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5 Money Rules That Will Increase Your Net Worth - Darius Foroux

https://dariusforoux.com/increase-your-net-worth/

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5 Money Rules That Will Increase Your Net Worth - Darius Foroux
What's your personal finance strategy? If you asked me a few years ago, I would probably laugh it off: "I'll leave that for tomorrow." Dumb move. If you don't have a personal finance strategy, there's a chance you will never get wealthy. The average millennial earns $40-$50K a year and has $20-$40K in student debt.

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Money rules to increase your net worth

Money rules to increase your net worth
  1. Don't spend all your income at once: the easiest way to grow your bank account is NOT to spend it all.
  2. Know how the Economy works.
  3. Avoid debt; personal debt destroys your net worth like nothing else.
  4. Save as much as you can: find the figures that make you feel comfortable

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It takes more time to make money than to spend it

It takes more time to make money than to spend it

You work thousands of hours to make a certain amount of money. And then, you can drop it all on a new car, luxury vacation, watch, or anything else that you desire.The easiest way to grow your bank account is NOT to spend it all. It’s solid advice. The ancient Stoics knew about this too. True freedom means you desire less.

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Know How The Economy Works

Know How The Economy Works

Why do economies generally collapse? What’s debt? Who prints money? Why do they print money?You don’t have to be an economist. The point is that basic knowledge about how all this stuff works prevents panic. “Oh shit! The market is down! What now!!” Panicking will not help you.

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Personal debt destroys your net worth like nothing else

Personal debt destroys your net worth like nothing else

We must be wise about taking on debt. Like investing, there are rules to it. One thing is sure: Never borrow money to buy a car, electronics, or anything else that goes down in value. But when it comes to more complex things like growing/starting a business, investing in real estate, or even your education, think carefully before you go into debt.

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Direct your actions toward generating value

Direct your actions toward generating value

Can you generate value? If the answer is no, then make it your first priority turn that into a yes. Figure out how successful people are rewarded. Read books, study investors, try things out, talk to wealthy people, etc. You want to generate value—either by working for it or investing. 

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SIMILAR ARTICLES & IDEAS:

Education and wealth

College degrees can add significant wealth. The more education you have, the more you’ll earn and the less likely you are to be unemployed. And if you can keep debt low while getting th...

Controlling expenses and wealth

Those who control their spending do much better. This doesn’t mean you have to save on EVERYTHING, just some things. Enjoy your life by spending on what you want here and there, just keep it in line so you have excess to save and invest. Even 10% will make you wealthy over time.

You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.

Investment value is also greatly impacte...

You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.

Investment value is also greatly impacted by the amount invested.

Side Hustle to Make More Money

You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day. 

Take Action

Get to working on improving your finances today, not tomorrow. Reading the steps and thinking you’re capable of doing it but postponing it is just an excuse, an unprofitable one.

Communicate With Your Partner

Talking about your financial goals, and scheduling time once a month to go over your finances together can prevent money from affecting your relationship.

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Characteristics Of The Wealthy

  • They live in homes just large enough for their needs and drive used cars.
  • They have affordable interests.
  • They don’t worry about having the highest credit scor...

Rich And Wealthy

By making wealth your priority now, you could be both later. Establish a strong financial foundation that will give you financial security and peace of mind moving forward. 

Living paycheck to paycheck is a guaranteed way not to build wealth.

If you’re just starting on your personal finance journey, it might not be time for you to start acquiring these assets yet.

How To Become Wealthy

  • Investing in stocks is simple if you avoid lucky stock picking. Keeping long-term perspective, invest early, especially in low-cost index funds.
  • Rental properties.
  • Small business ownership.
  • Delaying gratifications.