What are the 3 important rules of money?
Do you have money? Do you play by the rules of money? Do you know what the 3 rules of money are? Here is another article dedicated to the 3 important rules of money.
1. Have a plan
Have a goal. It’s good to identify your target financial number first, and then make a plan on how you can reach your financial independence goal. Track your actual revenue as well as your expenses and then compare it with your plan.
This exercise helps identify areas of improvement. In fact, I strongly teach my financial consulting clients the importance of tracking their spending with my financial template.
2. Never spend more than you earn
This rule is pretty simple. If you want to save up for your financial goal, you need to either reduce your expenses or increase your income. Generally, it takes a lot of time to generate more revenue. It’s easier if you keep your expenses to the minimum. This will help accelerate you reaching Your Rich Freedom.
3. Always finds ways to grow your money.
Considering how money is losing its value due to an increase in the cost of living (aka inflation) keeping money idle only costs you. Instead, save it in a high-yield deposit account if you can’t take risks. If you can take risks, consider stock, funds, real estate. But remember do not Invest without understanding these avenues. Investing without knowing is the biggest risk u can take.
Your Rich Freedom brings you resources to learn about Financial Independence Retire Early. We are on our journey of financial independence and we are here to share our journey as we climb the mountain of independence. Do you want to climb this journey with us and our community? Yeah? Good. It’s only going to get better from here onwards. See you in the next post Our Rich Community!