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- What are the money rules for financial success?<\/li>\n\n\n\n
- Can you invest in the US stock market from China?<\/li>\n\n\n\n
- Is it possible to become a millionaire without debt?<\/li>\n<\/ul>\n\n\n\n
Si quieres que responda a alguna pregunta en Quora o YouTube, o est\u00e1s buscando invertir, no dudes en p\u00f3ngase en contacto conmigo<\/a>, correo electr\u00f3nico (advice@adamfayed.com) o utiliza la funci\u00f3n de WhatsApp que aparece a continuaci\u00f3n.<\/p>\n\n\n\n
Es posible que algunos de los enlaces y v\u00eddeos a los que se hace referencia s\u00f3lo est\u00e9n disponibles en las respuestas originales. <\/p>\n\n\n\n
Fuente de todas las respuestas: p\u00e1gina Quora de Adam Fayed.<\/p>\n\n\n\n
<\/a><\/p>\n\n\n\n
What are the money rules for financial success?<\/h2>\n\n\n\n
There can be no definitive rules, that are easy to implement, otherwise everybody would do it.<\/p>\n\n\n\n
However, there are some commonalities.<\/p>\n\n\n\n
Let\u2019s separate being a salaried worker, to running your own business.<\/p>\n\n\n\n
If you are salaried, the key things are:<\/strong><\/p>\n\n\n\n
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- Invest from a young age to take advantage of compounding. Don\u2019t save only, as that gets eroded due to inflation<\/li>\n\n\n\n
- Keep costs down. Now sure, it is natural to spend more as you earn more. We can\u2019t live as students if we have kids and are 35. However, lifestyle inflation can eat away at any pay rises. A good rule of thumb is to invest 50% of any pay rise.<\/li>\n\n\n\n
- Invest in educating yourself. Those who put in the time and work to do that, can get rewarded. An example is investing, communication and negotiation skills. Most of all, if you become one of the best at your job, you will more likely always have one. If you are one of the best teachers in your hometown, you are less likely to lose your job compared to being average.<\/li>\n\n\n\n
- Having a bit of luck is essential. Most of the everyday millionaires you see kept things simple. They invested for decades, spent wisely etc. Yet they also had their health for decades as well.<\/li>\n<\/ul>\n\n\n\n
Of starting your own business, the keys are:<\/strong><\/p>\n\n\n\n
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- Having at least some natural talent in the area. Natural talent is over-rated, but having at least some is important. If you have that, it is easier to get good at a job in an area, and then quitting that job and starting your own business is easier than just starting from fresh.<\/li>\n\n\n\n
- Work really hard, especially during the early stages when you are trying to establish yourself<\/li>\n\n\n\n
- Work in a smart and focused way. If you work really hard, but try to be too broad, you are less likely to succeed. If, on the other hand, you solve a really specific problem people have, you have more chances of success.<\/li>\n\n\n\n
- Take many calculated risks. Most people are afraid to fail, take risks and be seen as being too \u201cabnormal\u201d. Risk-taking in a sensible way is one way to actually work smart.<\/li>\n\n\n\n
- You need a slice of luck. A bigger slice than if you are a salaried employee. Now sure, you do make your own luck as well, but randomness plays a role in business success. Even people like Gates and Buffett have admitted that they wouldn\u2019t have been rich hundreds of years ago. The quote below from brainy quotes says it all:<\/li>\n<\/ul>\n\n\n\n
<\/figure>\n\n\n\n
There are some commonalities for both, such as avoiding toxic people.<\/p>\n\n\n\n
<\/a>Can you invest in the US stock market from China?<\/h2>\n\n\n\n
You absolutely can, but it comes with some added difficulties.<\/p>\n\n\n\n
![\"\"](\"https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_a_photo_of_a_smart_guy_looking_at_stock_market_scr_e4b55081-a1fb-4327-b1a0-b8092269e60c-512x512.png\")
<\/figure>\n\n\n\n<\/div>\n\n\n\nAs always, you need to:<\/strong><\/p>\n\n\n\n
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- Find an advisor or online broker who can accept Chinese residents<\/li>\n\n\n\n
- Provide your proof of ID and address. This is due to anti-money laundering (AML requirements)<\/li>\n\n\n\n
- Fill out an application form<\/li>\n<\/ol>\n\n\n\n
However, with China, you have an added difficulty – getting money out of China.<\/p>\n\n\n\n
For Chinese citizens, it is theoretically possible to move $50,000 a year out of China. In recent years, bank have made it harder for many people to do that.<\/p>\n\n\n\n
I have ran out of the number of people who have approached me, after being denied to transfer money (or the money mysteriously comes back to the account) perfectly legally and under the limit.<\/p>\n\n\n\n
It seems that the state-owned banks are worried about the depreciation of the RMB against the USD, or have another reason for doing this.<\/p>\n\n\n\n
For non-Chinese people living in China (expats), it is theoretically possible to send any amount of money out of China.<\/p>\n\n\n\n
In reality it isn\u2019t easy because:<\/strong><\/p>\n\n\n\n
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- The account you are sending to should be in your own name, so a bank account. Most investment accounts aren\u2019t in your name. You need to provide a reference number in the transfer, so the money can be assigned to your account. Brokerages don\u2019t create individual bank accounts because you aren\u2019t opening a bank account. Therefore, even if you can make use of this rule, it is first needed to transfer money overseas, and then to the investment account.<\/li>\n\n\n\n
- Like many rules in China, it isn\u2019t easy to do it in practice. When I lived in China, I went to the bank, and I could speak conversational Chinese. They insisted that $500 a day was the limit. I showed them some evidence to the contrary, in the form of a Chinese-language article. A few calls were made and they relented after seeing some documents\u2026\u2026took about four hours. Some other people I have helped tried the method and it didn\u2019t work.<\/li>\n<\/ul>\n\n\n\n
Therefore, you often need to find solutions such as:<\/strong><\/p>\n\n\n\n
![\"\"](\"https:\/\/adamfayed.com\/wp-content\/uploads\/2022\/04\/smile-beige-jacket-4-1024x604-2.png\")
<\/figure>\n\n\n\n