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

590 STASHED

9 LIKES

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.

528 STASHED

7 LIKES

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.

403 STASHED

6 LIKES

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.

457 STASHED

5 LIKES

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. 

491 STASHED

5 LIKES

Deepstash helps you become inspired, wiser and productive, through bite-sized ideas from the best articles, books and videos out there.

GET THE APP: