My Personal Finance Journey

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7 Rules of Becoming Rich

Contributed by mm | May 24, 2004 6:04 AM PST

Joshua Kennon offers 7 suggestions for how to becoming rich. He is not advocating people to invest in stocks, bonds, options, or any other specific investment vehicle, but his 7 advices really make a lot of sense.

Rule 1: Put Off Getting Married

Your first goal should be to become financially independent, with little or no debt, and have your investments in place. Once you have these three things, odds are that everything will work out (after all, the number-one reason for divorce is financial trouble.)

Rule 2: Learn that Debt is a Disease

When you want it badly enough, you will make extinguishing your debt your number one priority.

Rule 3: If You Don't Like Where your Parents Were at Your Age - Do Things Differently

In order to become financially successful, you must do something different than they did. Otherwise, you will end up exactly as they are.

Rule 4: When you Begin a Job, Look at the Pay of the Highest Employee

If the CEO is making $30,000 a year... you have no chance to make six figures. Select a job accordingly.

Rule 5: Do Something You Love... And Get Paid for It

There is no honor in being a "Doctor" or a "Lawyer", if you wake up every morning and hate your job. Pick a profession you love - and you'll never have to work a day in your life.

Rule 6: Understand What Money Is

Money is nothing more than a piece of paper with the image of a long-dead person on it. When you understand that any power it has over you is derived from your relationship with it, you suddenly become free from the constant pressures and stress of thinking about it.

Rule 7: Your New Commodity is Not Your Labor, It's Your Ideas

Change your product. The gap between the rich and poor gets larger every year, but it's not because of inequalities or any other such injustices... it's because the rich UNDERSTAND money and how to use it. It's like a seed... learn how to plant it to produce the best harvest. When you do this, you will rule your finances, not the other way around.

This Post Has Received 1 Comment. Share Your Opinions Too.


A. Donna Commented on November 13, 2004

WAY TO GO JOSH!


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