This is how to thrive in a capitalist economyDec 07, 2019
I’ve been hanging out in Seoul this week – a modernising city going through great change.
Following a desperate war of attrition in the 1950s, and long periods of political chaos, South Korea has now been through an extended stable period, wherein – despite some ongoing corruption issues – the economy has been allowed to thrive and prosper.
South Korea’s trillion-dollar industrialised economy is now the world’s 12th largest, and is known as ‘the miracle of the Han River’.
To succeed in a free market and capitalist economy, you need to do three things:
(i) understand the rules;
(ii) play within the rules; and
(iii) find more ways to add more value to more people within the marketplace.
We’re extremely fortunate to live in Australia, a stable, safe, and resources-rich country that’s benefiting from high population growth, favourable demographics, and a powerful 30-year tailwind that’s creating an abundance of wealth.
The economy will continue to grow, expand, and generate greater profits over time, so it’s up to you to position yourself accordingly.
That is, to earn capital, invest it to build multiple income streams in a tax-effective manner, and to effectively turn yourself into a company.
Of course, in a capitalist economy you’ll face stiff competition…and alongside hard work, self-belief, flexibility, and intelligence, there’ll always be an element of luck involved.
But as long as you commit to self-improvement and never giving up, you’re free to keep persevering, and to try new approaches and ventures until you succeed.
Once you’ve worked out the answer to this simple question, you’ll be well on your way:
‘How can I do the most good and add the most value to as many people as possible?’
I discussed this a little further in the short video here
Whenever you’re ready… here are 4 ways we can help you manage your own money and go next level wealth:
- Boom or Bust in 2021 – 20 minute online workshop for investors
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- Subscribe to our Top 100 Podcast for Investors
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- Work with me privately
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