Are you learning about financial management, are you also curious about other people's financial careers? Today, let's take a look at Wu Tanru, host of the podcast program "Life Practical Business School", how to get rid of the black history of financial management for many years and continue to move towards a rich life!
Wu Tanru, a writer with a background in law, literature and business, is now also the host of the podcast program "Life Practical Business School", which has more than 200 million downloads since 2020, updating daily and accompanying listeners to grow together in the field of finance and business.
In the past, she didn't know anything about money, and she stepped on many financial "pits": she was kind enough to lend money to others, but she always had no return; gave the money to his mother to dispose of, but was taken to buy insurance, and the beneficiary turned out to be a relative; I studied hard, carefully selected the stocks I bought, and finally went off the market...
Despite many sunk costs, each setback has taken her financial management one step further, and she now lives a happy life of material and spiritual abundance.
If you also want to understand Wu Tanru's financial growth history and find out your own money myths, just keep reading!
Image courtesy of | good housing network
Never do something you don't want to do for money
Women fans are well aware of the importance of financial planning to life, so they set up a column "Money and its origin", we once mentioned: "Financial management is to allocate the temporary remaining survival resources on hand".
However, for the social freshmen, petty bourgeoisie, and the group with low average salaries, after deducting the daily expenses of the forest, there is little money left that can really be used, and many people will do things they are not interested in for higher or more stable salaries.
Based on the premise of such social observations, we seized the opportunity of the interview and earnestly asked Sister Danru: Did she have the same predicament when she was young?
Sister Danru said that she came from an ordinary family, she had fewer concerns about the economy and low material desires, and she always chose her favorite field of literature on the way to study, and did not change her learning ambition for money.
After graduating from university, even though he was still in graduate school, he never took a dime from his family, "Although I was poor for a while, I never felt poor."
Published a book at the age of 21, as soon as she came out of society, she worked as a newspaper reporter and writer to make a living, with a monthly salary of more than 30,000 yuan and a manuscript income outside her main position, which soon made her annual salary exceed one million, and even became a best-selling author at the age of thirty, earning more than 12 million.
Image | Wu Danru Facebook
Hearing such a number, many people may drop their jaws in surprise, but in the eyes of Dan Ru sister, everything is by no means taken for granted.
"I write when I have a manuscript, because I can only write a manuscript. At that time, in order to earn a little more, I worked as a copywriter in the advertising department of the newspaper after work, and the writing fee they gave me was even higher than my main salary, and I also accumulated my first pot of gold."
"Although the money was spent on a study tour in Europe for a year, this rare experience has cultivated my basic business copywriting skills, familiarized myself with the needs of both supply and demand, and also greatly helped me in my business later."
Doing what you like and are good at, polishing and enhancing your value with your heart, this is the basic skill of getting rich for decades.
"No matter what industry you do, as long as you do well, then someone will give you a relatively high salary, like I am not suitable to work in a clean room at all - I admire them, but I have never envied anyone because of the salary."
"You have to find a way to improve your major, no matter how unpopular the department, I believe that even if you specialize in Oracle well, you will be very productive." Never do what you don't want to do because of money!"
Sister Danru encourages us to follow our heart, do what we like, and be professional to the extreme, taking ourselves as the starting point, in order to truly exert our own value.
Financial management takes care of the brain first, and it is not easy to deal with anything with an empty head
Recently, Sister Tanru launched a new book "Practical Business School for Life: Wealth is a Choice", we are curious about what is the most important choice Sister Tanru has made on the way to slowly "becoming rich"?
"If my answer is to read and read more, I think everyone will faint. But it's true! Read more, establish financial logic, and manage your brain first. Many people dream of getting rich instantly, but it's impossible."
Sister Danru cited Warren Buffett as an example, "Buffett's greatest wealth is earned after the age of fifty, and his golden and jade good words are that you don't rush to become rich."
At the age of 40, Dan Ru ran to business school in order to learn financial management, "Before I went to business school, I used emotion to make any financial decisions, the reason sounded strange, no wonder it failed!"
However, after reading it, she realized that in fact, the success of a person's financial management has little to do with whether or not to go to business school, "In fact, there are not many professors in business school who are good at financial management!"
However, the systematic training of the business school did change her long-term inertia of thinking. During her PhD program at CEIBS, she delved into macroeconomics, which taught her to see the business world from a new perspective.
Business school is not a necessary way to get rich, but "brain management" is the beginning of becoming rich, and it is an action that everyone can start at any time.
Sister Danru also shared that if a person wants to learn financial management, reading public financial books can have a good harvest, such as the book "Get Rich Mentality" that she specially recommended, the content comes from rich people who have been wallowing in the financial circle for many years, even if they are novice financial managers, they can also be affected by the concept of getting rich for a lifetime.
"Reading makes you more than one people, more calm about market fluctuations, and it is important to have your own opinions and the pace of saving wealth. For me, it's right to be conservative and slow, and to live long and healthy."
If time could be repeated
We wondered how she would want her younger self to manage her money if time could come again.
Sister Danru replied, I will ask myself to do two things:
1. Separate your wealth management and life accounts, deduct the money you want to save first, and spend the rest.
2. Invest disciplinedly. Invest more than 20% of the income into the wealth management account every month, and deposit it with regular fixed deposit or fund purchase, and re-deposit if there is interest; If you don't have much money on hand, don't invest in individual stocks first.
She further cited Buffett's Berkshire Company as an example (no allotment, so it is better to observe changes):
In the more than thirty years since she graduated from college (from $2,500 a share to more than $400,000), if she bought 10,000 yuan that year, it is now 1.65 million, and if she invests regularly and fixedly, her wealth is bound to snowball!
"With patience, method, and short-term volatility, you can be financially free." The human world must move forward, and inflation is persistent (moderate inflation is also a driver of wealth growth), and the most feared people in the world are investors who want to bet like China Lotto!"
Image | Wu Danru Facebook
3 lightning avoidance tips for financial perfectionists
Looking closely around life, it is not difficult to find that modern people are generally anxious about money, and many people have a "perfectionist" personality in financial management.
In the case of investing in the stock market, worrying about starting too late, being afraid of failure, or insisting on waiting until the lowest price before entering the market are common situations for newbies.
"These myths are fantasies about buying low and selling high, and they need to be corrected." Sister Danru broke through the blind spot, and she shared the three investment avoidance methods she has accumulated over the years.
1. There are no fairy figures in the stock market
Many years ago, when there was no ETF, Sister Tan Ru knew a "fairy-level" financial best-selling author, and at that time she was hesitating to use 2.5 million as a down payment for the house or invest it.
After thinking about it, she decided to follow the guidance of the other party and take all the money to buy the fund, but unexpectedly ushered in the dark period of the stock market, she bought at the highest point of the bull market, the lowest in the bear market once became 1 million, after four years, there was only 1.5 million left when redeemed.
"When I invested 2.5 million yuan to buy the fund, the Zhonggu House on Yongkang Street in Taipei was about 350,000 per ping!"
There are no permanent winners in the stock market, and there are no so-called fairy figures, and your own money is the best for yourself!
Image | Wu Danru Facebook
2. Faithful letters are no different from relying on half-immortals
Having suffered from experts, she bought a very popular financial magazine and decided to do her own homework and find "relatively cheap" good stocks by herself. However, people who learn to go to the rivers and lakes with one and a half moves are actually more dangerous than people who can't do anything.
At that time, Sister Danru prepared 1 million, carefully selected three stocks, and after a year, there were less than 300,000 left, including stocks that were off the market...
"I'm definitely not asking people not to read books, but to extract the principles that stand the test from books. Why are books like Warren Edward Buffett and Charles Thomas Munger rarely challenged?
Because he won't tell you fancy methods or absolutely money-making techniques, but principles that everyone can understand, stand the test of time, and that he has practiced all his life!"
3. Don't trust the opinions of anyone who "knows your boss."
An architect friend once recommended the stock of a construction company to her, vowing that he knew the boss, and the company was relisted after reorganization, the stock price was less than two dollars, and the future was promising and full of imagination.
The architect friend invested tens of millions, while Sister Tanru only bought tens of thousands. As a result, the day the company went public was the day the stock price was the highest day, and then it fell all the way to the lower market. It turned out that the architect took the case of this construction company, and you can probably imagine how badly he lost on both sides.
"The average person invests and should find a company with stable long-term profits, like Buffett is looking for such a company; If you don't want to be so tired, then ETFs can do it for you.
The point is that if a person's financial management center is not right, it is easy to fall into a state where he only makes a small profit and sells, and he can't sleep after a loss, and he may lose his wife and break the army, wasting the most precious time in vain."
Image | Wu Danru Facebook
A choice that makes your life rich
"Getting rich" is the dream of many people, but without reasonable and effective financial management methods and persistent personal practice, dreams can easily become utopian.
"I don't actually spend my head actively investing because I found a way. There are rules for depositing stocks, there are fruits for investment housing, and I still have income from work, so as long as the rules are right, I don't have to think too much." Sister Danru summarized her financial management experience over the years.
Throughout her life, people often describe Sister Tan Ru as a "right-brained Wen Qing, left-brain businessman" - able to write touching words and break new ground in the business world. The balance between rationality and sensibility is the biggest key to shaping her charm.
"Not everyone can be as divided as I am. I knew early on that my personality was not really a literate youth, but that I could find fun in exploring diverse worlds, so I also worked as a businessman. For example, I used to take my colleagues to visit different countries in Asia for the jewelry platform of e-commerce, which is really interesting!"
In Sister Danru, we see that "rich" is indeed a choice.
In her choices, there are practical and effective financial management methods, she is eager to learn and keep an open growth mind.
Perhaps because of this, even at the age of nearly 60, she is still full of confidence in her speech, lives more colorfully, and has more confidence to go further on the road of finance and business with people who want to learn financial management.
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