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Before we go further in this post, please could you pause a little bit and ask yourself these two questions. How much money have passed through your hands in the last couple of days, weeks , months and years? And if you put them all together how much is left in your bank account? For some people they have touched hundreds and thousands of dollars but for others millions and billions of dollars have passed through their hands in the last few days and weeks. If you are not happy with your current balance, it simply means you don't know how to play the money game. In this post today, I want to share with you 20 Rules of Money the Rich Don't Want the Poor to Know. Now let's get started.
1. Money is a Game.
The rich didn't become rich because they are fortunate or lucky enough, they became rich because they took time to learn the money game. The good news is, anyone can learn how to play the money game. It is called financial Intelligence. Unfortunately this is not taught within the four walls of the classroom. You have to pursue this knowledge by yourself through reading personal finance books, getting personal finance mentors and coaches as well as buying courses and attending seminars that will equip you with the knowledge of how to play the money game.
2. Money likes those who like her
Money likes those who like her and hates those who hate her. If you hate money, you will never get money. If you keep talking negative about money and rich people, you are likely not going to attract money.
3. Money is a Doubling Game.
The entire secret about going from broke to riches is knowing how to double your money. You need to know what to do to double the $10 that comes to you daily into $20. That's what the rich do to get richer. Can you take $500 and double it into $1000? How often do you double your money? Do you spend every money that enters your hands or do you double it? The problem with so many people is that whenever they get small money, they spend it all and expect to invest when they get bigger money. But the truth is, if you can't double $10 into $20, you will never be able to double $1000 000 when you get it. You need to know your Risk Tolerance and Time horizon. As long as you know your Risk Tolerance and Time horizon, you can play the money doubling game.
4. Money is Attracted to Seducers and not Spenders
Money production is about seduction. You can't make money if you allow money to seduce you. People who make alot of money are those who can seduce money. If you are so desperate for money, money will be afraid of you and shrink back. Money goes on a date with Investors who know what to do with money.
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5. Know the Time and Seasons to run your Business
Know the time to buy, know the time to hold your money, know the time to Invest. The business of making money, saving money, managing money and growing money is about Timing.
6. Money doesn't like to be Bored.
When you keep money unnecessarily idle, it will become bored and leave you to another person who knows what to do with money. You've got to make sure that money is always moving for you. Money doesn't like to sit idle in your pocket or bank account. Money likes to move around, it likes to be busy, it likes to work for you.
7. Have a Spare Account.
Almost every product you buy has a spare part. Your car has spare parts. In the same way, you need to have a Spare Account that no one knows except you Incase there's crises tomorrow. When you are going through difficult times financially in your business, what will save you is your Spare Account. This Spare Account is not your emergency fund. Another name for it is Secret Account.
8. Don't fly First Class Until you have $10,000 000 in your bank account
Some people out of pride and showbiz spend almost their entire income in a month just to fly whereas they can spend less and still get to where they want to go by flight. It's not a must that you must build your own luxury house because your friend is building his. You are not in competition with anyone. You can use the same money to get new wonderful Employees into your business. You can invest it into marketing and publicity to increase your customer base. It's not even the one time payment, but when you aggregate it in a month you will know it's a big sum of money.
9. Compensation Plan
No matter where you are in the world, if you are a business owner, you are going to pay taxes. So you need to duty how you get taxed. You need to know if the tax structure in your country benefits business owners. If the tax structure in your business host country doesn't benefit business owners, then you can adjust and move your business to somewhere else where the tax structure benefits business owners. If you create Jobs as a business owner, the tax structure should give you tax benefit. That is an incentive to encourage you to become an Entrepreneur to create Jobs for millions of people who need jobs.
10. Never have End of the World Mentality
It doesn't matter the Business Niche you want to use, be it CNN, Fox, Dave, MSNBC etc, all these businesses are paid to sell Crises, because if it happens you've got to be ready for it. What happens is that people get afraid because they think it's the end of the world. Sometimes when the market Crises takes place, people start pulling their money away. If you want to become rich, you need to know how to manage those hard times when 99% people around the world think the end has come. Do you know the people who win during the time that others think it's the end of the world? It's people who have cash. You need to have cash set aside buy stuff during the time others think it's the end of the world. Because that's when the rich get richer. Any time crises takes place, some people get wealthy. Crises time is an opportunity to create wealth. You have to be ready for it.
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11. Study the Politics of your Country
You need to know what policies your President and Politicians are making whether it will be favourable to your business or not. If their policy is to reduce taxes, you need to adjust accordingly.
12. Study Smart Investors but don't be too Religious about them.
Read the books about great and successful Investors. Because you are going to find out how their mindset works and decode their secrets.
13. Play Your Money game, don't Compare
You don't get rich by comparing yourself to your friends and relatives who are far ahead of you in business. When you do that, you are bound to make careless mistakes that will make you to lose more money instead of doubling your money. Mind your own phone, play your game and don't compare yourself to anyone.
14. Be concerned about beating Your Goals than beating the index
Some people don't grow in their business and finances to the highest maximum because they are only concerned about beating the index. Don't worry about beating the index. Worry about beating Your Goals. Be committed to beating Your deadline. What do you want to achieve? You can't control the market if all you do is to sit down and worry about the index going high and low. You control the market by beating Your Goals and deadline.
15. Make Friends with Money Makers that you Trust.
If you are around people who know how to make money, invariably you are going to make money. If all your friends are money wasters, soon you will start acting like them. Make friends with rich people if you want to become rich. Go around people who are successful in business, if you want to become a success in Business one day. Friendship is not by force, it's by choice. Know the kind of people you are going into business with. Find out what people say about them. Watch how they think, talk and act. Study their behavior. If anyone has more money than you, there must be something he knows which you don't know. Humble yourself and learn.
16. Create Multiple Streams of Income
Diversification is the secret for money multiplication. There is no rich person in the world today who has only one source of income. Every rich man I know has multiple streams of income. You need to have 3-4 income sources that bring money to you. Don't put all your eggs in one basket if you want to become rich.
17. The game of Money is about Leverage
Everything about making money and becoming rich is about using leverage. How can you grow your business? How can you leverage to have more Partners? How can you leverage to sell more and make more profit? How can you leverage to expand your business, increase the speed of growth of your business and reach your customers faster? How can you leverage to increase the value and worth of your business? Everything is about Leverage.
18. Smart Positioning
You can create your wealth by smart Positioning yourself in certain places of advantage. You can't expect to create wealth when your business is wrongly positioned in a place that only brings disadvantage to you and your business.
19. Strategic Team-Work
There's nothing like a Self-made Billionaire. Every rich person in the world today created their wealth in Partnership with the efforts and contributions of other Team members. Don't be a lone- player in the game of Money. Create strategic Partners and Team members that will help you double your money. Create an environment that will allow people to make money in your business. The more people make money from you, the more you are going to make money from them. It is a Win-win business. Strategic partnership will increase the value of people making money with you when they go into business with you.
20. Avoid the Big Boy Syndrome
One of the reasons many people get rich today and go broke tomorrow is because of the big boy syndrome. When you get money and feel like throwing it around to impress people that you are rich, you are suffering from the big boy syndrome. When you get a financial breakthrough and choose to stay in your house enjoying and relaxing instead of going out to make more money, you are suffering from the big boy syndrome. You need to realize that irrespective of any amount of money you have today, if you keep spending without putting back, the money will finish sooner than you expected. If you remove $1 from one million Dollars, it's no longer one million but Nine hundred and ninety nine thousand dollars. It's not enough to know about the 20 Rules of Money, try to avoid the Big boy syndrome if you want to become a Billionaire Entrepreneur.
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