These are financial rules that should be taught in school. Instead, they are found in books like the Richest Man in Babylon.
I wish I learned them sooner, and that is why I want to share them with you.
1. Learn to make money and pay yourself minimum of 10%. No matter what your job or skill set is you need a source of income. Out of that source of income make sure you are paying yourself. It is not about how much you make but how much you keep. Keep a minimum of 10%, more if possible.
2. Budget and cut out desires from needs. You need to live on a budget and make sure you cut as much of your desires out as possible. If you live chasing your desires now your expenses will equal your income if not more. This will make it is hard to save money and put money to work.
3. Invest and make your money work for you. There are many options from dividend paying stocks to real estate. Seek wise counsel and put your money to work.
4. Protect your money, do not fall for get rich overnight schemes. Manage risk. The last thing you want to do with your hard-earned money is to lose it. You should look for opportunities when they come but be careful on what is an opportunity, and what seems too good to be true. Do not take the advice of a carpenter in an investment in Jewel's. Do not give your money to someone who is not experienced in handling it.
5. Buy your own home, grow produce and be as productive from it as possible. Owning your own home is an effective way to build, wealth as you are not paying a property owner. You are putting money towards your own housing. Pay it off as quickly as possible and this will help you live and retire without a housing payment. Make your houses productive as meaning be as self-sufficient out of it as you can.
6. Secure and focus on income stream for retirement. When you retire you want a reliable source of income whether it is the investment you have been making, or some other type of passive income. Do this as soon as possible. The sooner you focus on this the bigger it will grow.
7. Learn to be as wise as possible making more money from the same, or other streams of income. Learn your field and learn as much as you can about making money. This is going to help you avoid losing money and help you keep a reliable source of income coming in that you are comfortable with. The more you know in your own field the more valuable you are. The more you know about making money in other areas the better opportunity you have.
Track your Net-worth.
Your Net-worth is your assets minus liabilities. Take the total of everything you own minus what you owe. There are plenty of apps for this. I personally use personal capital. It is my favorite out of all the ones I have tried.
Debt is your enemy.
Pay off your debt as quickly as possible. Debt is not your friend; it is your enemy. You are usually paying interest on it as the Bible says the borrower is a slave to the lender. Pay off your debt owe no man anything. This is going to help you increase your net worth rapidly.
We cannot afford to be without adequate protection.
Make sure your money is protected whether it is from insurance or put up in an account. The last thing you want to do is have it where it can catch fire and burn with someone who does not know what they are doing and can lose it, or thieves can break in a deal it.
A good percentage of wages spent.
70% living expenses
20% any debt until debt free, and then investment
The less you spend on living expenses and getting out of debt the more you can invest and put to work.
Living a simple life means making your money work for you.
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