What are the rules to get rich?

9 rules to follow 1- Live below your means. Live on less than you earn. ... 2- Stop trying to impress others. ... 3- Draw up a budget. ... Find out more. ... 4 – Put money into savings on a regular basis. ... Find out more. ... 5- Avoid getting into debt. ... 6 – Manage your assets well. More items...

caissealliance.com - Golden rules to become rich | Caisse Alliance

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People who become rich usually build their fortune over a long period of time and live below their means.

Profile of rich people

They don’t necessarily earn a huge income.

They spend less than they earn.

They save their money and make their savings grow.

They manage their finances carefully.

They seize investment or business opportunities when they arise.

They don’t necessarily drive luxury cars.

They may live in modest homes.

9 rules to follow

1- Live below your means

Live on less than you earn. Test yourself by cutting your spending as much as you can over several months. You’ll learn exactly how much you really need to be comfortable.

2- Stop trying to impress others

Have the conviction that being financially independent is more important than looking like you’re wealthy.

3- Draw up a budget

Stick to it, every week.

Find out more

See Draw up a monthly budget.

4 – Put money into savings on a regular basis

Put the amount you want to save into your budget. To do this, subtract from your net income a set amount that you’ll deposit each week or month into an investment account so it can grow. In addition, try to set 5% to 10% of your net income aside into your emergency fund. The sooner you start saving, the more it will pay off.

Find out more

See How to save.

5- Avoid getting into debt

You won’t pay interest needlessly and you’ll stay in control of your finances.

6 – Manage your assets well

Consult a financial planner to make sure your savings are invested in the right place.

Find out more

See Invest according to your needs.

7 – Protect your income stream and property

Protect your income stream with disability, health and life insurance.

Protect your property and belongings with home and auto insurance.

Take time to take care of your health, because it’s your most valuable asset. By staying healthy, you maintain your ability to work. Take good care of your belongings so they last as long as possible. Use what you already have. Don’t shop just for the pleasure of it.

Avoid spending on services you could be doing yourself.

9 – Change your spending habits

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