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What are the rules of money?

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What are the rules of money?

The 7 Simple Rules of Money

  • (1) Start thy purse to fattening: save money.
  • (2) Control thy expenditures: don’t spend more than you need.
  • (3) Make thy gold multiply: invest your savings.
  • (4) Guard thy treasures from loss: avoid risky investments.
  • (5) Make of thy dwelling a profitable investment: your home is an asset.

What are the laws of getting rich?

THE SIX LAWS OF WEALTH

  • THE FIRST LAW OF WEALTH. Keep a part of all you earn.
  • THE SECOND LAW OF WEALTH. Put your savings to work for you.
  • THE THIRD LAW OF WEALTH. Avoid debt.
  • THE FOURTH LAW OF WEALTH. Don’t speculate in get rich quick-schemes.
  • THE FIFTH LAW OF WEALTH. Invest in yourself.
  • THE SIXTH LAW OF WEALTH.
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What’s the money saving rule?

The rule states that you should spend up to 50\% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20\% savings and debt repayment and 30\% to everything else that you might want.

What are the 10 rules of money?

10 Rules of Money Management

  • Understand Needs. You may want the latest techno-gadgets and a yacht.
  • Live on Less. Live below your income.
  • Keep a Cushion. When you’re dead broke, a $500 auto repair is a disaster.
  • Make a Budget.
  • Reduce Expenses.
  • Save and Invest.
  • Avoid Debt Troubles.
  • Pay Off Debt.

Why does money rule our lives?

Money plays a huge role in the society in variety of ways such as in business, at peoples job, and even in education. Money helps people achieve a better quality of education, larger chance of business success, and higher work output.

What are the five uses of money?

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Summary. There are only really 5 things we can do with money. We can use it to live, we can give it, we can repay debt, we can pay taxes, or we can save/grow it. It’s important to know how your money is being allocated among these categories because this will show us our priorities.

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