how to reach financial nirvana - 豐富自在談財富

8/2/2019 How to Reach Financial Nirvana -

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How to Reach Financial Nirvana


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What is Wealth?

What brings well being.

Health

Spiritual/Mental wealth

Social wealth

Material wealth


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What is Money?

-

Money is not real - Rich Dad, Poor Dad.

Because it is not real, it can be created. e.g.

Intel.

Myth: things have inherent monetary value.

Myth: Money is a zero-sum game.

Money is a medium of exchange.


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Money in a Market Economy

Supply/demand determines price; i.e.

whatever people want most with low supply

will have higher price.

Pitfalls:

Everything has a price. Money is everything.

Money puts people in adversarial relationshipin transactions and in ownership.


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Right Livelihood

There are ethical and unethical ways to

create wealth.

Ethical wealth creation is called Right

Livelihood. It is beneficial to self and

others, in this life and future lives.

Myth: the customer is always right.


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Ethical Wealth Creation

-

,;

, -

-

The mind creates wealth ethically byrealizing a way to benefit people.

You can benefit only when others benefit.


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Common Attitudes toward Money

I don't care (Really ?!)

I want lots of money to spend (consumption

oriented)

I want to accumulate as much money as

possible (accumulation oriented)

Money is an indicator of my success, and I

want to be very successful (creation

oriented)


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Buddhist Attitude toward Money

() -

(and wealth () will follow)

,,,,, -

,

(and money will never be a problem when

you give people what they truly want.)


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Challenges in Materialistic World

Q: My work is about making products. I

dont know if it benefits people.

A: Value comes from people, not stuff. If a

products main usage hurts people, making

it is wrong livelihood. e.g. weapons,

cheating, porn, narcotics. Social responsibility to promote beneficial

usage of technology. E.g atomic energy.


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Buddhist Ideal - Nirvana

Nirvana is the cessation of all defilement

and worries.

Nirvana is the ultimate bliss. -

The Buddha also developed perfect ability

to benefit others.


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Financial Nirvana

Free from money worries, and use the power

of money (among other powers) to improve

the well being of all.

Life is not about what happens to you (),but how you perceive, think, and act ().

Your relationship with money affects yourwell being. More money will not make you

less worried about money.


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The 5 Powers () forFinancial Nirvana


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Faith ()

Faith is conductive to energy, focus, and

inner peace.

Buddhist faith comes from wisdom

validated by experience.

Living the Truth () will set you free


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Faith ()

Buddhists believe in cause and effect ()

Law of money: if I create great benefits for

people, it will result in enough for me to

live on - no more fear of poverty.

e.g.;


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Effort, Energy, Perseverance ()

Dont procrastinate

on doing whats beneficial; do more, better

on stopping whats harmful; at least do less

Be decisive when making decisions.

No buyer/seller's remorse. Don't rehash history - learn your lessons and

move on.


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When you enjoy what you do, you are

energized and can persevere.

Successful people enjoy what they do; theyenjoy it so much they would pay to do their

job instead of getting paid.


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Awareness ()

-;,

() / business opportunity

Be aware of defilement such as greed, fear

and laziness etc. that colors your judgment.

Greed is bad for wealth. Bulls make money,

and bears make money, but hogs get killed.


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Concentration/focus ()

-

Plan time and workplace to improve clarity

and focus.

Prioritize and focus on major causes that

influence the benefit.

Focus on activities that create long term

value.


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Wisdom ()

,,,,

()

,,

Focus to know what matters very well.

Knowledge of how money works give you

power over money.


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Wisdom ()

You can make better (financial and otherwise)

decisions by

Get all relevant facts as much as possible.

Avoid distractions. Concentrate to let your

awareness find a clear answer.


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(1)

Operating expense


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(2)

Emergency reserve

,


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(3)

Investment

Cf: Rich people buy assets (positive cashflow, capital appreciation) which benefits

people day in, day out.


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(4)

Charity


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Additional Considerations

Insurance: health, term life, disability, car,

home, liability, etc.

Estate planning: revocable living trust,charitable remainder trust.

Tax planning: tax-advantaged retire plan


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Investment Considerations

Will you lose sleep over it?

How long can you invest the money?

How much time do you want to spend on it?

What's your area of interest? Can you create

unique advantage?

Right livelihood.


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Is That All?

Cessation of all suffering (nirvana) is the

ultimate bliss.

Money is not the cause for ultimate bliss.

Developing the 5 powers(,,,,) leads to bliss.


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References

The 9 Steps to Financial Freedom, by Suze Orman

Think and Grow Rich, by Napoleon Hill

Rich Dad, Poor Dad: What the Rich Teach Their

Kids About Money!, by Robert T. Kiyosaki,

Sharon L. Lechter The Millionaire Next Door: The Surprising

Secrets of America's Wealthy by Thomas J.

Stanley, William D., Danko

how to reach financial nirvana - 豐富自在談財富

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