money rules of 7 that you should know

In this article, we have shared money rules of 7 that you should know and followed by rich people.

To understand this concept, the rules are taken from the book The Millionaire Fastlane by MJ Demarco.

Let us know the money rules of 7 that you should know.

Table of Contents

Rule #1: Focus on making more money than saving money

We already know about this.
Saving money is the first step in the journey of financial freedom.
Many people make a habit of saving money.
And few peoples invest in mutual funds etc.

These people cannot take the most important steps in their life.

ie it is not to focus on saving money but need to focus on how to increase income.
Because most people try to play a safe game and try to be in their comfort zone.

Do you think that you want to drive your dream car at the age of 60?
Or at the age of 25?
If you drive your dream car in the 20s you should focus on saving and investment.
Most important you should try to increase your income to 10X.
That can happen when your product and services or your skills and get you more money than your saving and investment.

Saving is very much needed in our lives, but saving money should be utilized in some work that is more important.

By investing the saving amount in your skills or investing in small business.
It depends on you if you want to take the slow lane ( rich at the age of 60) or fast lane (rich at the age of 20s).

Pic Source: pixels

Rule #2: Don’t chase money attract money

That means you become so valuable that money comes to you not you don’t run for the money.

This can be done with your skills and excellence.
The more valuable you become the more you get money from people.
You get money for solving their problems.
They can pay you whatever amount you say.
If you are capable and can really help them.

You have seen that some successful talented people, for giving speech they charge so much amount.

This is the difference between those people who run behind the money and who work for money.
There are some valuable people who work hard for few years.
They learn new things every day.
They move so ahead of other people.
That money follows them.

There is a saying:
You don’t get what you want, you get what you deserve.

Rule #3: The more you learn the more you earn

On the internet you can read this article for free, but for people to learn they have to read expensive books.

But knowledge can be used when you apply your knowledge.

The more you learn new things, you get to know about the new concepts.
And the more you apply the more you get experience.
The more you read books about money, or read articles or learn from someone.
Then you will get knowledge of the money game and money rules.
The more you apply this knowledge, there is higher the chance of getting rich.

Suppose you have less or more money.

Don’t spend on useless things.
Better spend on learning new skills, getting financial knowledge, etc.

There is a saying:
The best investment you can make is in yourself.
The more you learn the more your earn.

Also read: The law of success 16 lessons

The law of success 16 lessons

Rule #4: Start as soon as you can

This is very wrong and sad that today’s youngster spends much of there time in social media, games, etc.

But they don’t spend their time achieving their goals.

If you want to be successful in your life

Don’t spend useless time as youngsters do nowadays.
You have that time and age that can help you reach your goals and make you financially free.
For reaching your goals you should follow your dream.
You have to work the whole day and night for your goals.
Now you don’t have all those things you want as resources for reaching your goals.
And your family doesn’t have so much money.
There might be that you have some good business ideas in your mind.
If you don’t apply your idea, then the idea is an idea only and nothing else.
You should start as early as possible, your financial journey to reach your goals.
By following these money rules.

Bill gates say
If you are born poor it’s not your mistake, but if your die poor it’s your mistake.

Rule #5: Track your money

This doesn’t matter you are a student, a job working, or a businessman.
The rule you should follow always is to track your money.
You should calculate your budgeting and spending.
The money you have you should make a list of where to spend.
You need to know where is your need and wants.
The things you need and the things you waste your money on.
Because money is wasted on your desires.
So you should make budgeting that you will not spend more than that.
You should have one single money calculation in your booklet or paper or in any software.

Rule #6: Stay poor until you really get rich.

When you start getting money from your job or business.
By nature, it happens many people spend money to buy new things.
They spend on those things they desire too.
Because they think they have earned money by doing hard work.
And they start spending on those things their mind says.
If you think deeply, they don’t earn their hard work money to give to the clothing or phone brands.
There should be a goal when they start earning.
They can make more money for the money they earned and they can get financial freedom.
Your goal should not be that you should look rich, you should be really rich.
Rich people’s secrets are they spend less than they can afford.

You can experience luxury and you can buy anything.
But for this, you have to earn so much that without thinking you can buy the things 10 times.

Rule #7: Always be a boss of money

Nobody wants to be servent or work for someone.
Our society works like this many people make such decisions and habits to survive and being
Few peoples they already earning money they still work as an employee for someone.
They do so to pay their loan, EMI, etc.
To make himself happy or to show off to others they take a loan and pays to the bank.
They become an employee and work for someone for this reasons.
And pays bank in times just to fulfill their needs for some time.
Or to impress someone for 5 minutes.

To get financial freedom, you should avoid taking loans.
and start making habit of not taking loans not even of Rs 5 or Rs 500000.