Money Rules – If you don’t take care of money, money won’t take care of you!
Thankfully, I learned this rule very early in my life.
From the day I started earning money, I created my own set of rules. I am following those rules rigorously and guess what? I am able to manage my finance effectively by following my own rules for money.
So, if you are seeking financial abundance and growth, you should create and follow your own set of money rules that helps you in achieving excellence for money.
In this post, I am going to share 7 Money Rules that I follow in life. I created 5 money rules when I was doing a Job and added 2 money rules recently.
If you follow my 7 money rules, I am 100% sure that you will get financial success in life.
So this is how you get your money fixed.
7 Money Rules that I Follow
Rule #1: Don’t Spend Tomorrow’s Money
Never spend it until you get it.
I have seen many people who are crazy about plastic money (credit cards). They spend money before they get it.
They spend money before getting a salary or closing a deal. Not only that many people do impulsive buying using a credit card and in they end up in big debt.
So Remember – “Don’t count your chickens before they hatch”.
I don’t count a business deal closed until the actual money gets transferred to my bank account. Once the money is in my bank account I can spend it.
So Rule is – I don’t spend tomorrow’s money.
Rule #2: The 30% Rule
Out of 100% of your income, you need to pay 30% as an Income tax. If you are in the highest tax bracket.
So, the rule is if you pay 30% income tax, you need to pay 30% to your business or you need to pay 30% to yourself. That means you need to invest 30% money of your income.
Now you can spend the remaining 40% amount. If it is difficult to live on a 40% amount you need to increase your income so that 40% of your income is enough for a living a quality life.
So Rule is – Pay 30% to your business from your Income.
Rule#3: Stay Broke
Always remain broke. Yes! The rule is always remain broke.
I am always broke. I reinvest all the money. Every time I get any money I take it and invest it in the hard assets. Illiquid assets illiquid so I cannot get that money. That’s what keeps me motivated. So, I don’t keep any money I invest it into assets that produce income.
I am broke so I got to hustle again.
Remember Cash is Trash. You don’t need Cash – You need a cash flow.
Cash sitting around in the bank is useless until you put it to work, Invest in cash flow-producing assets and stay broke.
So Rule is – Stay Broke.
Rule #4: The Rule of 8
The rule of 8 is very simple.
I was working for 48 hours a week at my job in a multinational company. This means 8 hours per day – Six days a week.
So, I used to do the best investment every week. Meaning investing 8 hours per week on myself for my personal development & improving my skills.
You know self-investment is the best investment and the simple rule of 8 helped me a lot today. Due to rule of 8, I am able to establish myself as a successful digital marketer, Influencer, blogger, YouTuber, and Finance consultant.
So, every week keep certain hours for personal development.
Don’t pass your time relaxing and watching NetFlix.
Invest your time for your growth.
Reading, studying, and learning high-income skills.
If you are committed and interested in self-investment & learning high-income skills – Join me. I am going to start an online class.
Rule #5: Never Quit
Never Quit. Whatever your financial goals are…
Never quit until your reach your goals.
Look, there is no shortage of money in this world, and your potential is unlimited. So push hard and keep pushing until you get what you want to get.
Remember – Quitters Never Win. Winners never Quit.
Rule#6 Renting is better than Buying
The rule is you need not own everything in Life.
Owing a house or owning a car is a dream seen by many but renting is far better than buying.
If you rent a house or car, you need not pay any maintenance costs, repair costs or taxes.
Not only that you can get more flexibility. You can live wherever you want to live.
Rule#7 Always Keep Multiple Source of Income
Achieving financial freedom is the ultimate goal and that cannot be achieved if you have a single source of Income.
You cannot become rich with a single source of Income.
I learned this thing from very early days in my life. So, I started building part-time income from blogging.
And today, my part-time income my passion has become my full-time income. Not only that I could make multiple sources of income due to blogging.
So Rule is – Always Keep Multiple Sources of Income.
I am sure if you follow these money rules you can achieve excellence for money.