RULES TO GET RICH AND GROW WEALTH
You Have To Earn It (Your Money, Your Wealth)
If you want to get rich and grow wealth, you have to earn it. There’s no way you’re going to get to what you want and where you want to be if you’re not trying to get there.
You Need To Save Until It Hurts
The second rule to getting rich is saving. It’s not enough to just earn money – you have to save it as well. Otherwise you’ll just end up like any number of famous celebrities who’ve gone bankrupt. Income alone just doesn’t cut it. You have to save.
You Need To Optimize Your Spending
The third rule to grow wealth is to optimize your spending. I’m not one to judge your spending – spend more or spend less. My personal belief is you should buy whatever you want – just earn more money so you can afford it.
You Must Put Your Money To Work For You
The fourth rule is that you have to put your money to work for you. Earning it is your part of the heavy lifting. You need your money and the power of compound interest to work together over time to grow wealth for you.
You Need To Marry Smart
The fifth rule for building wealth is to marry smart. Why? Because a great spouse can be a huge force multiplier when it comes to building wealth, while at the same time the biggest destroyer of wealth is divorce. In fact, a recent study found that divorce destroys 75% of personal net worth.
You Always Need To Minimize Your Taxes
The sixth rule for getting rich is always be minimizing your tax liability. No matter your income level, you always need to be thinking about how to minimize your taxes. Taxes can prevent you realizing wealth over time because they consistently eat away at your income and investment returns.
Insure Yourself And Protect Your Family
The seventh rule for getting rich and building wealth is that you need to insure yourself to protect your wealth and your family. I’m not even talking about life insurance here – I’m talking about making sure that you have health insurance and disability insurance.
You Need To Take Care Of Yourself First
The eighth rule of building wealth is to take care of yourself first. This isn’t as much of a money rule as a life rule.
Surround Yourself With People Better Than You
The ninth rule to get rich is to surround yourself with people better than you in all aspects of your life. On the family front – if they are holding you back, distance yourself. Married upward. Don’t let family be the reason you aren’t achieving your dreams.
It’s Okay To Go Slow
Finally, the last rule for building wealth is, remember it’s okay to go slow. This is especially true for millennials.