A few days back I was cornered and begged to expose what are my top rules when dealing with money or its interactions. Is one of the present interactions considered to be the freedom that relates to money? In our present social structure it is. The better individuals understand the capacities that wealth accumulation provides the more active and wide open series of possibilities are available to experience.
I do not pretend to have wide global answers except my own and for myself. If you are stopping-by and have a few minutes; it will be gracious, if you would share your “secret” rules to manage your assets or how building assets have provide you with unique experiences.
Here are my latest basic behavioral actions:
1. Know how much you need, down to the dollar.
2. It isn't easy, so work at it.
3. Think in decades, not in years.
4. Buy one lottery ticket per month as a reminder of how easy it is to throw away money.
5. Find an investment strategy that produces positive results at twice the rate of inflation.
6. If you are going to work for money, save 50% of your earnings and treat your job like your own business. If you want to make even more money, start your own business.
7. Follow the John Tempelton rule: never spend over 16% of your income on renting shelter and never take a home mortgage exceeding 1/2 a year's income.
8. No money manager cares as much about your money as you do - learn how to manage your own money.
9. Accumulating wealth is not about money, it's about the freedom that wealth provides.
10. Stay focused on your plan.
Thanks for sharing your ideas.
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