Think of all the money you have earned in your lifetime. This includes wages, retirement accounts, gifts, inheritances, investments, and sale of all assets. If you added everything up, what would that number be?
Now ask yourself, how much of it do you still have? Do you wish it were more? If so, you may enjoy “The 20 Rules of Money” video on YouTube. Here are a few points they shared.
Think of making money as a game that can be learned. The more you play it, the better you get. It is a “doubles” game. Whatever money you have now, try to double it. Each time you double it, you take one step toward the end of the game. For example, if you start with $1,000, you are just “ten doubles” away from $1 million.
With your risk tolerance in mind, make good decisions. Money gets bored easily, do not let it sit around too long. It needs to be working, so take advantage of opportunities when they arise. Remember, timing and positioning is important. Desperation leads to bad decisions. If you lose money, you take a step backward in the game.
Seek out and befriend money makers. If you are around them, you will learn from them. It is important to play your own game, do not try to compete with someone who has more resources. Look for ways to leverage your money using real estate or strategic partnerships. Understand and utilize available tax benefits. Effective tax strategies create significant income over time.
During the game, do not waste money on luxuries like flying first class, expensive cars and lavish vacations. Instead, leverage those funds and win the game much sooner. Once you win the game, you can fly first class and take all the trips you want.
Are you playing the money game now? If not, why not?
