreciate all the seniors that have impacted their knowledge and experience to everyone on this thread without holding back. God bless you real good!!!

I'm still looking up to God for PPR but currently have AOR. Well, I have been thinking and planning how man go make money in Obodo Oyinbo and I'll need your assistance.

A little of my background, I studied agricultural economics and I've been working on the farm for 5 years now. I took the ACCA diploma (F1 - F3) to boost my CSR score and accounting just enter my eye. (As a sharp guy, be like say money dey there

However I need to know how I can change careers to accounting 'easily' in Canada.

-Do I first finish ACCA and apply for CPA after getting qualified?

-Should I abandon ACCA and focus in CPA? (From research it will take 2.5years of constant study instead of ACCA that states one must have 3 years experience as an accountant with the qualifications)

-Is there any one that has switched to accounting or has been an accountant before immigrating?

Abeg, make una help me find better way. Daalu, Ese, Naagode, Gracias, Merci!