🚀 Is your future worth 130 HUF a day?
Spending vs. Investing, or why the average person is poor...
👆🏼You can listen it, up here 🎧
⏳ Current status
👥 Active users: 1394
📝 New Developments: new Landing Page 🖥
⏰ Time it took to write: 7 hours 39 minutes
The difference between investing and spending is something very few people understand, even successful people. It's no coincidence that so many "successful" people go bankrupt or get brutally into debt over the years. 😕
This Post is exactly what is meant to teach you the difference between the two in 10 minutes and help you turn your spending into investing in just a few clicks! 🤫
Sounds good, right? 🤔
I know, it's a bit unbelievable, but you'll get it in the end! 😉
But before we get started, let's see... 👀
🚀 How's the challenge going?
🙏🏻 New Update is doing well
So far, no 1 critical bug has been found by users and several people have written to me saying that the App is insanely fast and they love using it. 🤩
Now that's something worth working for!
🖥 The new Landing Page is ready
I hope to have it live by Friday morning! This will give Us the basis for expansion abroad. And by the way, I think it looks awesome!
You can check it out at this link: bookbase.app
I hope it's ready, because Edu is currently hosting Italian exchange students, so I'm hoping we don't burn. 🥲
💼 Talked to a Tax Advisor
Expansion abroad was the main topic, and which countries we could go to and under what conditions. I'm still waiting for his offer, then we'll see if we can work together, but he sounded very professional! 😎
💡Side note: 1 problem with offers like this is that sometimes you can't even estimate whether it's 100,000 or 1,000,000 calibers. You have to negotiate very delicately and not take anything for granted until you know the price. Because I've been in a situation where I've forced myself into a high-priced service that I didn't need.
🎤 I'll be giving a speech at ELTE
The BGE lecture went so well that I was invited to ELTE.
🗓 It will be on 6 April at 18:00
📍 ELTE BTK Building 428 (but this may change if there are a lot of people)You can register for free here: eventbrite.com (going to be Hungarian)
Theme: Self-Development and Entrepreneurship 😉
Now it's time! ⏰
I'll let you in on the 1 little secret of how I was able to turn my spending into INVESTMENTS and how you can too!
Are you ready?
Then let's get started! 🏁
💭 Why is this important?
Because most people stay poor their whole lives because they don't know the simple difference between spending and investing. 🤷🏽♂️
Now that won't happen to you, because I'll explain the basics in 1 minute, which we'll start from:
💸 Spending: What takes money out of your pocket...
💰Investing: what puts money in!
I'll go into more detail below, I just wanted to make sure you were aware of these too. 🧱
💡 Side notes 2: Few people know, but you can retire in 7 years if you invest 75% of the money you earn. I know it's an extreme situation, but many people do it! I'll attach a picture to help you understand, the left column is how much % of your salary you invest and the right column is how many years you would have to work to retire under these conditions.
📕 Book recommendation: this time I'm going to write 4 books in one, because they are all related to this topic: 1. The Psychology of Money - Morgan Housel, 2. Rich Dad Poor Dad - Robert Kiyosaki, 3. Uncontrollable - Tony Robbins, 4. Secrets of the Millionaire Mind - T. Harv Ekker. I know they are all up on BookBase and you can listen to all the essentials if you like! 🎧
Now, you don't have to be so extreme, because I'm going to quickly put on my robe and hat and... 🧙🏼♂️
With a few clicks, we'll turn your spending into an investment! 🪄
I'll show you...
🧐 How to do it?
First of all, I know you are reading this questioningly, that's what I did when I was shown this. 🤨
It all starts with looking at what we spend money on each month. There are many types of this, but for now let's stick to the ones that are ongoing expenses. 🔍
Can't think of anything? 💭
I'll help:
🎞 Netflix
🎥 HBO GO
🖥 Amazon Prime
🎧 Spotify
🎮 Xbox Gold
📱Unnecessarily large phone package
🟧⬛️ and lots more...
Okay what are the things that put money in your pocket? 🤔
Maybe this is the hard one, because everyone here thinks they're going to get money right away, but they're not. 🤑
You can put some money in your pocket indirectly. 😲
I'll show you:
There's BookBase, it suddenly seems like an expense, but it's an investment! Why? 📚
Because with the knowledge you learn, you'll increase your skills and earn more money, either as an entrepreneur or as an employee. 🧠
The BookBase doesn't pay you, but the knowledge you get there does! 💰
Or Duolingo, if you learn a language, you'll be more valuable in the job market and get paid more. 🌍
Duolingo doesn't pay, but your boss will because of Duolingo. 💰
This is the huge difference between BookBase and Netflix!
✅ Both are subscriptions
✅ Both for about 4.000 Ft
❗️Only one is an investment
❌ While the other is not...
💡 Side notes 3: Many people perceive subscriptions that are for their entertainment as cheaper, while those that are for their development are perceived as expensive in their minds.
😳 I'll show you a number that will sober you up:
BookBase costs 130 HUF a day, yet it gives you the knowledge of 300 books. 🧠
130 Ft is roughly 1/4 of the price of an Espresso at Frei Café... ☕️
So, the question is: is your future worth 130 HUF per day?
How can you tell which of your subscriptions is an investment and which is not? 🤨
Just ask yourself the question:
"Will this get me ahead in life or will it just hold me back?"
The answer will come quickly, trust me! 😉
Most people don't even get that far, so if you've made it, you're already ahead of the curve. From there, the next step is to build subscriptions into your daily life that will move you forward in any area of life. 😎
Here are a few that I have/had:
📚 BookBase - It will accelerate your progress
🌍 Duolingo - Excellent for language learning
🧘🏼♂️ Headspace - Helps you think more clearly and make better decisions
😴 Rise - Helps you sleep so you're more rested
🤖 ChatGPT - Only worth it if you use it for work
Suddenly that's all I could think of. Just think how much further ahead you'd be if you just swapped your Netflix, Xbox Gold and Disney+ subscriptions for the above. 🫢
If you've decided you want to upgrade...
Then just go for it:
✅ Download the App by clicking here
✅ Start the 7 Day Trial
✅ Take your life to the next level with the knowledge in the books
It was the same for me...
I was lost in a world of unnecessary regressive subscriptions until I went through this Checklist. 📝
✅ What exactly can you do?
Listen up because it's going to be very practical! I promise, if you do these steps, you can turn a big part of your expenses into investments! 🪄
Record all your subscriptions in a spreadsheet or use this Notion database as an example. 📝
Analyze your subscriptions to see what moves you forward in life and what holds you back. 🔍
See, one by one, how much time your subscriptions are taking up that are holding you back. ⏱
Rank them in order, with the most time on top. 🥇
Start replacing these subscriptions with other useful subscriptions. ♻️ (You can select from above)
💡 Side notes 4: It's not as easy as you think, for many people this is specifically a quitting process. Think about it, someone watches Netflix every night, if they cancelled that they would "go crazy". The goal is to gradually wean yourself off these subscriptions or see how you can use them in a meaningful way. Netflix can also be useful if you watch it little and use it for recreation or if you watch documentaries on it.
It's a way to turn your spending into an investment with a few clicks. 🏆
If you've made it this far and done the tasks, congratulations! 🙏🏻 Proud of you for taking the first step and investing in your own future! 💰
I promise you, this 130 Ft a day will be one of the best investments you will ever make! 😉
🔥 Challenge
One of the biggest challenges at the moment is reconciling expansion abroad with scaling up at home. Going abroad is a long way off, but it needs to be prepared. 🌍
Market research, translation, taxes, etc.
Now we've wandered into a field that literally none of us have any experience in, so we need to find people who are smarter than us! 🧠
Because of this, it's hard to say what services we should be using now and what services are unnecessary and can wait until the end of the year. 😕
It's not easy to measure, but that's what business is all about...
Making the right choices!✅
That's what I wanted; you have to love the hard times not just the highs! 🧡
18-year-old Kristóf would have put his two hands together to be in this position now and I know I can't disappoint him and you! 🙏🏻
📖 What have I just read?
I can honestly say that I didn't read much this week, I focused more on experimentation, that is, how I could use AIs to process 1-1 book more efficiently. 🤖
There were some big disappointments and some huge successes. 🫢
I'm deliberately not going to shoot the punchline and what I found, but I promise you'll see it soon on the App. 📲
🎧 What have I been listening to now?
There was a really good podcast with Lenny, who invited the founder of Arc Browser (which I'm currently using) 💻
They were talking about how to compete as a small Startup against the giant Tech Giants (a bit topical, that is why I listened) 🚀
He said that they don't look at graphs and numbers, they simply have the feel they want to give you and they do their best to make it happen! 🧡
I liked this approach and maybe WE will adopt 1-2 things from it! ✅
I also had a Philosophy class which was brilliant! 💭
You know how much I love Stoicism and the ancient philosophers, but I had to realize that I had to open up to other philosophical trends to learn from them. 📕
This is going to be an offline course where we will go through almost all the trends in 18 sessions. 🗓 (By the way, it's right next door to me, run by really nice people and totally free)
I ask you... what more do you need? 🤔
I think there are several cities with this non-profit organization, I'll link you here if you're interested: ujakropolis.hu (Hungarian)
✍🏼 Top quote
"What is expensive is not what costs a lot, but what does not pay off." ~ Warren Buffett