Lessons From The Rules Of Wealth By Richard Templar (2)

This is the second part on some of the lessons from Richard Templar’s book, The Rules of Wealth. You can click here to read the first part.

You have to know where you are before you start. In your quest to become wealthy, you need to first understand where you are in your finances – that is, the level and state of your finances. That will help you to determine what it will take to move on from that point or level.

You need to have a plan. Having a financial plan or as you may wish to call it – a wealth plan – will help you in understanding the steps you need to take to get to the financial level you desire.

Get your finances under control. You need to be able to keep track of your finances – your income, expenses, savings, and investments. If you cannot say exactly where your money is going, it is a sign that you are not in control of your money.

If you don’t trust someone don’t do business with them. There is a common saying that people do business with whom they know, like and trust. It is important that as you go about your businesses you do that with those whom you can trust. If you are having a challenge trusting someone, it may be a sign you should not be doing business with the person, no matter the prospects. Learn to listen to your intuition. Many have been saved from bad deals simply because they didn’t feel right about it.

If you are young, develop your savings habit. Oftentimes, it is easy to think that you don’t need to save but to invest. The truth is that when it comes to becoming wealthy, you cannot become wealthy unless you learn to save. Decide early on to save a percentage of every amount you make, no matter how little.

If you’re a parent, it is important that you begin teaching your children how to save when they are little. That way, you’d be sure that can carry it on into adulthood.

Your financial needs will change at different stages of your life. Your needs at 15 won’t be your needs at 30. Your needs as a single man or woman won’t be the same as a parent.

If you are serious about getting rich then you have to work hard enough. The first secret of the wealthy club –you need to work as you’ve never worked before. Work like there’s no one watching. Work like you don’t have a boss. Work like your life depended on it. The second secret is you have to enjoy all the work.

Working for others won’t necessarily make you rich but it might. In the same vein, running your own business does not necessarily mean you’d end up rich.

Work as if you didn’t need the money. If people think or know that you need the money, it gives them power over you and as such puts you in a vulnerable position. Enjoy your work and do it because you love it.

Spend less than you earn and don’t borrow money unless you really, really have to.

Closing Thoughts

To be wealthy requires taking intentional steps towards getting to it. The level you are currently at may seem far off, you just need to keep at it and soon you will be glad you did not give up.