10 Golden Rules for Millionaires

Six years ago I had a net worth of $0.
Now I'm a millionaire and retired.

These are the ideas that will make you wealthy.

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1. Create more than consume

Live a life dedicated to creating rather than consuming.
This is the quickest way toward wealth.

Why?
Creators continually provide value to the world.
(therefore they are continually rewarded)

These rewards come monetarily and spiritually.
Create more than consume

Wealthy people create more than consume.

EX
Lottery winners go broke quickly.
Their money was handed to them.
All they know how to do is spend it.
They never learned the right way.

Want to be wealthy?
Look at consumer culture and do the opposite.
2. Invest in Yourself

You are the greatest investment.

Always level up the fundamentals:
Love / Life / Health / Career

Listen to podcasts.
Read. Learn. Create

Thanks to the Internet, you can learn almost anything for free.

Once you provide value, the money soon will follow.
Invest in Yourself

Putting yourself first is viewed as a selfish act. But, it's the opposite.

Invest in yourself before you give to others. If you do not, you will have nothing to give.

A life dedicated to improvement opens up a world of opportunities for you AND for others.
3. Take calculated risks

Every wealthy person I know has taken on risk.

Iff you want to grow money you can't always play it safe. You will never get ahead. You will always be settling for the middle of the pack.

To get ahead you must stand out.
Take calculated risks

Some of you may be defensive in nature.

This my suggestion: Use the 80/20 rule
80% in Safe Investments
20% in Aggressive Investments
NOTHING in between

This will help you sleep at night while giving you the needed exposure to get ahead.
4. Track your net worth

Tracking your net worth is like getting on the scale if you want to lose weight. You need to know your financial health before you can make progress.

Your net worth is a reflection of your finances AND your habits that created your financial status.
Track your net worth

Tracking your net worth helps you build momentum. Once you start it's hard to stop.

You will want the numbers to grow higher & higher.

Once you get into this routine your mindset will shift. And you will look for opportunities to make the numbers rise.
5. Understand how taxes work

Understanding how taxes work in your country is the quickest/easiest way to generate wealth.

The Truth
Taxes are complicated is to keep smart people at the top. Smart people are capable of exploiting loopholes.

LEARN THE LOOPHOLES
6. Understand assets vs liability

Poor people buy liabilities and then don’t understand why their stuff keeps them poor.

“Know the difference between an asset and a liability, and buy assets. Rich people acquire assets. Poor people acquire liabilities." - @theRealKiyosaki
Understand assets vs liability

Want to be rich? Spend money on assets.

Examples:
Stocks/Investments/Royalties/Rental-income

Assets generate money. They put money in your pocket.
If you are going to make money (and want to make even more money) spend it on assets.
7. Automate your Investments

Less mental real-estate is the goal.

Have investments set to automatic. Have money taken out of your paycheck directly. So, when payday comes your money is automatically saved.

Set it up properly and you will never think about it.
8. Only invest in what you understand

“Never invest in a business that you do not understand." -Warren Buffett

Not knowing why severely limits your ability to learn from past mistakes. Being able to reflect on past performance is the easiest way to get ahead.
Only invest in what you understand

Buying what you don't know leads to weak hands.

Strong hands = conviction

You will have a better understanding that will allow you to hold through peaks and valleys.

This will lead to exceptional returns.
9. Adopt the 1 Month Rule

Are you going to buy something brand new?
Delay the purchase for 30 days.

If you still want to buy the product next month.
Then do it.

This will stop you from buying irrationally.

Advertisers try to get you to impulse buy for a reason.
Fight back.
Adopt The 1 Month Rule

When you make a purchase you think it will bring you happiness forever. It will not.

Think about hedonistic adaptation.

The rush lasts for 2 weeks. Tops.
Then you move onto something else.

Learn to rule your emotions or they will rule you.
10. Learn to Create Leverage

You won’t get wealthy by trading time for money. And you can’t do it all yourself (networks are so valuable).

Ways to Leverage
- Audience
- Systems
- Knowledge
- Time (others time)
- Financial (others $)

Leverage means work smarter, not harder.
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You can follow @creation247.
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