The Rich Have Money Rules… Here are 5 Ways to Set Your Money Rules and Escape The System
Ever wondered why the rich keep getting richer?
It’s not because they have advantages that you don’t, it’s because they have their own money rules! Their money rules help them play the wealth game. Having rules allows playing the game to be fun & focussed. Would Monopoly be any fun without the rules? Probably not. The rules are there to help you win!
What on earth are money rules?
Money Rules are a set of guidelines or parameters which you and your family establish to manage your money, change bad habits and make fast, confident money decisions.
Why do I need to have them?
The IAW Team at The Wealth Game believe this is one of the biggest pinnacles to our success with money, is knowing what our rules are. Our money rules have lead us down a path to wealth that we are happy with and we (IAW Team) have not compromised our values. We have been able to grow our investment portfolio successfully and in alignment with who we are as people and what we believe to be right for us.
You do not need to compromise on your values to be wealthy, with your rules you can quickly establish whether or not to proceed with an investment and start the due diligence process or leave it behind and move on to the next.
Money rules are not only for investments but also how you will spend your money. No point in having rules for investing and none on how you are spending and managing your money. Having a wealth account to put money aside to fund investments that meet your standards is one of the top Money Rules for everyone.
This way you get to build your life your way!
Where do I start if I have not made Money Rules Before?
Firstly you must take your financial circumstances into consideration. If you are in debt up to your eyeballs, then you will clearly need to set some rules around spending and debt reduction. You might want to set up a rule you can only spend the money you earn and put the rest on debt reduction. You may need a rule around paying yourself first every week when you get paid and set up a wealth account and save one thousand dollars, the choice is yours.
Can I have rules around exactly where I will invest my money?
Yes, we teach the community who are part of The Wealth Game to make money rules that suit who they are as people. Some people have very firm rules around investing only in things that help the environment. Others like investing in medical cannabis because they believe the potential to help others is huge. They’re your rules and no one else’s. You must feel comfortable where your money goes.
Are my money rules set in stone?
Rules need a level of flexibility. As you grow and change as a person, your rules will need to grow and change with you. It’s like setting a rule for your three-year-old and still enforcing the same rule when the child is 13. It is not going to work. The rules evolve as you evolve.
With all those questions answered its time to go and write your money rules down. If you need help, drop us a line at The Wealth Game we would love to help you out.