29 Aug Simple Rules
“Money is plentiful for those who understand
the simple laws which govern its acquisition.”
- George S. Clason; The Richest Man In Babylon
If I’ve said it once, I’ve said it a thousand times; It’s easy to become wealthy in the United States. If you don’t believe me, then just try following these simply rules for a few years and see what happens.
“If you don’t know where you’re going, any road’ll take you there.”
- George Harrison; Any Road, Brainwashed, 2003
Identify & Prioritize Your Goals
If you don’t know what you want, that’s exactly what you’ll get; nothing. Identifying & prioritizing your goals will enable you to build a plan to make your dreams a reality, measure your progress, and manage the steps.
“If you can’t measure it, you can’t improve it.”
- Peter Drucker
Use A Budget & Personal Financial Statement
You cannot manage what you do not know and if you can’t manage it, then you have no hope of getting the result you want. Creating a budget & personal financial statement enables you to manage your income & your wealth and if you can manage it, you can grow it.
“Too many people spend money they haven’t earned,
to buy things they don’t want, to impress people they don’t like.”
- Will Smith
Live Below Your Means
Keeping up with the Jones’ is really a race to see who can get to the poorhouse first. Stop it.
“Debt is an ingenious substitute for the chain and whip of the slave driver.”
- Ambrose Bierce
Get Out of Debt
You’ll never create wealth by paying your hard earned money to someone else. In fact, the only person who’ll become wealthy on a loan is the lender. Use the debt snowball technique to get that monkey off your back.
“The poor & middle class work for money.
The rich make their money work for them.”
- Robert T. Kiyosaki; Rich Dad, Poor Dad
Save & Invest
You worked hard for your money, now make it work hard for you. Systematically save & invest as much as possible, but never less than 10% of your pre-tax income.
“A big part of financial freedom is having your
heart and mind free from worry about the what-ifs of life.”
- Suze Orman
Protect Yourself & Your Family
There is no point in creating wealth if it can be wiped in one fell swoop. Buy good insurance to protect against financial catastrophe.
Sapiat Asset Management is a fee-only, independent registered investment advisor, specializing in goal oriented, financial planning & investment management for Gen X Individuals & Families, their Businesses, & the Trusts that benefit them.