Rules of Wealth

I recently read the rules of wealth by Richard Templar and I decided to share them on my blog so that you can all benefit.

It’s divided into 5 parts; thinking wealthy, getting wealthy, getting even wealthier, staying wealthy, sharing your wealth, and the rules of other people’s wealth.

Have fun reading them below:

Thinking wealthy

1 Anybody can be wealthy – you just need to apply yourself

2 Decide on your definition of wealth

3 Set your objectives

4 Keep it under your hat

5 Most people are too lazy to be wealthy

6 Get a reality check

7 Understand your money beliefs and where they come from

8 Understand that wealth is a consequence, not a reward

9 Decide what you want money for

10 Understand that money begets money

11 Calculate the net return

12 If you see money as the solution you’ll find it becomes the problem

13 You can make lots of money, you can enjoy your job, and you can sleep nights

14 Don’t make money by being bad

15 Money and happiness – understand their relationship

16 Know the difference between price and value

17 Know how the wealthy think

18 Don’t envy what others have

19 It’s harder to manage yourself than it is to manage your money

Getting wealthy

20 You’ve got to know where you are before you start

21 You’ve got to have a plan

22 Get your finances under control

23 Insurance pays someone, and odds are it’s not you

24 Only by looking wealthy can you become wealthy

25 Speculate to accumulate (no, this isn’t gambling)

26 Decide your attitude to risk

27 Think through the alternatives to taking a risk

28 If you don’t trust someone, don’t do business with them

29 It’s never too late to start getting wealthy

30 Start saving young (or teach your kids this one if it’s too late for you)

31 Understand that your financial needs change at different stages of your life

32 You have to work hard to get rich enough not to have to work hard

33 Learn the art of deal-making

34 Learn the art of negotiating

35 Small economies won’t make you wealthy but they will make you miserable

36 Real wealth comes from deals, not fees

37 Understand that working for others won’t necessarily make you rich – but it might

38 Don’t waste time procrastinating – make money decisions quickly

39 Work as if you didn’t need the money

40 Spend less than you earn

41 Don’t borrow money – unless you really, really have to

42 Consider consolidating debts

43 Cultivate a skill and it’ll repay you over and over again

44 Pay off your loans and debts as a priority

45 Don’t be too busy earning a living to make some money

46 Save in big chunks – or should you?

47 Don’t rent, buy

48 Understand what investing really means

49 Build a bit of capital then invest it wisely

50 Understand that property, in the long run, will not outpace shares

51 Master the art of selling

52 See yourself as others do

53 Don’t believe you can always win

54 Don’t pick stocks yourself if you don’t know what you’re doing

55 Understand how the stock market really works

56 Only buy shares (or anything) you can understand

57 Use your head

58 By all means, use the investment professionals (but don’t be used by them)

59 If you are going to get financial advice, pay for it

60 Don’t fiddle

61 Think long term

62 Have a set time of day to work on your wealth strategy

63 Pay attention to detail

64 Create new income streams

65 Learn to play ‘What if?’

66 Control spending impulses

67 Don’t answer ads that promise get-rich-quick schemes – it won’t be you who gets rich quick

68 There are no secrets

69 Don’t just read this – do something

Getting even wealthier

70 Carry out a finance health check regularly

71 Get some money mentors

72 Play your hunches

73 Don’t sit back

74 Get someone to do the stuff you can’t

75 Know yourself – solo, duo or team player

76 Look for the hidden asset/opportunity

77 Don’t try to get rich too quickly

78 Always ask what’s in it for them

79 Make your money work for you

80 Know when to let go of investments

81 Know your own style

82 Know why you should be able to read a balance sheet – and how

83 Be one step ahead of your tax collector

84 Learn how to make your assets work for you

85 Don’t ever believe you’re only worth what you are being paid

86 Don’t follow the same route as everyone else

Staying wealthy

87 Shop for quality

88 Check the small print

89 Don’t spend it before you’ve got it

90 Put something aside for your old age – no, more than that!

91 Put something aside for emergencies/rainy days – the contingency fund

92 You paid what for it? How to shop around

93 Never borrow money from friends or family (but you can allow them to invest)

94 Don’t surrender equity

95 Know when to stop

Sharing your wealth

96 Use your wealth wisely

97 Never lend money to friends or family unless you are prepared to write it off

98 Don’t lend, take equities

99 You really, really can’t take it with you

100 Know when/how to say no – and yes

101 Find ways to give people money without them feeling they are in your debt

102 Don’t over-protect your children from the valuable experience of poverty

103 Know how to choose charities/good causes

104 Spend your own money because no one will spend it as wisely as you

105 Take responsibility before you take advice

106 Once you’ve got it, don’t flaunt it

107 What’s next? Pacts with the devil?

The Rules of other people’s wealth

1 Don’t judge

2 Don’t envy it

3 Other people’s money belongs to them

4 They can give it all away if they like

5 Once they’ve gone, you can’t ask questions

6 Blood comes before money

7 Your children owe you nothing

8 Don’t make money taboo

9 If they give it to you, it’s yours

So that’s all.

What do you think? Do you like the rules?

Feel free to drop your opinion in the comments 👇

Digital Asset Advocate | Financial Market & Web3 Explorer | +234 810 185 0909



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