I started writing daily in 2015. Since then, I published over 600 articles and wrote 8 books. I easily wrote more than a million words. There are many things I have learned from writing.
Here are 12 of my most important insights.
The significance of accumulating your first $100,000 cannot be underestimated when it comes to building long-term wealth. Saving your first $100k is an important personal milestone.
The late Charlie Munger, renowned investor and long-time partner of Warren Buffett, said this during a 1998 annual shareholder meeting of Berkshire Hathaway1Source: YouTube:
Liabilities, like debt, destroy your wealth. When you owe someone money, you don’t own the thing you bought until you pay off your entire debt. This chains you and prevents you from becoming financially free.
It’s an even bigger liability when you go into debt for something that depreciates in value over time.
But when you own assets, you generally build wealth. Think of buying real estate and stocks with your own money. These assets tend to appreciate in value and increase your wealth in the long run.
In the following excerpt from Friedrich Nietzsche’s book, The Gay Science, character A and B are in a dialogue about why character A writes.
In this dialogue, A represents Nietzsche himself, and B represents a curious individual:
“A: I am annoyed by and ashamed of my writing; writing is for me a pressing and embarrassing need, and to speak of it even in a parable disgusts me.
B: But why, then, do you write?
A: Well, my friend, to be quite frank: so far, I have not discovered any other way of getting rid of my thoughts.
B: And why do you want to get rid of them?
A: Why I want to? Do I want to? I must.
B: Enough! Enough!”