7 Rules of Wealth Building
Most parents want to teach their children responsibility – how to become self sufficient and succeed in life (after all, no one plans on raising a dead beat). However, very few actually accomplish this task. Why? Because, as parents, we are limited to the experiences our parents passed on to us; the antiquated notion that “responsibility” is simply getting a job, saving a little money, and maybe purchasing a car or some equally important item.
Hopefully these seven rules will open your eyes and help you teach your children to avoid the traps that have stolen financial success from so many people.
Wealth Building Rule 1: Find a Financially Compatible Spouse
Your biggest obstacle to attaining wealth is often found right at home: It’s yourself and your spouse. Too often, people live their lives in a manner that is not conducive to creating real wealth and then get frustrated at “the system” when they only really have themselves to blame.
One of the most important financial decisions you will ever make is marriage (more specifically the person you marry and the timing of your marriage). True, love is not rational, but you’re going to have an enormously difficult go in life if the person you expect to be there holding your hand is constantly frustrating your dreams, ambitions, and goals. You want someone in the same boat you are, working towards the same agenda. If you are seeking an early retirement, he or she is there helping bring in extra income or clipping coupons to put more money away to compound.
If you want to stay out of debt, he or she isn’t shopping behind your back or secretly charging on a credit card you don’t even know exists.
This isn’t a new lesson. It’s been around since antiquity: A house divided against itself cannot stand. A good marriage can radically accelerate your wealth building prospects (in fact, according to the research of bestselling author and academic Dr. Thomas J. Stanley, self-made millionaires are far more likely than the general population to be, and stay, married to the same spouse for life).
Wealth Building Rule 2: Recognize That Debt Is a Habit That Must Be Broken
With a few notable exceptions, debt is a form of bondage; a disease that enslaves the borrower. A few years ago, there was a high profile story in the news of a young lady attending college who shot herself because she couldn’t pay back $2,300 in credit card debt. Although an extreme example, Read Entire Article Here.