🔥 10 Iron Rules Wealth Subjects from Old Millionaires Teach Rich

Book Summary Old Millionaire Tips Teach You How to Get Rich

1. Iron Rule 1: "Always pay yourself first."

Don't wait to save money from the rest, use it, but deduct 10-20% of your income to "investment savings" as soon as the salary is out. This is the only starting point to turn ordinary people into millionaires.

2. Wealth equation: A = I - N

Riches doesn't measure how much money they make, but how much they keep. If we let our personal expenses grow with increased income, we'll never get out of the rat racetrack.

3. Magic of "compound interest"

Time is the investor's best friend. Starting an investment with a small sum of money, but continuously and with interest time to continue to compound, will produce bigger results than waiting for a large sum of money and then starting to invest in old.

4. The art of using "leverage beam power" (Leverage)

Rich people know how to use "good debts" to benefit, such as borrowing money to buy property to rent, and letting tenants pay for that debt instead of us. This is to make assets work to pay for themselves.

5. "Inflation" is the most dangerous silent money robber.

Depositing cash in low-interest banks is not security, but "a guarantee of loss," because inflation will gradually devour our buying power, so investment is not an option, but a "survival."

6. Separate between "invest" and "speculate."

Don't jump on the emotional roller coaster with the rise and fall of the daily stock price. A real investment is to choose a good business (such as a blue-chip stock or an index fund) and let it grow and return dividends to us in the long run.

7. The greatest enemy in investment is "our own mind."

Patience and discipline are more important than intelligence; many fail because of greed for getting rich quickly, fear of market fluctuations, or dropout near their goal.

8. Law of Denial: "Let not his problems be our problems."

When you start to have money, you have to be strong! We can help you introduce money to acquaintances, but do not take our money or credit to guarantee or leak money to people who are not financially disciplined, because it will ultimately break both our relationship and our wallet.

9. Build riches according to the "investment pyramid."

Do not throw all your money (do not put eggs in one basket) on high risk items. First build a pyramid base (reserves, insurance, debt securities), then move to the middle (basic stocks, real estate) and then place a small portion of your money on the top of the pyramid (high risk speculation).

10. Money is "tool," not "boss."

Wealth opportunities are always camouflaged in "trouble and hard work," and the ultimate goal of making money is not to have a lot of numbers in the account to adorn the prestige, but to buy "freedom" for yourself to choose the way you want.

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Book The Old Millionaire Trick Teaches You How to Get Rich

Writing: Welles J.Wilder

Translation: Ganya Nath, Gretchul

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