12 USEFUL MONEY RULES FOR 2024

Money is a challenging topic. We all want more of it, but it can be difficult to know how to save, invest, and spend it wisely. If you’re feeling confused about the realm of personal finance, you’re not alone.In this blog post, I’ll share 12 money rules that have made my life better. These are simple ideas that anyone may put into practice. Regardless of your experience level—from recent college graduate to seasoned professional—these principles can assist you in reaching your financial goals.

Table of Contents

• 1) THE MONEY DOUBLING RULE
• 2) GETTING RICH WITHOUT GETTING LUCKY:
• 3) THE 1 MILLION RULE
• 4) YOU CAN NOT CARN FROM POPULAR MONEY-MAKING IDEAS
• 5) GET SOME HELP
• 6) AVOID CRABS IN LIFE
• 7) STOP RENTING YOUR TIME.
• 8) THE 5% RULE
• 9) STEALTH WEALTH
• 10) FOCUS IS THE NEW IQ:
• 11) KNOWLEDGE IS POWER:
• 12) NARROW DOWN TO ONE THING AND Become GOOD AT IT:

1) THE MONEY DOUBLING RULE

With the right risk, you can double the value of your money. It is also called the Rule of 72. Rate of return 72 ~ # of yrs for your money to double itself. Your target rate of return can be around 17-18% w/ a combination of real estate, equity, and mutual funds.

2) GETTING RICH WITHOUT GETTING LUCKY:

This is a tweet by Naval Ravikanth. He says, one should not confuse b/w money & success, and what they mean to you. You need to define them otherwise you will keep chasing them w/o being true to yourself.

3) THE 1 MILLION RULE

According to this, you can become a millionaire in 3 ways – (i) By working hard in your job (not guaranteed) (ii) by Investing all your money (high chances) (iii) By building something that people need (difficult but high chances) Think of money as a way to help someone & through it earn money for yourself.

4) YOU CAN NOT CARN FROM POPULAR MONEY-MAKING IDEAS

Don’t fall into the trap of schemes. A lot of people would use it & no one would end up earning. Everyone will end up with/ the same return…, don’t follow popular advice.

5) GET SOME HELP

If you are not an expert, get help from experts & invest accordingly. This will help you save time & reduce risk.

6) AVOID CRABS IN LIFE

These people will pull you down & not let you grow in your life. They will not understand you, & make you feel guilty about your growth.

7) STOP RENTING YOUR TIME.

Don’t sell your time, instead convert it into knowledge & further convert it into money.

8) THE 5% RULE

This is based on the Pareto Principle, i.e., 20% of work results in an 80% impact on life. ↑ In the case of money, 5% results in 95% impact. You have to figure out what your 5% is; something into which you indulge yourself willingly & that results in the maximum impact. ما Do this the first thing, ALWAYS. This rule also applies to your investments as well.

9) STEALTH WEALTH

According to this, the rich do not show off their money, it is a normal way of living their life. You should not show off your money. Instead, use it for yourself w/o caring about what people will think of you.

10) FOCUS IS THE NEW IQ:

Everyone is distracted these days, so if you can focus & build habits, and stay disciplined then you’re already among the top 1%. You need to be focused to make money & build good habits in budgeting, and investing.

11) KNOWLEDGE IS POWER:

This is NOT the knowledge to execute but knowing who you are. What are your intentions, what is your relationship with money?

12) NARROW DOWN TO ONE THING AND Become GOOD AT IT:

In your 20s, you need to explore & not settle. In your 30s, double down on it & become good at it. when you are in your 40s, you will have a lot of money ΟΥ, you will love your work so much that you will not do it for money; you enjoy doing it & have control over your time.