The Rules of Wealth

THE RULES OF WEALTH

THINKING WEALTHY

Rule 1 * Decide your definition of wealth
Rule 2 * Set your objectives
Rule 3 * Understand that wealth is a consequence, not a reward
Rule 4 * Decide what you want the money for
Rule 5 * Understand that money begets money
Rule 6 * Know how the wealthy think
Rule 7 * Don't envy what others have

GETTING WEALTHY

Rule 8 * You've got to know where you are before you start
Rule 9 * You've got to have a plan
Rule 10 * Get your finances under control
Rule 11 * Decide your attitude to risk
Rule 12 * Start saving young ( or teach you kids this one if it's too late for you)
Rule 13 * You have to work hard to get rich enough not to have to work hard
Rule 14 * Learn the art of negotiating
Rule 15 * Small economies won't make you wealthy but they will make you miserable
Rule 16 * Understand that working for others won't necessarily make you rich, but it might
Rule 17 * Don't waste time procrastinating - make money decisions quickly
Rule 18 * Don't borrow money - unless you really, really have to
Rule 19 * Consolidate debts
Rule 20 * Cultivate a skill and it'll repay you over and over again
Rule 21 * Save in big chunks - or should you?
Rule 22 * How the stock market really works
Rule 23 * Understand what investing really means
Rule 24 * Understand that property, in the long run, will not outpace shares
Rule 25 * Master the art of selling
Rule 26 * If you are going to get financial advice, pay for it
Rule 27 * Don't fiddle
Rule 28 * Pay attention to detail
Rule 29 * Create new income streams
Rule 30 * Learn to play ' what if?'
Rule 31 * Don't answer ads that promise get rich quick schemes - it won't be you that gets rich quick

GET EVEN WEALTHIER

Rule 32 * Carry out a finance health check regularly
Rule 33 * Know when to let go of investments
Rule 34 * Know why you should be able to read a balance sheet - and how
Rule 35 * Be one step ahead of your tax collector
Rule 36 * Don't ever believe you're only worth what you're being paid

STAYING WEALTHY

Rule 37 * Shop for quality
Rule 38 * Check the small print
Rule 39 * Put something aside for your old age - no, more than that!
Rule 40 * Put something aside for emergencies/ rainy days - the contingency plan
Rule 41 * You paid what for it? How to shop around
Rule 42 * Never borrow money from friends or family ( but you can allow them to invest)
Rule 43 * Don't surrender equity
Rule 44 * Never lend money to friends or family unless you are prepared to write it off
Rule 45 * Don't lend, take equities
Rule 46 * You really, really can't take it with you
Rule 47 * Don't overprotect your children from the valuable experience of poverty
Rule 48 * Know how to choose charities / good causes
Rule 49 * Once you've got it, don't flaunt it
Rule 50 * What's next? Pacts with the Devil

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