๐Summary of the book "Money Laws"
The five secrets to getting out of financial crises and avoiding falling into them again.
1- Telling the truth leads to earning more money.
First impressions leave a lasting impression, as people form an opinion of you based on your appearance and behavior. However, if these impressions are based on lies, eventually everything will fall apart, and not only will others be affected, but you will also be deceiving yourself.
Many financial crises start with a simple lie, such as pretending to be in a better financial position than you are, which can lead to dire consequences. Lies in advertising and financial advice can also negatively influence your decisions. To avoid this mess, you need to be honest with yourself and others.
And to take responsibility for your actions, and manage your money honestly and wisely, without caring about what others think.
2- Thinking about the present
After trying to improve your financial situation based on facts, comes the second law, which calls for focusing on the present instead of clinging to the past. Many people face financial crises,
But the way we deal with it is what distinguishes them. Some learn from the lessons and work according to what they have, while others remain stuck in the memories of the past, waiting for things to return to the way they were without making any effort. It is important to learn from the past without being prisoners of it, as there is no point in thinking about what was,
Rather, we must examine reality and work on developing it. Looking at the financial past is like driving a car through the rearview mirror. You may be able to move forward for a while, but eventually you will crash. To apply this law, consider every day as a new opportunity and start carefully evaluating your current situation.
Including your investments and assets, to decide whether to keep or dispose of them, always keeping in mind the focus on the future.
3- Think about what suits you
After you have learned to speak the truth and think about what you have, comes the third law, which focuses on thinking about what is right for you.
This law requires you not to put money above everything in your life, happiness, self, and relationships come first, while money should be a tool to achieve financial security and not a goal in itself. The main purpose of money is to provide security and comfort, not to become a slave to it. Each person has different needs according to his situation,
Whether he lives alone or has a family, you must determine what suits you financially and makes you feel secure, whether it is an investment, buying a property, or achieving financial stability in another way. Parents sometimes fall into the trap of over-sacrificing for their children, such as borrowing money to educate them, without taking care of themselves.
This can lead to major financial problems. So, you have to put yourself and your financial security first so you can take care of others.
4- Investing in known things
After following the third law and knowing what works for you financially, comes the fourth law, which focuses on using your money well for essential matters first.
This law requires you to set aside money for essentials like housing, food, and debt, and then invest the rest in things like buying a property or opening a bank account. You should start by calculating your monthly expenses, including those that are recurring but may not be known exactly like food and health care,
Fixed expenses such as loans and car debt. The goal is to reduce and eliminate these fixed expenses to provide funds for potential financial crises such as retirement or illness. To apply this law effectively, calculate your monthly income versus your expenses,
Use any excess to pay off debt and avoid the burden of high interest. In addition, create an emergency fund to provide you with financial protection in case of emergencies.
5- Money is not a source of power alone.
Money is a source of power in our lives, but it is certainly not the only or real power. Many people believe that money can solve all their problems, but the truth is that money is not the solution to everything, and it does not represent absolute power.
True power comes from within, and is related to your character, not how much you have. You may have a lot of money at one point and lose it at another, but that does not mean you have lost your value or power. The fifth law focuses on the importance of developing your inner strength; self-confidence and self-esteem should not depend on money.
To apply this law, you must view money as a tool that serves you and others, and realize that success depends on a balance between divine guidance and your personal effort.