Rule #1 is the most important one, and it's the one you have to buy into immediately. It's very simple. You may want to fight it, but regardless of what you do, it's a rule. And the rule is that money is a game. The great thing about any game is that no matter what game you play, you eventually get good at it. If I've never played chess, and you've played it 100 times, you're probably going to beat me. If I've played Monopoly 1,000 times and you've played it three times, I'm probably going to beat you. So the great thing about the money game is that it can be learned.
Next, don't be a hater of money. If you hate money, you'll never get money. Why? Because money doesn't like haters. If you constantly say things like, "Money doesn't grow on trees" or "Rich people are this or that," money responds by saying, "You're right!"
Number three of the rules of money is that money is a doubles game. Listen, you could stop reading right now, as long as you understand this.
Now that you have the basic concept, the question comes down to two things, your risk tolerance and your horizon. Your risk tolerance depends on your age. If you're 65, your risk tolerance is lower than if you're 22. Horizon has to do with time. What is your time horizon? The time horizon could be, "I want to have a million dollars by ten years from now." Great. If you want to have a million dollars by 10 years from now, first start with what do you have right now. Then you play the doubles game. For instance, if you have $17,000, you'd ask how many doubles do you need to get to a million bucks. From there you can determine a time goal for each of the doubles to meet your goal within 10 years.
Let me explain to you about seduction. Money likes to be seduced. Money's attracted to seducers. Just like a woman doesn't like a desperate man, money doesn't like desperate people. Money's not attracted to desperate people that want it so bad because they want to show it off to everybody. No, no, you need to seduce money. When you do, all of a sudden money will say, "Ooohhhhh, I like this guy, I like this girl. Oh my gosh! I'm turned on by you."
Listen in here for my thoughts on the important role that timing plays when it comes to money rules.
Number six of the rules of money is boredom. Let me explain what boredom means. Money needs to be moved. Okay? Again, if a girl is bored with you, she leaves you, because you're too boring. The same is true for men. When people get bored, they leave. And money doesn't like to be bored.
The next of the rules of money is to have a secret account. You always have to have a secret account.
Next, don't pay to fly first class until you have $10 million in the bank. I see so many people spending $2,000 on a flight when they can spend $400. Listen, I'm 6'4" and weigh 240 pounds, and do you know how many times I've paid first class? Zero. I don't pay first class. Other people pay for my first class, but I don't pay for first class. I've flown first class many times because I have miles, or people pay for my flight. But I don't pay for first class myself.
The next of the rules of money has to do with your comp plan. Listen in here as I explain what I mean by comp plan.
The next of the rules of money is end of the world mentality. Listen, CNN, MSNBC, Fox, Suze Orman, Dave Ramsey and others are all paid to sell crisis. Why? Because you have to be ready for a crisis. So a lot of times people are fearful, and think it's the end of the world. For example, in 2008 when the market crisis took place, everybody started pulling their money out. At the time, the Dow Jones was down to 6,000 something. It's at 21,000 points today. Imagine if you left the money in. How much compounding money was lost simply because people thought it was the end of the world?
Every time crisis happens, a LOT of people become wealthy. Why? Because everything's on sale when there's a crisis. People sell exotics because they can no longer afford them. People sell artwork for 1/5 of the price and homes for 1/2 of the price. All kinds of things are for sale when there's an end of the world type of mentality.
Next, study your politicians, especially your president. Here's why. You have to know the philosophies of and what the politicians in your nation and local community are going to do. For example, if their philosophy is to do heavy-duty taxing, you need to adjust accordingly. If their philosophy is to cut down taxes, you need to adjust accordingly.
Next, study smart investors. For instance, you should read everything Warren Buffett puts out. Every single thing. Read all his books, because as you do, he'll teach you his way of thinking, his mindset.
Number 13 of the 20 rules of money is to play your game. Don't compare or play someone else's game. Play your game.
The next money rule is index. Listen in here to see what I mean by index.
The next of the 20 rules of money is to befriend money makers that you trust. Here's why. If you're around other people that know how to make money, you're going to make money. If you're around people that don't make money and don't know how to make money, you won't make a lot of money. That's just how things work.
The next money rule is that diversification is for sissies. So if you're a sissy and your risk tolerance is very low, it's okay. It's okay to be a sissy. A lot of people are sissies. But if you truly want to create wealth, and you wonder why you don't have a single penny after working for 17 years, you have a problem.
The next of the rules of money is about leverage. Everything is leverage.
Market yourself more
Get to the customer faster
Increase the speed of growth of your business
You need to ask how you can leverage every aspect of your business because leverage is a growth game. And the more you study the concept of leverage, the better it is for your wealth.
Listen in here for why positioning is an important money rule.
Number 19 of the 20 rules of money is to develop strategic partnerships. This is similar to befriending money makers but it's slightly different because it's intentional. For instance, in our company we have strategic partnerships where a lot of people make money. And the more that people make money, the more they'll continue to do business with you.
Last but not least of the rules of money is big check syndrome. Oh my gosh, I've seen so many people screw this whole thing up.
As I said in point three, one of the most important ways to win the money game is to play the doubles game. So if you haven't already done so, be sure to fill out the form below to get your doubles game worksheet.
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