Why you must have basic understanding of economics?

There are many youngsters who wish to make fortune by quick-rich schemes. There is no thing as “get quick-rich”. The only people getting rich are the ones who are writing those books. The only way to get rich quickly are: Robbery (or doing something illegal) or by investing in high-risk investments. There is in general no other way.

Why you must have basic understanding of economics?

Until & unless you create something that has value & demand- financial success in a small period of time is near impossible.

You shall surely come across many success stories of musicians, athletes, film-stars, etc. but they practiced their arts & polished their skills for years before they came to limelight. Though this sudden limelight may produce an illusion that it is overnight success. So, when you see an actor earning million dollars know that it is not just the result of 1-2 years since you began seeing him on TV. It was accompanied by many years of hard-work behind the scenes.

So, here is the first basic principle of economics- No Money Without Work.

》Nothing is free (*not even the coupons, discounts, etc.)

In most cases, you trade with time to save money. To find a coupon or discount you have to stay updated & that eats away your substantial amount of time. It is unlikely that one would realise the importance of time in teens but is MUST once you step into your career life. If you utilise the same time in building skills, improving yourself, focusing on MOST-IMPORTANT things in your life- you will find that you would be able to earn more (two-folds or more) & that too in short-time. This is the reason why many people don’t like to search for coupons & the likes. They value time over saving a fringe amount of money.

Also, coupons & discounts are a way to increase consumerism. And as economics says for being rich you have to be producer & not the consumer.

If you don’t have the basic understanding of economics you might end up wasting your hard-earned money & time on “Quick-Rich” schemes.

Also, economics suggests to work-hard in order to create more value at the market place. That’s the only way to financial freedom. 
With Great Love,
Er. Amit Yadav

http://www.stayfoolish.in

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