7 Rules of the Wealthy

By | 07/12/2011

Behaviors of the growth mindset

habits of the wealthy - growth mindset

1. 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. Get paid for your results rather than for your time.
2. Pay off high interest debt, and consolidate your loans.
3. Make more money than you spend. Continue saving and investing.
4. Consider borrowing 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 low cost 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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