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  1. #1
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    Default Want to Be Rich? Hereís All the Advice Youíll Ever Need, in 10 Simple Sentences

    Want to Be Rich? Hereís All the Advice Youíll Ever Need, in 10 Simple Sentences

    Money Talks News
    Stacy Johnson
    Money Talks News May 29, 2017
    Iíve been offering financial advice professionally for nearly 40 years. Iím also a millionaire several times over.

    During my decades in the trenches, Iíve heard every conceivable piece of financial advice, acted on many and offered some of my own. Here are the best of the best, a few simple sentences you can follow that will absolutely, positively make you richer.

    1. Never spend more than you make, ever.

    When I was 10, I started cutting grass to earn money beyond my meager allowance. Minutes after earning my first buck, mom was stuffing me in the car for a trip to the bank to open my first passbook savings account.

    Fifty years later, priority one is still to put something aside from every paycheck and send out less than I bring in. Of course, life being what it is, it hasnít always worked out that way. But in general, getting richer every month is as simple as spending less than you make and getting poorer is as simple as spending more than you make.

    2. Avoid debt like the plague.

    Most people treat debt as if itís a normal part of life. They divide it into categories like ďgood debtĒ and ďbad debt.Ē They discuss it endlessly, as if itís some mathematical mystery.

    Debtís not complicated. Paying money to temporarily use other peopleís makes you poorer. Charging money to temporarily let other people use yours makes you richer.

    Since paying interest makes you poorer, you only do it two situations: first, when you have to in order to survive; second, when youíll earn more on what youíre financing than what youíll pay to finance it.

    Unless borrowing is ultimately going to make you richer, donít do it.

    3. Buy when everyone is freaking out and sell when everyone thinks they canít lose.

    Rich people ring the register when the economy is booming, but thatís not when they created their wealth. You get richer by investing when nobody else will: when unemployment is high, the market is tanking, everybodyís freaking out, and thereís nothing but fear and misery on the horizon.

    The cyclical nature of our economy all but ensures bad times will periodically occur, and human nature all but ensures that when bad times happen, most people will freeze like a deer in the headlights. But itís downturns that are the time youíve been saving for.

    If you think the world is truly ending, buy canned food and a shotgun. If not, step up. As billionaire investor Warren Buffett famously advised, ďBe fearful when others are greedy and greedy when others are fearful.Ē

    4. You can either look rich or be rich, but you probably wonít live long enough to accomplish both.

    When I as worked as a Wall Street investment adviser, I quickly learned that people who have tons of money most often donít look like it. They donít have to. So who are the big shots wearing the fancy suits and driving the Porsches? Often itís the people who make a living selling stuff to the rich people.

    I canít remember the last time I wore a fancy suit. Iíve never owned a new car, and I live in a house thatís worth about a third of what I could afford.

    Diverting your investable cash into things like cars, clothing, vacations and houses you canít afford will make you look rich now, but prevent you from actually becoming rich later.

    5. Live like youíll die tomorrow, but invest like youíll live forever.

    You should always strive to get as much out of life as you can each and every day. After all, you could die tomorrow.

    But hereís the thing: You probably wonít. Put something aside so you can continue soaking up what life has to offer for as long as possible.

    6. There are only six ways to get rich.

    The only ways to get rich:

    Marry money
    Inherit money
    Exploit a unique talent
    Get exceedingly lucky
    Either own or lead a successful business
    Spend less than you make and invest your savings wisely over long periods of time.
    Even as youíre aiming for any of the first five, practice the last one and youíre guaranteed to be rich eventually.

    7. The riskiest thing you can do is take no risk.

    Whether itís money, love or just life in general, if you want rewards, you have to take risks.

    When it comes to money, taking risks means investing in things that can go down in value, like stocks, real estate or your own business. Can you get through life without taking risks? Sure, but as my dad was fond of saying, youíll never get a hit from the dugout.

    Invest $200 a month at 2 percent for 30 years, and youíll end up with a little less than $100,000. Earn 12 percent on the same investment, and youíll end up with nearly $900,000. Taking a measured amount of risk is the difference between getting rich and getting by.

    That being said, making risky bets is simply gambling. Take measured risks. Minimize risk by knowing as much as possible before investing, not putting all your eggs in one basket and learning from your mistakes. Or better yet, learn from someone elseís.

    8. Never make your well-being someone elseís responsibility.

    If you need surgery you have little choice but to trust your fate to a professional. But when it comes to your money, donít ever turn over complete control to anyone.

    Seeking advice is always a good idea. But no matter who that adviser is or how smart they are, your money is more important to you than it is to them. So if youíre not doing everything yourself, at least understand exactly whatís going on.

    Virtually anyone can learn to navigate their finances. If you canít be bothered to take responsibility for your own money, just keep in the bank. At least that way you wonít end up ripped off, broke and blaming someone else for your problems.

    9. When it comes to information, less can be more.

    About 15 years ago, I put about $2,000 into Apple stock. As I write this, itís worth about $300,000. Had I been watching financial news all day and reacting to all the pundits and market news, Iíd have sold it long ago and been kicking myself today.

    If you want to be rich, buy into high quality stocks and hold on to them for long periods of time. If you want to kick yourself, buy into high quality stocks, then sell them at the drop of a hat based on something or someone you saw on air or online.

    10. Time isnít money; money is time.

    Whoever said ďTime is moneyĒ had it backwards.

    Time is the one nonrenewable resource you have. Once your time is up, itís up. So the trick is to spend as much of your limited time as possible doing stuff you want to do rather than working for other people doing stuff you have to do. Money is the resource that allows you to do this.

    If you go to the mall and spend $200 on clothes, thatís $200 you could have invested. If youíd earned 12 percent on that $200, in 30 years youíd have accumulated a little more than $10,000. Ignoring inflation and assuming you could live on $5,000 a month, forgoing those clothes today means retiring two months earlier.

    Of course, you must have clothes. But maybe you donít need $200 worth, or maybe you could have gotten them for less at a consignment shop. Itís your choice: expensive stuff today or free time tomorrow. Those who choose the former often stay poor. Those who choose the latter often get rich.

    Which will you choose?

    If you like this post, share it! And if youíre not already subscribed to our newsletter, do that too. Youíll be glad you did.

    This article was originally published on MoneyTalksNews.com as 'Want to Be Rich? Hereís All the Advice Youíll Ever Need, in 10 Simple Sentences'.
    Tim - Retired Problem Solver

  2. #2
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    Default

    11. Become financial advisor
    My Investopedia portfolio
    (You need to have a (free) Investopedia or Facebook login, sorry!)

  3. #3
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    Default

    Quote Originally Posted by Karel View Post
    11. Become financial advisor
    Lol! Sad, but true!
    Math doesn't lie, but people do.

  4. #4
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    Default

    Quote Originally Posted by Karel View Post
    11. Become financial advisor
    My middle daughter is a financial advisor to divorcing couples. I call that self-inflicted pain, the heck with the money!

  5. #5
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    Absolutely correct! " Never spend more than you make, ever." Discipline in our spending must be practice to be able to achieve our dream of getting rich. Concentrate in buying only our basic needs in life.

  6. #6
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    Default

    Excellent piece of advice !

    Credit cards are good , but NEVER run up a balance on them or you will get killed with interest charges.
    I use credit cards that give back big CASH Rewards ........screw the air miles that always seem to be blacked out for the trips you wish to use them for , and always remember that "CASH IS KING!" Over the years I have gotten back THOUSANDS in cash back bonuses! Best Card Right now for a fee of $95 /Year is the American Express Preferred Blue card 6% Back on groceries , 3% back on gas . The $95 fee is minor compared to the cash you will get back! The COSTCO Visa card is also great and free of any fees to costco members .......that one gives you 4% Back on GAS!

  7. #7
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    Default

    Don't spend money on stupid stuff.

  8. #8
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    Default

    I stopped buying bras. Have saved lots.

  9. #9
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    Quote Originally Posted by Louetta View Post
    I stopped buying bras. Have saved lots.
    I can see no way to personally profit from this otherwise excellent suggestion.
    My Investopedia portfolio
    (You need to have a (free) Investopedia or Facebook login, sorry!)

  10. #10
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    Default

    Quote Originally Posted by Louetta View Post
    I stopped buying bras. Have saved lots.
    I haven't worn a bra in years. Went back to my UCLA roots. Draw the line at mini skirts though. Freedom lives!

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