10 Rules To Build Wealth
Follow these rules and become wealthy!
Always Pay Yourself First
Before paying any bills, pay yourself first! When you receive your paycheck, set aside an amount right away. Save it for emergencies or invest it. Set it to automatic so you don't need to think about it anymore!
Have An Emergency Funds
Calculate your monthly expenses (rent, food, electricity, taxes, car, cellphone, tv/subscriptions, gas, insurances, daycare, etc.) Have at least 3 months of emergency funds. 6 months is best, 1 year is perfect!
Live Below Your Means
Make sure to not spend more than you earn. It's easy if you pay yourself first.
Invest Invest Invest
Invest in real estate, stock, business, yourself, etc. Anything that fits your lifestyle.
Always Track Your Money
Always track where your money goes. Avoid all debt, except for mortgage. No credit card debt, no family/friends debt, no Line of Credits, no car payment, no IOUs, nothing!
Keep Learning
Always keep learning about money and investment : Google, books, Youtube, other people, anything!
Reinvest Your Dividends / Profits
Do not spend your profits or dividends, re-invest them to make your money grow even faster.
Keep On Hustling
Overtime at work, side gigs like Uber Eat, side business like laundromat. Keep working hard, but don't forget to also enjoy life in between.
Your Money Will Make Babies
Compound interest is the 8th wonder of the world. He who understands it, earns it; he who doesn't, pays it.
- Albert Einstein
Have A Long Term Vision And Delay Gratification
It takes time to become wealthy, relax and enjoy the ride.
Good Luck!