Mindset & Psychology Personal Finances

The Seven Commandments of WEALTH: This is What Every Person Needs to Know About MONEY

There is a simple set of basic rules for managing money wisely.

By following them, every person will be able to establish the monetary component of their life, get rid of financial difficulties and gain prosperity in a fairly short period of time.

So, meet the Seven Commandments of Wealth!

This is what every person needs to know about money:

The key to wealth is not saving more. The secret is to invest more “in yourself” — invest your time, effort, money.

You should try to maximize your main source of income by making yourself a highly valuable “commodity” in the job market.

Unfortunately, saving is not how most people become rich. The right path lies through systematic development and consistent strengthening of your ability to earn good money.

1) Tireless upgrade of your professional competencies

Professional retraining and mastering new skills will give you the opportunity to stand out from the crowd, becoming very noticeable in the professional community.

It will also help you quickly adapt to ever-changing technologies and modern know-how.

2) Don’t do what you love

Do something for which other people will appreciate and respect you — from a professional point of view.

Alas, only very few people manage to earn a decent living doing what they really love.

3) Save 20% of every income you make

To do this, stop spending money on “useless things”.

Many of our purchases make us happy only for a few minutes, while creating a significant financial burden on our family budget.

4) Invest every month

Carefully consider an investment strategy that is guaranteed to lead you to your financial goals (with an acceptable level of risk).

Alternatively, make it a habit to regularly purchase currencies, index funds, and other assets. This will allow you to gradually form significant capital, the income from which will be able to fully provide for your entire family.

5) Buying a home is not an “investment”

Your apartment (house) is the place where you live.

But your home won’t make you rich. Investments make us rich (see previous point).

6) We do not live to make money

We earn money to live.

Always remember this!

7) Your spouse is either your “sail” or your “anchor”

Try to find a “soul mate” with whom you will have the same beliefs about money and common plans for your financial future.

By CashGuy

Online Money Maker

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