9 Rules About Making Money

I was in a small group with some people who were all self-made millionaires.

We asked the question "what would we tell our 25 year old selves about making money?" and the answers were interesting.

So I compiled them into a list of "9 Rules" from that conversation that I'd tell myself 10 years ago.

Okay, it's 11 years, I guess. I'm 36. Anyway, moving on...

1. Stop trying to save money on lattes.

Instead, focus on earning more by developing valuable skills and negotiating your salary.

2. There's no one-size-fits-all approach to personal finance.

Don’t just listen to one person.

Experiment and find what works for you.

3. Avoid lifestyle inflation by keeping your expenses in check even as your income grows.

Even if you don’t buy more things, stuff gets more expensive over time so you’ll need to re-evaluate expenses.

4. It's not about how much money you make, it's about how much you keep.

Real financial wealth is measured in time you can live without working.

I know people making $250,000 that can’t afford to stop working for a month.

5. Time is your most valuable asset.

Attention is the second most valuable asset.

Invest it wisely and focus on activities that generate wealth.

6. Investing in yourself is the best investment you can make.

Develop skills and knowledge that will increase your earning potential.

7. Don't be afraid to take calculated risks.

High risk can mean high reward when done right.

Most people only calculate the downside of risk and forget to look at the upside.

8. Don't let emotions drive your investment decisions.

Stay disciplined and focus on the long-term.

When things go bad, zoom out and don’t become a slave to the moment.

9. Avoid following the crowd and trying to time the market.

If everyone else knows about it, then its too late.

Another opportunity will come.

They say that youth is wasted on the young.

Well, I think that many times, wisdom is wasted on the old.

It's never too late to change your stars.

Take this advice, put a plan together and start living a life focused on maximizing the 4 types of wealth: social, financial, time and health.

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