FI Learning

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😊 Getting Into Management

This quote is from the Introductions topic:

Goal Job – to get out of labor and get into managerial position.

Why do you want a managerial position? There are multiple positive things about it so it's hard to know which ones appeal to you.

Have you done anything to make it happen? E.g. have you done any training or pursued self-education like reading management books (my favorite is Eli Goldratt)?

Comments & Events

Ritesh Chibba
I just recently thought about getting into management because it provides more money and I also want to get out of doing a labour job.

I have not done anything to make it happen yet. I listened to the audiobook – The Goal by Eli Goldratt, but I don’t remember it much. 
Edit - i read the book spring 2020
I've been learning a decent amount about personal finance over the last few weeks. I've been hearing the following idea a lot:

  • You don't become wealthy by renting your time for money. You become wealthy by building assets.

The example in my mind which makes the above idea clear is that of a software. They have to build once and then just distribute it.

Is the idea of being a labor vs a manager related to this?

Is it also related to idea which "Do Primarily Easy Things..." blog is about?
Andy Dufresne
Beware there is more than one way to think about assets.

At one level, an asset is anything of value (to you or others). Software certainly qualifies. But so does your car, your computer, and your pet hamster.

However, in personal finance books and articles, assets usually refer to only things that you own that either pay you for owning them (dividends, interest, rent) and/or for which you have a reasonable expectation they'll increase in value over time with little or no expenses while waiting for them to go up in value. So, software that you license would be an asset, but software you open source would (generally) not be. A house you rent out would be an asset, but a house you live in would not be because there's significant expense in keeping it up.

The key financial concept is: Try to own more things that pay you for owning them, and less things that cost you for owning them. 

The book "Rich Dad, Poor Dad" by Robert Kiyosaki has a decent simple explanation of the personal finance concept of assets with more examples. BE WARNED, there is lots of advice in Kiyosaki's books that is easy to misinterpret or outright wrong. Do not just read Kiyosaki and try to implement his recommendations or you're likely to lose money. But (at least for me) his books were a great starting point to understanding financial concepts I have implemented successfully.