Secret of Success

How much do you aspire to earn monthly over the next three years? Take a moment to jot this down in the comments. Trust me, there’s significant power in putting your goals on paper. Today, the protagonist of the book I'm introducing faced bankruptcy and boldly declared, “I will earn at least 100,000 marks per month within three years.” Today, that equates to around $80,000. This protagonist? Bodo Schäfer. He went from financial ruin to earning a remarkable income in just two and a half years. Today, Bodo is celebrated as one of the world’s leading success coaches, with bestsellers like *The Road to Financial Freedom*. However, merely writing a comment won’t miraculously fill your bank account. In *The Laws of Winners*, Bodo Schäfer shares 15 powerful commandments that the wealthy follow. He emphasizes that anyone can achieve financial success by adhering to these principles. Today, I want to highlight five commandments that left a lasting impression on me and have the potential to transform your life, too. If you’re excited, please like, subscribe, and turn on notifications. Let’s dive in!

First Commandment: Love Everything You Do You’ve undoubtedly heard the advice to “do what you love.” But Bodo Schäfer urges us to take it further: **love everything you do**. This isn't just about finding joy in your tasks; it’s about cultivating a mindset that empowers you to embrace every aspect of your work. Yes, some jobs have challenging areas. For example, a restaurant owner might adore cooking but dread managing staff. I've felt the same in my content creation journey. Yet, remember that your attitude towards your work shapes your experience. Maintaining a positive perspective can make even the most daunting tasks manageable and rewarding.  Consider the difference in energy at successful versus struggling restaurants. It’s not just the food; it’s the welcoming environment created by employees who love their work. You'll find yourself more focused and productive when you love your job.  

Second Commandment: Approach Your Work Like a Game Viewing work as a game can revolutionize your experience. Just like in gaming, where you tackle challenges with ease and creativity, you can adopt a similar approach in your workspace. Forget the rigidity and stress! Instead, embrace a flexible mindset that allows for exploration and innovation. When faced with setbacks, treat them as opportunities to learn rather than reasons to panic. This shift in perspective can turn your work into an enjoyable journey, enhancing both your performance and satisfaction. Remember, the key lies in your mindset. Success becomes achievable and satisfying when you transform work into an exciting game.

Third Commandment: Build Confidence**

Your success is directly proportional to your confidence, and your income is similarly linked to your confidence. The value you place on your accomplishments is entirely up to you. If you believe you deserve a pay raise, you should actively seek opportunities that require confidence. The size of your success often correlates with the level of your confidence. The book *How to Show Your Abilities* emphasizes that our abilities are subjectively evaluated rather than objectively assessed. In manufacturing jobs, output can be measured by the number of items produced per hour, but in service roles, such as teaching or retail, it is much harder to quantify who is the best or which store is the friendliest. Success in these areas depends on matching customers’ preferences. In these scenarios, appearing competent is just as important as being qualified, and confidence significantly influences how capable you seem. To build your confidence, consider Bodo Schäfer's suggestion of keeping a success journal. Every day, jot down your small achievements, no matter how trivial they may seem, such as greeting people warmly, exercising for 30 minutes, or practicing moderation in your eating. Over time, this practice shifts your focus from failures to successes, leading to greater confidence as these accumulated successes grow.

Fourth Commandment: Share Help and Joy

Take every opportunity to help those around you. Your employer will quickly notice whether you contribute positively to or detract from the workplace atmosphere. A positive atmosphere among employees boosts productivity. There are those whose presence uplifts the team and brings joy, while others may cause tension and conflict. Most people prefer working with individuals who foster a positive atmosphere, even if they are slightly less skilled. Bodo Schäfer encourages us to share help and joy. Simple gestures, like asking, "Can I help you with something?" or offering a heartfelt compliment, are universally appreciated. This positive attitude enhances your reputation, especially when combined with confidence. Ultimately, every task revolves around human interactions, and we tend to entrust our work to those we enjoy being around. By sharing help and joy, you create a positive environment wherever you go. If you're an employee, this will make your employer want to keep you, even at a higher salary. As a business owner, this reputation can attract more clients and increase income.

Fifth Commandment: Strive to Be a Bigger Person

Don't allow trivial matters to upset you; most things are insignificant in the bigger picture. The way individuals react to situations reveals their mental fortitude. The amount of money a person earns often correlates with their capacity to handle it. Wealth-related books, like *The Attributes of Wealth*, stress the importance of expanding your capacity. People with smaller capacities may struggle to manage large amounts of money and often see it slip away. One way to expand your capacity is to learn to remain calm. Consider whether you would want to give opportunities to someone who reacts with anger over minor issues. Remaining composed during small disruptions is key to growth. Most situations we encounter are not severe enough to warrant significant reactions. Little annoyances—such as someone cutting in front of you in traffic, receiving rude emails, or dealing with sloppy work—are standard. While it's natural to feel annoyed, more generous individuals quickly calm down and remind themselves, "It happens." They handle minor mistakes from colleagues gracefully, improving their reputation. Like sharing help and joy, being a person others want to work with can lead to higher earnings. If you're going to increase your income, focus on expanding your capacity and becoming a bigger person.

**Invest in Yourself** Remember, yourself is the most valuable asset with the highest potential return. By adhering to these commandments for wealth and expanding your capacity, significant wealth will follow. I genuinely support your growth through this discussion. Reports indicate that the top 1% have an average of about 5.8 million assets. If you earn an annual salary of 100 thousand and save every penny, reaching that wealth would take 58 years. Even if you saved 50%, it would take 116 years. It's important to note that the top 1% didn’t accumulate their wealth solely through salaries. The appreciation of real estate is a significant factor. Interestingly, not all wealthy people in India became rich through real estate investment; many achieved substantial earned or business income instead. As of 2024, the average income of the top 1% of households by asset was over 35.5 million. While having high assets is essential, many wealthy individuals also enjoy high incomes.

How did these individuals increase their income and become wealthy? Today, I will reveal the secret. The book we’re discussing is "The Laws of Wealth." Instead of the usual advice to save money and invest, this book explains how to dramatically increase your income and join the top 1% of the wealthy. If you're excited, please like, subscribe, and set up notifications. Let's get started! First, focus on doing work that you can sell. The wealthiest people on Earth primarily engage in work that they can sell. So, what work can you sell? Consider this: Can you sell the work you're currently doing to someone else? Take a look at your job. Bodo Schäfer states, “Owning a job often doesn’t have much value because an employee can’t sell their job. Moreover, when the time comes to be fired, the idea that you had a stable job shatters.” Whether you work at Samsung or Apple, can you sell your job to someone else? No, you can’t. If you told your boss, "I've sold my job to a friend, so they'll start working here tomorrow," they would think you’re crazy. Our jobs cannot be sold, and the salary we receive from a job is limited. Civil servants are a prime example—their lifetime salary is fixed, aside from inflation adjustments. The amount of money you can earn is restricted, and you cannot sell it. Self-employed individuals face a similar situation. About 90% of self-employed people can only receive a small amount for their business's fixtures and management costs, and that’s only if the business is doing well. Often, they end up paying to have their business taken over or must cover demolition costs. Conversely, companies can be sold. You can buy shares in companies like Samsung or Apple. When buying and selling these companies, the price-to-earnings (P/E) ratio comes into play. For instance, if a company has a P/E ratio 10, its market capitalization is ten times its earnings. To buy the company, you have to pay a premium based on the company's earnings projected for the next ten years.  Doing work that you can sell is crucial. It means engaging in work valued at five to ten times the current earnings or even more, reflecting future earnings potential. Why do some business owners struggle to sell their businesses for much while others can sell theirs for over ten times the price? The answer lies in the system. Without an established autonomous system, a company's value remains limited. A company that cannot operate independently has to depend on the owner's labour to fill gaps. Regardless of how much money the company makes, it is not seen as having future value if it ceases to function independently without the owner. Investors buy companies with the expectation that they will run smoothly and generate income independently. They are willing to pay a premium for a business that operates independently. If a company relies on one person, it’s not just buying a company; it’s like purchasing a liability. To achieve significant wealth, the task is straightforward: create a system that runs without you. This doesn’t mean you must build a massive company like Samsung or Apple. Consider the restaurant industry—if the owner always cooks in the kitchen and never shares the recipes, that restaurant cannot be sold. However, if the recipes are fully documented and it operates as a franchise with multiple branches, even if one branch fails, it can still be profitable. Such a company can be sold. YouTube channels illustrate this point as well. Channels operated by a single person often cannot be sold. Large channels led by one individual, like 슈가월드 share a similar fate. Therefore, for my next venture, I plan to focus on work that can be sold. In contrast, if a channel, like Mr. Beast, doesn’t feature the owner directly and uses an interview format with invited experts, it can be sold if there’s a system for content planning involving writers and producers. Remember this lesson: do work that can be sold. If you can change your job to make it sellable, think about how you can do it. If that’s not possible, seek side jobs that have sellable potential. This is the key to surpassing salary limits and achieving a higher income.

**Second, differentiate yourself.** If we had to sum up why many people struggle to earn significant money in one word, it would be "anonymity," as Grant Cardone, the author of "The 10X Rule," suggests. You likely possess valuable skills if you’ve worked hard in a specific field. However, your competitors probably have similar skills. In such cases, minor differences in skill don't matter as much as who is more recognized and who stands out. Consider how many cafes are better than Starbucks, yet that doesn’t matter. Starbucks is more famous and has more locations, which makes it stand out. To drastically increase your income, you don’t need to possess extraordinary skills; you need to stand out. Differentiation is the key to achieving this. The fundamental principle that applies to all professions is finding ways to set yourself apart. If you do what everyone else does, your value will be similar to countless grains of sand in a desert—no matter how unique yours may be, it remains just a grain of sand. To achieve exceptional income, aim to be a pearl among the sand; differentiation is how you accomplish that. Differentiation doesn't mean finding a blue ocean where no one else is operating. The idea of a "blue ocean" being less competitive implies that fewer people seek that niche, which might not be ideal for growth. Instead, most success arises in "red oceans," widespread and economically beneficial fields of Starbucks' practices. It’s easier to generate $10 billion in a $100 trillion market than in a $10 billion market. Differentiation in a red ocean market can simply mean adding one unique aspect. The red ocean market is vast, and even top companies cannot satisfy all customers, creating gaps that you can target with your distinctive approach. For example, if you're conf Starbucks' practices, you can follow most practices of Starbucks, like customer service and store cleanliness, but introduce one key difference. If Starbucks attracts many customers but is too noisy for some, you might cater to those seeking a quiet place to read, as in the case of "Book Cafe of Desire" by Ja Choong. The optimized reading space becomes an attractive feature. Marketing your differentiation is equally crucial. The same principle holds for YouTube channels. There are countless book review channels, so why watch mine? Many viewers say it's due to my unique delivery. I don't merely summarize content; I share my genuine thoughts and applications, which convey my passion. This sincere approach sets my reviews apart from many others. Remember, we don’t need extra skills; we need to stand out. To differentiate yourself, you don’t have to start from scratch; do one thing differently. That unique aspect will become your competitive advantage in the crowded red ocean. **Third, change the rules.** Don't be misled into believing that the world has unchangeable rules. All rules are created by people, meaning they can be altered. The objective value of your work doesn't exist; your worth is always subjective. Many of us view our potential earnings, particularly salaries, as fixed—and often they are. Government roles have determined wages, and many companies have established salary scales. However, apart from civil service positions, these rules are flexible. To boost your income, don't simply accept the salary set by company policies; aim to earn what you want. You might think, "Isn't that unrealistic?" It is possible. A recent episode from the Draw and Drew channel featured a young entrepreneur named Kim Min-Joon, also known as Dean. At just 22, he sold his brand to Daewoong Pharmaceuticals and joined the company as an employee. During salary negotiations, he stated, "I'll do the work of three people, so pay me the salary of three." And he got it. While this is an extreme case—since he joined after selling his brand, which differs from standard recruitment—the takeaway is that even in a medium-sized company, you project confidence if you ask for more. Confidence enhances how capable you appear. I’ve often pointed out that our abilities aren't evaluated objectively, particularly in idea-driven fields. If people believe you are skilled, then you are. You exude confidence and appear more competent by challenging existing norms and making bold proposals. The more experienced you seem, the higher the income you can demand. Change the rules. Most regulations are not natural laws; they can be modified. Focus on making or altering the rules to increase your income rather than following them.

Wealthy individuals earning millions or tens of millions annually didn't all start with a silver spoon or extraordinary talent—such cases are rare and mainly apply to athletes or celebrities. Most became wealthy by following specific methods. Today, I’ll share those methods with you.

1. **Do Work That You Can Sell**: In capitalism, the only way to gain significant value is by doing work that can be sold. Creating a system that operates independently of the owner and selling it acknowledges both current earnings and future value. Moreover, selling a system or a company often incurs a much lower tax rate than earned income—only 20%. Developing and selling a system is the key to making substantial money.

2. **Differentiate Yourself**: What we need is not merely expertise but distinctiveness. Think of ways to create differentiation. Find that one aspect that will make you stand out in a crowded market.

3. **Change the Rules**: All rules can be altered anytime. You can't simply accept the salary dictated by pay scales or company regulations if you want to increase your income. You need to create new rules and propose them to achieve substantial income. I sincerely support your journey toward financial freedom with today’s discussion. Imagine money as your middle finger; someone hit it hard with a hammer. Would you say, “It’s just one finger; I have four more,” or would all your attention focus on the injured finger? How important is money to you? Many say, “Money isn’t everything in life.” While that's true, just as an injury to one finger can capture all your focus, money influences every area of your life. You need enough money to maintain and grow other aspects of life, such as health, relationships, and purpose. Having enough money means you can sustain your lifestyle even if you’re unable to work and enjoy the essential things that contribute to your happiness. The challenge isn't recognizing this but knowing how to achieve it. The fastest and most certain way to reach your goals is to learn from those who have already succeeded.

Legendary investor and top mental coach Bodo Schäfer imparts the mindset and methods necessary for wealth creation in his renowned book, "The Laws of Winners." Let’s discuss the three secrets to becoming wealthy in Bodo Schäfer’s "The Laws of Winners": 1. **Take Responsibility**: You must acknowledge that all responsibility lies with you; without this realization, accumulating wealth becomes impossible. Responsibility doesn't rest with the country, your spouse, education, health, or economic conditions—it lies solely with you. The first step to becoming wealthy is adopting an attitude of personal responsibility. When things go well, we often credit ourselves, but we tend to blame others when they go wrong. For example, we might think we're stock market geniuses during a bull market but blame external factors when the market crashes, such as geopolitical events or interest rate changes, such as geopolitical events or interest rate changes, when the market crashes. Bodo Schäfer emphasizes that everything is your responsibility. You might wonder, "Is the Russia-Ukraine war my fault?" No, but you cannot absolve yourself of responsibility for your current situation. You are accountable for how you interpret and respond to events, regardless of whether they are optimistic or pessimistic. While we can't undo a stock market crash, we can choose our response: we can either panic sell or view it as an opportunity to reorganize our portfolios and buy high-quality assets at lower prices. The responsibility lies with us in every situation. If you blame the government, you are essentially handing over the steering wheel of your life to someone else. We can change much more in our lives than we often realize. Even luck can be influenced. Many became wealthy after COVID-19 by investing in stocks, real estate, or cryptocurrencies. People may label them as lucky, yet their luck resulted from preparation. They had saved funds ready to invest when opportunities arose, identified these opportunities, and acted swiftly. Continuous saving, investing, and learning created that "luck." Take responsibility for your finances, and you will shape your own fortune.

**Second: Practice Self-Control**  Bodo Schäfer and his mentor went for coffee one day. Suddenly, his mentor began pouring coffee on the floor, startling Schäfer. His mentor explained that the coffee represented Schäfer's talent; without a cup (self-control), it had no value. Self-control is the second secret to becoming wealthy. It is essential for success not just in finances but in all aspects of life, including studying, exercising, and maintaining relationships. In terms of finances, self-control primarily means saving money and avoiding debt. Schäfer emphasizes that no one becomes rich merely by earning much money. True wealth comes from saving and holding onto cash. Regardless of how much you earn, you won’t become wealthy if you don’t save; you’ll only have a high income. Real wealth is generated by accumulating assets and living off the cash flow from those assets. While everyone knows saving is important, many fail because they approach it vaguely. Schäfer suggests treating savings as a salary that you pay yourself first. For example, just as a company must pay wages despite financial difficulties, you should prioritize paying yourself first each month. By setting aside money for savings before spending, you can ensure that you save, even if it means cutting back on other expenses. Debt is another area where self-control is critical. Good debt is an investment that generates returns greater than the interest rate, while bad debt is incurred for consumption. Schäfer refers to consumer debt as foolish. Surprisingly, many people accumulate debt for unnecessary purchases, leading to even more debt due to high maintenance costs. You won’t find wealthy individuals struggling with loans. To become wealthy, you must focus on paying off debt, which requires self-control. Schäfer offers specific strategies for doing this, such as recording all expenses, cutting up credit cards, and finding new sources of income. The most important principle is the 50-50 rule: use only 50% of your income to pay off debt and save the other 50%. This approach helps you avoid missing out on investment opportunities while paying off debt. **Third: Increase Your Income** Many people believe they are underpaid. But is that true? Schäfer argues that your income generally reflects your economic contribution. The market doesn’t favour or disfavour you; it pays you what you’re worth. Some justify requesting a raise by citing rising living costs or children's education, but Schäfer states, “Money and opportunities respond to ability, not need.” The market compensates you for your value, not your needs. To increase your salary, you must enhance your value. Salaries aren’t simply given; you must earn them by providing more value than expected. This concept can seem abstract, so Schäfer introduces a formula for determining your maximum income based on five factors: qualities, energy, recognition, self-worth, and ideas. Rate these factors from 1 to 10. For instance, an average office worker might have the following scores: qualities (5), energy (7), recognition (3), self-worth (8), and ideas (7). Multiply these scores and then by 500 to find the maximum monthly income. For example, 5 x 7 x 3 x 8 x 7 x 500 equals 2,940,000 won. The catch is that recognition can be rated up to 100. If the worker's recognition were to increase by 30 through activities like running a YouTube channel or writing a book, their potential income would jump to 29,400,000 won. The key to dramatically increasing your revenue is to raise your recognition.  Schäfer concludes that you need to be noticed to boost your income significantly, but you are not necessarily an expert. Spend more time promoting yourself and your work in the market to enhance your recognition. Remember, skilled professionals and valuable information are abundant today. Being capable alone isn’t sufficient; others must know your capabilities. Making this known is your responsibility. We live in an era where recognition translates to money. Competence is essential, but if you have a certain level of competence, the outcome is largely determined by your recognition. Consider successful YouTube creators who earn millions or tens of millions. For example, Giuse, a YouTuber with 1.3 million subscribers, is a hairdresser. While I don’t have exact details, he might likely be among the highest-earning hairdressers in Korea. Is he the most skilled hairdresser in the country? Although highly professional, it's difficult to say he is the best based on technique alone. There may be others who excel at perms or cuts. The same holds in other fields; many teachers may teach better than star lecturers, and chefs might cook better than Baek Jong-won. However, those with higher earnings are often the ones with greater recognition. Thus, to increase your income, you must also work on increasing your recognition. This doesn’t mean you must become a social media superstar like a YouTuber. Once you have a certain level of competence, there are numerous ways to raise your recognition, such as giving lectures or writing articles in your field. Even if you don't see immediate changes, if you persist in making yourself known, eventually, more people will begin to notice your efforts.

Take responsibility for your financial situation. Understand the causes of economic phenomena and work to improve your circumstances—practice self-control. Focus on saving, paying off debt, and moving towards your goal of financial freedom. Look for ways to increase your income, build recognition, and accelerate your path to financial independence. Bodo Schäfer's book, "The Laws of Winners," focuses on money but emphasizes the mindset necessary for success in all areas of life. Although the German first edition was published in 1998, its insights are timeless and relevant. However, the book has some drawbacks; its writing style can be unfriendly and feels more like a collection of short pieces rather than a cohesive whole. Despite this, its wisdom is invaluable, especially in today's economic climate. I highly recommend this book to anyone who wants to master their finances and achieve true freedom. I have introduced many similar books on YouTube,  filled with content about becoming wealthy. However, much of this content often lacks specificity. Concepts like the Law of Attraction or writing and reading your goals 100 times can feel abstract. After engaging with such content, you may feel inspired to work hard and become rich but are often uncertain about what steps to take or how to implement them. Enthusiasm without knowledge can lead to mistakes. That's why I have prepared this presentation. In this video, I'll introduce a three-step formula for achieving financial freedom based on Bodo Schäfer's "The Laws of Winners." In a previous video, we discussed general principles for becoming wealthy; today, we'll explore a practical roadmap for immediate action toward financial freedom. Let’s begin with "The Laws of Winners" by Bodo Schäfer and discover the practical steps to achieve wealth many overlook.

**Step 1: Prepare a Financial Airbag.** Bodo Schäfer explains each step and provides a specific formula for calculating the necessary amount for this step.

Let's break it down: What would happen if your income suddenly stopped or you were not repaid the money you lent? What if you unexpectedly lost your job or fell ill? How long could you maintain your lifestyle in such a crisis? Start by documenting the minimum costs that must be covered regardless of the situation. Then, estimate the shortest time needed to recover and secure a new job you feel passionate about. A financial airbag is the minimum amount required to withstand a crisis. The formula to calculate it is minimum monthly costs multiplied by the time needed to find a new job. For example, let’s consider a typical office worker named A. A pays $2000 per month for mortgage principal and interest. Additionally, A spent $1200 on car maintenance, including fuel and insurance; $1000 on other insurance premiums; $500 on food; $400 on utilities (including apartment management fees and gas); and $75 on communications and miscellaneous expenses. In total, A needs at least $5175 monthly. If it takes 12 months for A to find a new job, then the financial airbag required would be $5175 multiplied by 12, which equals $62100.

Bodo Schäfer asserts that establishing a financial airbag is the first fundamental step toward financial freedom. This critical buffer grants you peace of mind and protects you from unforeseen crises. Everyone yearns for security; even the most adventurous individuals require a safety net to reach their goals. The journey to wealth often involves risks that come with uncertainty—the reality is that approximately 80% of stock investors face losses. Around 75% of new businesses fail within their first five years. To truly thrive, you need a financial airbag because any pursuit has a 10% chance of failure. Life can throw unexpected challenges, as seen during global events like COVID-19. However, a financial airbag enables you to withstand adversity and believe in your potential for recovery. Furthermore, having this cushion offers psychological stability. In high-pressure situations, people tend to lose clarity; making decisions while constantly fearing bankruptcy can result in short-sighted gains but long-term detrimental choices. While having $60000 may feel intimidating, it's absolutely achievable. How can you accumulate this amount? Bodo Schäfer recommends starting with a budget. Too many people struggle to save because they spend their money first and attempt to save the remainder—often very little. Have you calculated your monthly expenses? Without a budget, those small, seemingly innocent purchases will erode your savings over time. When building a financial airbag, prioritizing a budget is essential for monitoring your spending habits and understanding where your money goes. Additionally, Schäfer stresses the importance of utilizing safe investment strategies as you create your financial airbag. Methods like savings accounts, fixed deposits, and insurance may yield lower returns, but they emphasize safety, which is paramount at this stage. Please resist the temptation to engage in high-risk investments too soon; they can lead to losses that jeopardize your financial recovery. So, how much of a financial airbag should you aim to create? Begin by crafting a budget and diligently tracking your expenses. This foundational step is crucial in ensuring you possess the financial resources to navigate life's challenges without collapsing.

### Step 2: Achieve Financial Stability A financial airbag provides a lifeline during emergencies but won't fundamentally transform your lifestyle. Consider it a minimal safety net. You may need to dip into your savings when an unexpected situation arises. However, to truly establish a solid safety net, you must accumulate enough funds to sustain yourself by living off the interest. Bodo Schäfer refers to this state as "financial stability." Achieving this level of security enables you to maintain a comfortable lifestyle without risking your financial future, paving the way for a more secure and prosperous existence.

Financial stability means securing the ability to live off the interest generated by your investments without ever touching your principal amount. To gauge how much you need for this level of economic security, multiply your monthly expenses by 150. For example, if Worker A has monthly payments of $4000, the calculation becomes $4000 times 150, resulting in a target of $600,000. This amount enables A to leave their job behind and live without financial worries. Accumulating that substantial sum solely through savings can feel daunting, which is where strategic investing comes into play. Bodo Schäfer advocates for the 40-40-20 investment strategy, which smartly allocates your capital: 40% in safe assets, 40% in moderately risky investments, and 20% in high-return opportunities. The safe 40% could consist of fixed deposits, while the stable 40% might include long-term investments like stocks and real estate. The final 20% should be reserved for more volatile yet potentially lucrative investments. While the target for financial stability may appear modest in today’s context, the importance of protecting these funds cannot be understated. Without safety measures, recovering from losses can become an uphill battle. Once you’ve established this secure financial base, any additional income can be reinvested for even greater wealth. When considering investments, aim for products that promise at least 20% to 30% returns. Options might include avenues such as private equity funds, real estate developments, or launching a business. As you explore these high-return paths, your primary focus must remain safeguarding the financial stability you’ve put in place. If you maintain that stability, you can innovate, pivot, and try again even after setbacks. A three-step approach is essential to achieve true financial freedom. It is more significant to prepare a financial airbag for emergencies, secure financial stability by ensuring your investments allow you to live without working, and actually pursue incredible wealth through larger ventures. It’s vital to adhere to this sequence: establish your financial airbag, then secure stability, and only afterward should you explore wealth-building opportunities. Remember, a crucial rule for lasting success is to avoid failure. Many falter by becoming overconfident due to early wins and taking unnecessary risks. Regardless of how well an investment performs, lacking a strong financial foundation can lead to devastating consequences. Those who have built their wealth over the years understand the value of following these steps and consistently maintaining at least a minimal economic base. In contrast, those who attain wealth quickly often succumb to overreach, assuming their success is everlasting, ultimately leading to downfalls. Genuine wealth is fostered through steady growth along these three steps rather than desperate attempts to earn quick riches. For anyone aspiring to economic stability and freedom, I strongly recommend delving into Bodo Schäfer's "The Laws of Winners." Just like elite athletes thrive under the guidance of skilled coaches, aspiring investors must learn from those who have successfully navigated the financial arena. Seek insights from those who truly excel. Be wary of anyone claiming to teach financial success without credible experience. If you’re determined to succeed, immerse yourself in the wisdom of true experts.

While many successful individuals can inspire us, meeting them in person is often a formidable challenge. Fortunately, you can learn from their experiences through the books they write. The vast selection of these books can be overwhelming, and while reading them all would be ideal, it's impractical given our limited time. Consider this: with an annual salary of around $40,000, is becoming a billionaire just a dream? When posed this question to a billionaire, the aspiring individual admitted, "Honestly, it feels unrealistic." The billionaire then calmly responded, "You need to set unrealistic goals and develop plans that challenge your current reality. You'll remain where you are if you don’t radically alter your life. If you don’t radically alter your life, you'll remain where you are. To become wealthy, you must think and act like a wealthy individual. If you were content with your current situation, you wouldn’t be here seeking advice." The billionaire guided the young man to a garden with enormous, thriving pumpkins to drive his point home. In stark contrast, a small pumpkin was trapped inside a glass bottle. "This happens when you limit your life's goals to match your current situation," he explained. "If you only aspire to earn a dollar, that's all life will provide. This is my most valuable advice to you." Bodo Schäfer echoes this sentiment: "If you think something is beyond your reach, that should become your goal.: " Your life's turning point begins with setting an ambitious and challenging goal." Turning points don’t happen overnight; setting an audacious goal and diligently working towards it is what defines success. Despite our best efforts, many fall short because we confine ourselves to realistic limits. Living in the same way as yesterday guarantees the same outcomes. Instead of aligning your life with your goals, align your goals with your life. Your aspirations will reflect that limit if you settle for a lifestyle worth $10,000 a month. However, if you aim for $70,000 or even $100,000, you'll begin brainstorming ways to achieve them—whether through side hustles, savvy investments, or your business. Fundamental transformation starts when you dare to set lofty goals. Someone aiming to walk 100 meters might achieve that, but a person striving to cover 100 kilometres must think beyond simply walking—they must find a way to travel at such a pace. Goals sharpen your mindset and direct your actions. Successful individuals may be seen as "crazy" for pursuing seemingly unreachable goals, while ordinary people allow life to dictate their ambitions. True achievers assess their lives based on the goals they set. So, do you have unrealistic goals? The second key to success is discovering work you love. Your twenties are the ideal time for exploration and experimentation. The critical question during this period is: what do you enjoy doing? This isn’t just about happiness—it's also about competition. In any field you choose, you’ll be up against those passionate about what they do. Bodo Schäfer insists that finding your passion is essential for success—not just for personal joy but because those who love their work often thrive. Think of it this way: students will always ace their Japanese classes because they immerse themselves in anime. Despite struggling elsewhere, they excel due to their passion. Those who revel in their work become unbeatable in any competition. If you’re wondering, "But how do I find what I love?" you’re not alone. Here are two strategies successful people use to discover their passions:

First, **Step Out of Your Comfort Zone**. Many seek their dreams in familiar surroundings, but true passions often lie in unexpected places. Familiarity can hinder success. If you're overly attached to what's familiar, you might fail to recognize happiness when it arrives or realize your discontent even when you're unhappy. When children are asked about their future ambitions, they often mention their parents’ jobs or popular roles like a teacher, civil servant, YouTuber, athlete, or celebrity—careers they deem familiar. As adults, this pattern continues, as our interactions seldom stray outside our usual circles, preventing us from uncovering our dreams. To truly discover new aspirations, you must venture beyond your comfort zone. Embrace new experiences, experiment with different hobbies, explore diverse interests, read widely, and visit unfamiliar places. Only then will you unlock the path to discovering your true dreams.

**Second, Embrace Hard Work Even on Tasks You Dislike!** As Bodo Schäfer wisely states, "You must willingly immerse yourself even in tasks you don't like." This approach can lead to powerful 'aha' moments—realizations like, "I'm not that bad at this," or "I don't dislike this as much as I thought." You may even discover hidden talents and passion. Don’t allow preconceived notions to hold you back! Dive in with an open heart, and you may find that what once seemed tedious can transform into something enjoyable and fulfilling.

**Third, Understand That Avoiding Risks is the Riskiest Move of All!** To secure success, you must consistently engage in various experiences, practice, and train persistence. The Law of Averages shows that your chances of success improve the more you try students. Consider this: life risk-free is akin to taking a massive gamble on a single dice roll. Imagine this scenario—you stand to gain $1000 on an odd number but lose $500 on an even number. Would you play that game just once? Of course not! You’d play hundreds of times because, though you might experience setbacks, the odds are in your favour for long-term success. Yet, how often do we quit after just one setback? People abandon their YouTube channels after a few videos fail to take off, or they shy away from investing in stocks after incurring losses, failing to recognize the vast potential rewards that await them. The initial risks associated with starting a YouTube channel are minimal—just some equipment costs and your time. Investing carries the primary danger of losing your principal amount. However, both avenues offer limitless rewards for those who persist. By continuously taking action, you are bound to win eventually! The most dangerous mindset is to avoid action altogether out of fear of failure. To achieve success, you must emulate the habits of successful individuals. They don’t half-heartedly dip their toes into the water; they dive headfirst enthusiastically for what they do. Even when faced with failure or embarrassment, they bravely take risks, knowing that stagnation is the real threat. Bodo Schäfer’s "The Winning Habits" is a treasure trove of wisdom, featuring 30 essential habits that winners practice daily. This book is not just a recommendation; it’s a vital resource for anyone serious about personal growth. Each quote resonates deeply and inspires action. I urge everyone who desires a better life to prioritize this book. The critical distinction that separates the wealthy from the impoverished, the successful from the unsuccessful, is mindset. Your level of talent or skill means little without a robust mentality. Countless celebrities, investors, and entrepreneurs have seen fleeting success yet ultimately faltered because they lacked the right mindset. **Now, let’s take action.

** **First: Persevere!** True success is defined by your ability to persist. Many self-help books discuss success, but let me tell you that achieving it is not necessarily difficult. Establish clear goals, implement the right strategies, and stick with them until you attain the victory you seek. So, why do so many people struggle to follow through with this seemingly straightforward concept? The answer lies in their misunderstanding of patience. Patience is not about enduring uncomfortable or unfulfilling tasks for an extended time. No one can sustain that! Patience means biding your time until the right opportunity arises—waiting for the chance to pursue what truly drives you. It’s not simply about withstanding negativity but recognizing and seizing favourable opportunities when they present themselves. By doing so, you open the door to lasting success and fulfillment.

When people think of patience, they often envision themselves enduring harsh conditions or gritting their teeth against challenges. But let’s get real—this is a false notion of patience. True patience isn’t about forcing yourself to withstand discomfort; it’s about knowing how to wait for the perfect moment when your aspirations can come to life. Imagine a rookie actor diligently honing their craft, fully committed to becoming a star someday—that is true patience! On the flip side, sitting in despair, staring at rejection letters and an empty bank account while repeating “endure, endure” is torture. Think of someone who dedicates years to studying in preparation for a once-in-a-decade investment opportunity or diligently saving to build their financial future. Now that is real patience! But clinging to blue-chip stocks while mindlessly chanting “endure, endure” lacks the essence of patience. Real patience is about sharpening your skills in anticipation of the moment when your dreams can be realized. This focus on skill development should be the cornerstone of our lives. High salaries and prestigious titles merely reward our efforts; they are not the end goal. The actual objective is to cultivate our skills to achieve greatness. The first and most critical secret to developing a winning mentality is having patience in skill-building. Sitting and thinking, "One day my time will come," is not enough; that is complacency, not perseverance. Real patience urges you to push forward and actively refine your abilities continuously. Let’s talk about a key concept tied to true patience: momentum. When you maintain constant movement, building speed and generating momentum, you'll find that no obstacle can stand in your way. Conversely, without momentum, even the smallest hurdle can derail you. Once you harness momentum, nothing can hinder your progress. It’s the combination of perseverance and momentum that leads you to success. Ever tried pushing a car in neutral? At first, it takes immense effort to get it moving, but once the wheels start rolling, it becomes a breeze. True patience operates similarly—it’s about keeping that momentum alive. It’s not about burning out in a day or two; it’s about establishing rewarding routines like reading for an hour or exercising for 30 minutes daily. With consistent momentum, achieving greater speed and growth becomes inevitable. But be warned: momentum has a dark side, too. Getting up just 30 minutes late, binge-watching three episodes when you intended to watch one, or endlessly scrolling through social media can create a negative inertia that pulls you back. It’s crucial to identify behaviours that threaten your success and cut them off before they gain momentum. Remember, success can be simple: set your direction and persevere with unwavering commitment. Faithful perseverance is more than just suffering through hard times; it’s about continuously moving forward with intention and growth. The real meaning of patience is to uphold positive habits and ensure your success engine never stalls. So let me ask you: are you ready to embrace true patience and transform your life? The journey to success begins now!

**Second: Conquer Fear!** We all harbour dreams of tackling new challenges, whether it’s launching a YouTube channel, starting a business, or applying for an exciting project. Yet, 99% of us fail to take that first step. Why do we hold back? The answer is simple: fear—the fear of failure and judgment from others. Mental alchemists remind us, "When do we feel the most tormented? It’s when we dread potential pain. Our faces pale with anticipation of suffering, but once the pain begins, we discover it’s not as unbearable as we feared. The anticipation is what truly weakens us." The greatest fear comes from imagining what could go wrong. What if people laugh at me? What if I fail? Yet, when confronting our fears, we often find that reality is far less painful than our imaginations. Reality is far less painful than what our imaginations have led us to believe. A breakup may seem like the world is ending initially, but we eventually move on to new loves. Before you join the military, worries loom large before you enter the military, but once you’re there, they become manageable and pass swiftly. They become manageable and pass. What torments us isn’t the circumstances and emotions tied to our worries and fears. Pain does not have a fixed magnitude; it only has the intensity our emotions assign to it. Breakups and job losses don’t come with predetermined levels of pain—there’s no "breakup equals 90" or "job loss equals 100." Some people bounce back after a breakup, while others may struggle for extended periods. By mastering our emotions, we can cultivate a golden mentality that empowers us to overcome fear and pain. **Here’s a practical strategy to manage your feelings effectively:** Instead of saying, "I have worries right now," shift your language to "I have a problem to solve." Worry isn't something you own; it’s an action you take. It’s intangible and fleeting. Instead, focus on problems—concrete challenges that require resolution. Identify specific issues at hand to significantly diminish anxiety. Instead of vaguely stating, "I'm worried," declare, "I have these specific problems." Instead of saying, "I'm worried about my retirement," shift to, "I have a problem of insufficient funds for retirement." Problems have tangible aspects, and addressing those issues leads to viable solutions. Calculate how much you need for retirement, determine your savings goals, and research investment options. In contrast, saying "I'm worried" lacks substance and clarity. Clearly defining your problems is a powerful strategy to overcome worry and fear. **Another impactful method is gratitude.** Remember, "The only way to dispel darkness is to fill it with light. Fighting against darkness is futile." Vague worries resemble darkness—unseeable and impossible to whisk away. The answer lies in introducing light. Gratitude serves as that light, illuminating the shadows of your worries. Instead of focusing on what you lack or the uncertainties ahead, practice gratitude for what you currently have and appreciate the present moment. The most significant barriers to pursuing success are worry and fear. The key to breaking through these barriers is recognizing that they are just emotions. Once you identify the specific issues, the intangible enemy of fear fades away. Moreover, by shining the light of gratitude on the shadows of worry, you illuminate your path toward success. So, are you ready to conquer fear and step confidently into your future? Embrace this transformative journey today!

**Third: Transform Problems into Gold!** Many people yearn for financial freedom, dreaming of a life without monetary worries. Yet, when asked why they desire this freedom, responses often boil down to, "Because having lots of money is nice," or "I just want to stop worrying about finances." However, mental alchemists remind us, "Rich people experience financial freedom; they now confront problems that money can't solve—complex issues that require deeper thought and responsibility." While I may not be wealthy, I can certainly imagine the appeal. Picture a life where you aren’t obligated to engage in activities you dislike and where financial resources can quickly resolve many of life’s challenges. However, once you address the straightforward money-related problems that can be solved with wealth, you’ll inevitably face more challenging dilemmas—questions like "What is my purpose?" or significant real-life complications involving taxes, legalities, and inheritance. These are the kinds of challenges that most people never confront. Don’t fall into the trap of thinking, "I don’t want to be rich." Yes, more complex problems accompany wealth, but it’s essential to recognize that avoiding wealth confines you to simple, mundane issues. The key lies in how you define problems. People with fewer resources often perceive problems as limitations or failures to be avoided. In contrast, the wealthy and the wise interpret problems as invaluable opportunities. The greater the challenge, the more resilient and capable they become by overcoming it—and thus, they embrace issues with open arms. As Nietzsche famously said, "What doesn't kill me makes me stronger." Those who achieve wealth and success develop their mindset to view problems as opportunities for growth. Although wealth introduces more intricate challenges, problems are not burdens for the affluent—they're stepping stones to further greatness. Embracing challenges as opportunities to build our strengths is the powerful principle behind cultivating a golden mentality. All wealth and success stem from attitude. Success without a solid mindset is like a sandcastle washed away by the tide—fleeting and unstable. Remember, this mindset isn’t something you’re born with; anyone can cultivate the alchemy of a golden mentality to elevate their prospects for success. **Persevere!** Patience is not just a virtue; it’s the core of success. It’s not merely about enduring hardships but rather about developing the skills necessary to seize positive opportunities as they present themselves. Remember this: pain has no inherent weight—it's how we perceive and react to it. By shifting your mindset to see problems as opportunities for growth, you’ll find the gold in your challenges and unlock the door to a successful and fulfilling life. Are you ready to transform your perspective and turn your challenges into treasures? Embrace the journey and watch your life change!