# Life Goals

## March 24th, 2023:

### 1. Life Goal:

My current ultimate goal of life is financial freedom

In order to achieve financial freedom in Vietnam, I should
build multiple passive income stream that has the cashflow of 100,000,000 vnđ / month

Given the 6% interest rate of saving, I should have 20 billion vnđ in cash in order to save up to generate 1.2 billion vnđ per year. Which generate 100,000,000 vnđ / month

In order to get this much money, the long and most certain way is:

- Working and save up constantly
- Invest in high risk, high return Stock
- Invest in short term properties to flip them

**=> Idea from Rich Dad game. Play this game to remind your-self**

**a. Working and save up constantly:**

At the beginning of my career, most of the income will be generated by working. In order to work and save up constantly, here are the work that you need to put in:

- Be a good employee:
- Be responsible to your work
- Deliver to the best standard possible
- Grow professional skills (software engineer skills)
- Keep a good relationship with your co-worker
- Have a spending time at all time
- Track your spending
- Save your money when you receive your income

**b. Invest in stock:**

Investing is buying something with the hope of selling it with a better price or benefiting from it in a long term. In order to buy such thing, you'll have to be able to evaluate the price of what you are buying.

When you're buying stock, you will need to have the financial analyst skills.

A financial analyst is a professional who researches and evaluates financial data, trends, and investment opportunities to help individuals or organizations make informed financial decisions

Basically you need to evaluate the performance of the company to decide what is the actual price of the stock that you are buying. You need to know when the stock is under-priced and when the stock is over-priced.

**c. Invest in short term properties**

- Deals came from:
- People you trust
- People who put up the money on the advice that they gave you

- To do this actively, you need to have knowledge about it. Not recommended when you don't have a lot of cash because, 1 deal flop, your liquidity will be held for a long time

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## Most Motivational Videos:
:::spoiler
### 1. Business Mindset: Do 1 thing at a time

https://www.youtube.com/watch?v=yflKMUffctE&list=WL&index=2&t=600s&ab_channel=AlexHormozi

- Don't do new, Do better. It's all about Depth. If you can fulfill your operations, you can scale your business as big as you want

- As an entreprenuer, you have to have the need-to-believe:
+, People always want something fast
+, People always want good product
+, People always want good service

- What a business basic is how hard it is to understand. What makes you advance is how well you execute them consitently for a long period of time

- It is arrogant to believe, that you are going to outcompete other people who are fully focused on one thing when you are split on five

- Success came down to doing the obvious thing for an uncommonly long period of time without convincing yourself you are smarter than you are

### 2. Business Mindset: Do 1 thing at a time

https://www.youtube.com/watch?v=GkL2KDOf2NM&list=WL&index=3&ab_channel=AlexHormozi

- 2 things Ramsey (they money guy) learn from billionaire:
+, They don't do many things
+, The thing they pick and the thing they understand, they do alot of them

- It's only risky if you don't know what you're doing. Play the game when you're having an unfair advantage

- Takeaway investing strategy:
**+, Step 1: Invest in you
+, Step 2: After invest in you, if you have excess money, invest in indexes like S&P 500
+, Step 3: When you're good enough at your main game, invest in your main game**

- Singular focus, do the thing you know, do more, do it better and keep doing that for an extended period of time. And it would be unreasonable that you don't win
:::

## II. How to do research (Patrick Bet David):
:::spoiler
https://www.youtube.com/watch?v=WPbEznrOGR8&t=23s&ab_channel=Valuetainment

### 1. 3 reasons why people do research:

- Research for entertainment
- Research for self-education
- Research for better decisions

### 2. Steps to do research:

**a. Step 1: Choose a topic**

**b. Step 2: What are you solving for ?**

- What are you particularly looking for in this topic ?
- What do you want to get out of researching for this topic ?
- Why do you conduct this research ?

**c. Step 3: Go get as much data and stats as you can possibly can get**

**d. Step 4: Hear Opposing Credible Views on both sides**

**e. Step 5: Go to two respected people and present research**

**f. Step 6: Come up with your own conclusion**
:::