Grant’s 10 Rules On Money
I was watching this video and realized that most of these #money rules are almost common sense, but are so easy to forget. Watch the video and let me know which one of these rules has worked best for you and which one you are going to work on. Let’s dive right in!
Rule #1 Never Spend Money Until You Earn It
Many people live on credit cards and are spending before they earn. Once the money is in the account THEN and only then do you get to spend it.
Rule #2 The 40% Rule
For ever dollar you earn take 40% to pay taxes and 40% to yourself for #investment. The remaining 20% is what you live on. It leaves you with 2 options; 1. Simplify and live on less OR 2. Earn more income and increase your sales.
Rule #3 If You Can’t Write It Off don’t Buy It
You should start a business that will allow you to take #tax write-offs.
Rule #4 Rent And Lease don’t Own
You don’t need to own anything, just use it.
Rule #5 Stabilize And Grow Your First Flow Before You Leave It
Grant talks about making more money doing something that you are already good at and earning income from. Instead of creating a side #hustle it makes more sense to increase and existing and proven flow of #income.
Rule #6 The 47 Rule
This rule is based on working as many hours you can in your business. If the world is doing 40 hours, be doing 47. The more production time you can put into your business the more you will produce in a shorter period of time. If you spend 40 hours working for someone else. Spend at least 7 hours working on yourself. He then points to reading an hour a day as the best way to improve your income.
Rule #7 Always Stay Broke
Cash Is Trash. The concept of money is best understand by this community because we call it #Fiat for a reason. Cash is useless unless it is being used in circulation. Cash is only valuable when you take it out of the system and put it to work. Convert your cash into #assets.
Rule #8 Never Lose Money
This principle was popularized by Warren Buffet and is his first rule. Most of you have also heard Warrens second rule, which is to never forget rule #1. Leaving money in the #bank is losing money. Keep an eye on your cash and getting it moving into high producing assets. Remember that inflation is the biggest destroyer of #wealth.
Rule #9 You Want Cashflow, Not Cash
Invest your cash into businesses and investments that pay #dividends, #cashflow, #profits or some other form of passive income. Many of us on www.LEOFinance.io like to stake our #coins and provide #liquidity in return we get more LEO and WLEO!
Rule #10 Never Quit On Your Financial Goals Until You Achieve Your Goals
No matter how big your goals are, they are capable of being accomplished. Grant talks about becoming a #billionaire. He insists that it is possible for the people who decide it is and commit to creating that wealth for themselves.
If you are serious about your financial goals and want to learn more about the Alchemist Mentorship where we help set you on the path to double your income and net-worth setup a call with Darina today!