The 7 Rules of Money | Manage Money like the Rich

You know what's interesting, my goal with money isn’t to buy things but its to have financial freedom; and you would thing that for someone who wants freedom they would hate rules, but I spend a lot of time looking of rules and method to manage my money better. I learned a long time ago, the people that are in this life are the people that are most disciplined. Because you design your life you just don’t live it by default.

So today I found 7 little rules when It comes to managing money, and I found them on reddit, and it's this group called financial independence with over 1.6M member plus 1 today, because I also joined.

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1. Fools and their money are soon parted

-I always thought that more money would fix my problems

-But I was making money and I found my less with less of it and more responsibility

-Turns out this is actual law, its called Parkinson’s law



You see having more of something you don’t know how to use doesn’t help you

-Most of the time it’s just waste

-It’s why lottery winners tend to lose the money within 5 years

-Seek first information on how to manage money before you seek money itself



Ps. Its why criminals make money and then they have anything left, to make and to keep are two different jobs



2. Understand what money is

-Money is paper, that allows you make transactions to exchange labor often for a service ( free will)

-Its affected by supply and demand



So common sense says this:

-If you want to make more money, offer a service that’s in demand and people willing to pay extra money for

-Then you use that money to buy freedom not things



3. Money cant buy happiness

-A study showed that making over 70k a year doesn’t add more happiness to your life

-More than often, what’s most important is not what you get but what you do to get it

-The bible says in 1 timothy 6:8 ( but if we have food and clothing, we will be content with that )



Obviously you don’t want to be homeless:

-But at the core level, once you have the basics

-What really makes you happy in life according to studies is your relationships in life

-At the core, humans are social creatures is why people spend a ton of money to try to look like they matter



4. Beware of the Diderot effect

-This was a French guy, who was poor for most of his life but then got a chance to make some money and he took it

-And he bought one nice thing which led on a spiral to other nice things

-It’s how people buy a nice car, then they need a nice house, then they need a nice phone

5. Avoid the Lifestyle inflation trap

-You know that meme that you have a young guy that’s chasing money, and then he gets it and then boom the game is over


6. Money is not necessarily the root of all evil

-The love of money Is the root of all evil ( is the actual verse from the bible)

7. Remember the goal is wealth

-Wealth in my definition means having more coming in, than you have going out

-So for example I can live here an amazing life for about $2000 a month which Is 24k a year which for my investment plans I need 25 times more money to make 24k off 4% which equal 600k instead of needing a portfolio size millions


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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.