Jul 122011
 

1. Make more money than you spend. Continue saving and investing.
2. Make sure your career is interesting and fun to you relative to other jobs. Passion leads to skill which leads to good pay regardless of what industry you choose.
3. Pay off high interest debt, and consolidating your debt.
4. Borrow money to make money. Take advantage of low interest rates. It’s hard to find anyone who has invested in real estate or the stock market indexes for decades and have lost money consistently.
5. Keep your investment fees low to maximize returns. For example consider buying ETFs instead of mutual funds, especially if you live in Canada.
6. Don’t get divorced.
7. Don’t spoil your kids. Support them emotionally, but let them learn the meaning of gratification through hard work by themselves. They will thank you one day when they become independent, and will not feel entitled to ask you for money when you retire.

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