The ideas of “get rich quick” or “overnight success” are massive myths. For true long-lasting wealth creation, you have to set some solid money rules in place — and stick to them.
If you don’t create rules around money, you’re not going to get it.
Now, if you haven’t established them already, I’ll help you with some of mine. But you have to commit to them.
6 Wealth Creation Money Rules
1Never spend it before you get it
Read that again, and don’t mix it up with not spending the money you do have.
What it does mean is when you do a deal, you don’t spend any of that money until the deal is closed.
2The 40%/$100K Rule
This one’s a game-changer.
Until you can save 40% of your money and make $100,000 stored, you’re not going to make any major investments.
If you can’t write it off, don’t buy it. And if you do buy something that you can’t write off, pay for it in cash. Always.
For purchases that you can write off, you should put them on a credit card for reporting purposes.
Rent and lease; don’t own.
Your cars, your apartment, everything you can.
5Stabilize income streams
Man, I lost count of how many flows of income I have. Today, they’re in the thousands.
The deal with income streams is that you have to stabilize them. You have to stabilize the first flow before you move to the second flow. The second flow must be connected to the first flow. Only after the first two flows are stable do you go to the third one.
6The 40/7 Rule
If you’re going to work for someone 40 hours a week, improve yourself 7 hours a week.
Stop complaining that you’re tired. You don’t read a book, don’t do a program — you don’t do anything for yourself.
Dedicate one hour every day to self-improvement.
Look, the nightmare of finances will continue until you wake up. You have to get sick and tired of it, and then take massive action.
Money only has the value of the confidence of the people who support it. It’s your choice whether or not you’re one of those who gets it.