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9 Money Rules the Rich Don’t Want You to Know
Money management remains an essential skill for achieving financial success and stability. Unfortunately, a significant disparity exists between the rich and the rest. This article aims to reveal hidden money rules that the wealthy use to maintain and grow wealth, helping you apply them to your financial life. The nine rules are: Pay Yourself First Build Multiple Income Streams Use Debt Wisely Minimize Taxes Legally Continuously Invest in Yourself Surround Yourself with Like-Minded Individuals Think Long-Term Maintain a Healthy Balance Between Risk and Reward Don’t Be Afraid to Seek Professional Advice Rule 1: Pay Yourself First A fundamental principle in personal finance, paying yourself first, involves allocating a portion of…
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Financial Planning Rules of Thumb: Better than ‘It Depends’
Some financial advisors can be rather critical when it comes to financial planning rules of thumb, or heuristics that provide general guidance to households about how to invest, save or potentially spend in retirement. The most lamented is probably the 4{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} rule, but there are others such as target-date funds, delaying claiming Social Security, or saving 15{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} of your pay. In each instance, the respective rule of thumb is obviously imperfect. Anyone who has put together more than one financial plan knows that people are different, with varying goals, preferences and situations. I vividly remember when I first started putting together financial plans, the target retirement income goal was different…
