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What Makes You Rich? The Truth Behind Financial Wealth

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What Makes You Rich? The Truth Behind Financial Wealth

When we hear the word rich, we tend to think of wealth in terms of money, status, and assets. We believe owning a business, earning six-figures or more a year, or having luxurious homes and cars equals success and happiness.

Money is great, isn’t it? It can buy us the things we want and provide us the means to pursue our dreams. Most of us agree that financial freedom is an excellent goal. However, we must keep our priorities in check when it comes to money.

Balance is the key to maintaining a healthy relationship with our finances. Finding a balance between enjoying the pleasures money can provide and being smart with our finances will help us achieve our financial goals without sacrificing our happiness.

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While material possessions may bring temporary happiness, true wealth is a much deeper and more fulfilling experience. True wealth is about creating connections with people and experiences that bring joy, happiness, and fulfillment to your life. It’s about finding purpose and meaning in your work and feeling fulfilled by contributing to the world in a meaningful way.

Whether you’re a business owner or someone just looking to improve your financial situation, let’s look at what really matters when it comes to financial wealth:

1. Relationships

People surrounded by positive relationships and a supportive community are happier and healthier. Strong relationships can help you build your business and expand your networks, leading to more opportunities and financial success. Investing your time and energy into your relationships can lead to long-term nourishment that transcends financial gains.

2. Education

Investing in yourself is one of the smartest financial decisions you can make. Education doesn’t always mean college degrees or advanced courses, though those can be valuable. It can also mean learning about your business or industry, exploring new ideas, and networking. If you can add value to your skills, you’ll inherently become more valuable to the world. The more value you offer, the more you will be paid for your services.

3. Purpose

Discovering your purpose is an essential step toward achieving financial success that lasts for the long haul. A clear sense of purpose guides you toward a meaningful life that inspires and motivates you to work smarter and harder than ever before. By knowing what you want to accomplish in life, you can focus your energy on what truly matters and avoid the distractions that hold you back.

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4. Health

Without your health, it’s challenging to achieve anything long term. Ensuring your health is a top priority can help you build the stamina and endurance you need to run a successful business or career. Maintaining your physical, emotional, and mental health through proper diet, exercise, rest, and relaxation will help you avoid burnout and set you up for long-term success. Your health is one of the most valuable assets you have.

5. Mindset

How you think and see the world can significantly affect your financial situation. Positive thoughts and a growth mindset can lead to a more positive financial outcome. At the same time, negative thinking can lead to roadblocks and self-doubt. A positive and growth-centred mindset will allow you to approach challenges with determination and resilience, ultimately leading to expanded opportunities and success.

The bottom line is that the true definition of being rich is far more comprehensive than just having a lot of money to our names. It relies on various aspects of life, work, and personal development. When we improve in these different areas, we’ll find that our financial success will inevitably follow.

As a business owner, focusing on these core areas can help lead to lasting success, and as a person, you’ll find that the true richness of life goes beyond dollars and cents. Invest in your health, relationships, education, mindset, and sense of purpose to position yourself for long-term success.

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Trump bull market is just beginning: Fmr. TD Ameritrade CEO

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Trump bull market is just beginning: Fmr. TD Ameritrade CEO

Corporate America is gearing up for Trump 2.0, having already gotten a flavor of what Trump has in mind. Potentially crushing fresh tariffs on China, even if it means higher levels of US inflation. Mass deportations come with their own set of economic risks. And soon, potentially, a new leader atop the Federal Reserve. Is there any way a top executive could prepare for uncertain outcomes tied to these initiatives from the Trump administration? How does one lead their teams when uncertainty begins to reign supreme again? Yahoo Finance Executive Editor Brian Sozzi sat down with former TD Ameritrade CEO and former head football coach at Coastal Carolina University Joe Moglia. Moglia is not only considered a market master for his work from 2001 to 2008 building TD Ameritrade into a trading powerhouse but also a leadership expert. Moglia shares his perspective on the record-setting year for markets, what’s next for investors, and how to lead with a clear focus in 2025.

For full episodes of Opening Bid, listen on your favorite podcast platform or watch on our website.

Yahoo Finance’s Opening Bid is produced by Rachael Lewis-Krisky.

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UK finance minister to revive regular economic talks with China in January trip, sources says

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UK finance minister to revive regular economic talks with China in January trip, sources says

By Joe Cash

BEIJING (Reuters) – Britain’s finance minister Rachel Reeves will visit China on a two-day trip in January to revive high-level economic and financial talks that have been frozen since 2019, three people with knowledge of the plan said.

Reeves is scheduled to meet China’s vice premier He Lifeng, the country’s economy tsar, on Jan. 11 in Beijing to restart what had been annual talks known as the Economic and Financial Dialogue (EFD), they said.

If those discussions show progress, the two sides could look to re-launch what had been a regular and wider meeting known as the Joint Economic and Trade Commission (JETCO) later next year, the sources said.

British businesses have also pressed to restart meetings of the UK-China CEO Council, a group established by then-Prime Minister Theresa May and then-Premier Li Keqiang in 2018, one of the sources added.

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Reuters reported on Thursday that HSBC Chairman Mark Tucker will lead a business delegation that will visit China next month in a bid to boost trade and investment with a particular focus on financial services.

Reeves will also go to Shanghai, where she will meet with British companies operating in China on Jan. 12, according to the sources, who asked not to be named because they were not authorized to discuss the plans.

Britain decided to suspend most economic dialogues with China in 2020 after Beijing imposed a national security law in Hong Kong, the former British colony. Since then, spying allegations, the war in Ukraine, and the sanctioning of lawmakers have increased tensions between the two countries.

The Labour government, in power in Britain since July, has made improving ties with China one of its main foreign policy goals after a period under successive Conservative governments when relations plunged to their lowest in decades.

In 2022, then-Prime Minister Rishi Sunak, a Conservative, declared the end of a “golden era” of relations with China that one of his predecessors, David Cameron, had championed.

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Over the preceding decade, British and Chinese officials had met annually for high-level trade and investment talks, holding an EFD almost every year and a JETCO every two years.

Those talks resulted in the London-Shanghai stock connect scheme, Britain joining the Beijing-based Asian Infrastructure Investment Bank, and joint investment into green technologies, including the UK’s Hinkley Point C nuclear power plant.

(Reporting by Joe Cash)

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Bloomberg’s Essential (Aussie) Summer Reading List

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Bloomberg’s Essential (Aussie) Summer Reading List

Hello! It’s Rebecca here with your final Australia Briefing of 2024. And what a year it’s been. From the re-election of Donald Trump and the ongoing slowdown in China, to the blockbuster IPOs and corporate scandals closer to home — 2024 will go down as one for the ages.

Before we all revert to the sanctity of our beach towels, I thought I’d load you up with a selection of my favorite pieces from Bloomberg’s Australia newsroom this year. A stockpile of stories, videos and podcasts to help you while away those days by the pool, at the campsite, or wherever the onset of summer takes you…

Is ‘Bluey’ Ending? Disney’s Worried Biggest Kids Show Ever Is at Risk — Essential reading for anyone with a kid, or honestly, a pulse. Did you know that Americans watched 731 million hours of Bluey in 2023, more than NCIS, Grey’s Anatomy, Gilmore Girls or that perennial of the broadcast, cable and streaming eras, Friends? That’s almost as much as my kids.

Australia Has a Top Pension Program. Why Are Many Retirees Still Struggling? — It’s official: Australia’s retirement system is the envy of the wealthy world. So why aren’t we all diving Scrooge McDuck-style into a vat of cash?

Malaria Rates Surge After Mosquito Net Changes Complicate Global Fight — Travel to the depths of Siar Village, Papua New Guinea with our reporters as they explain why the world is losing its fight against malaria.

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World’s Top Retailer Is Now Trying to Save Air New Zealand — We report a lot on the former CEO of this airline, you may know him as the New Zealand PM. But what do you know about the new one?

Investing for the Ultra-Rich: Family Offices Are Booming in Perth, Australia — Twiggy lives there, and so does Gina — but those two reasonably well-off citizens aside, why is Perth a magnet for family offices?

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