Money rules to increase your net worth
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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.
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.
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.
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.
Personal finance is about managing your own money - how much you spend, save, get into debt, and invest.
How you manage your money will depend on your age, education, ambition, family, and country of residence. While this guide will give you enough input to work out a strategy, you should always consider your own personal situation.
Mindless shopping is a money destructive habit that makes us want more and crave for more by futher developing our consumer mentality and allowing it to swallow us.
Many of us believe that we have to spend money in order to have a good time and while it's nothing to be ashamed of, we have to pull ourselves out of this mindset because it will only empty our bank accounts.
Learn how to give up consumer mentality and instead rely on inner joy and practice more mindfulness.
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.
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