Money Rules Of Rich Millionaires

Why do some people earn 10 times more money in their lifetime than the rest of us?

In the bestseller The One Minute Millionaire, mark Victor hansen And Robert Allen mentioned that wealthy millionaires are good at 7 money skills, namely
Money Skill #1.Millionaires value each dollarbill as a money seed
Money Skill #2.Millionaires control their money to the penny
Money Skill #3.Millionaires save at least 10% of the money they earn
Money Skill #4.Millionaires have a investment system for investing their money
Money Skill #5.Millionaires have multiple Income Sources outside their job
Money Skill #6.Millionaires protect themselves with legal entities
Money Skill #7.Millionaires donate 10% of their money

On top of that , you may find the following report by Money enlightening on how you spend your money. Wealthy people establish good money spending habits.You may greatly benefit from this article entitled "Money’s 25 Rules To Grow To Rich By"

1. For return on investment, the best home renovation is to upgrade

an old bathroom. Kitchens come in second. [link]

2. It’s worth refinancing your mortgage when you can cut your

interest rate by at least one point. [link]

3. Spend no more than 2 1/2 times your income on a home. For a down

payment, it’s best to come up with at least 20%. [link]

4. Your total housing payments should not exceed 28% of your gross

income. Total debt payments should come in under 36%.[link]

5. Never hire a roofer, driveway paver or chimney sweep who is

going door to door. [link]


6. All else being equal, the best place to invest is a 401(k). Once

you’ve earned the full company match, max out a Roth IRA. Still have

money to invest? Put more in your 401(k) or a traditional IRA. [link]

7. To figure out what percentage of your money should be in stocks,

subtract your age from 120. [link]

8. Invest no more than 10% of your portfolio in your company stock

- or any single company’s stock, for that matter. [link]

9. The most you should pay in annual fees for a mutual fund is 1%

for a large-company stock fund, 1.3% for any other type of stock fund

and 0.6% for a U.S. bond fund. [link]

10. Aim to build a retirement nest egg that is 25 times the annual

investment income you need. [link]

11. If you don’t understand how an investment works, don’t buy it.

[link]


12. If you’re not saving 10% of your salary, you aren’t saving

enough. [link]

13. Keep three months’ worth of living expenses in a bank savings

account or a high-yield money-market fund for emergencies. If you have

kids or rely on one income, make it six months’. [link]

14. Aim to accumulate enough money to pay for a third of your kids’

college costs. You can borrow the rest or use some of your income to

help out when your child is in college. [link]


15. You need enough life insurance to replace at least five years of

your salary – as much as 10 years if you have several young children

or significant debts. [link]

16. When you buy insurance, choose the highest deductible you can

afford. It’s the easiest way to lower your premium. [link]


17. The best credit card is a no-fee rewards card that you pay in

full every month. But if you carry a balance, high-interest rates will

wipe out the benefits. [link]

18. The best way to improve your credit score is to pay bills on

time and to borrow no more than 30% of your available credit. [link]

19. Anyone who calls or e-mails you asking for your Social Security

number or information about your bank or credit card account is a scam

artist. [link]


20. The best way to save money on a car is to buy a late-model used

car and drive it until it’s junk. A car loses 30% of its value in the

first year. [link]

21. Lease a new car or truck only if you plan to replace it within

two or three years. [link]

22. Resist the urge to buy the latest computer or other gadget as

soon as it comes out. Wait three months and the price will be lower.

[link]

23. Buy airline tickets early because the cheapest fares are snapped

up first. Most seats go on sale 11 months in advance. [link]

24. Don’t redeem frequent flier miles unless you can get more than a

dollar’s worth of air fare or other stuff for every 100 miles you

spend. [link]

25. When you shop for electronics, don’t pay for an extended

warranty. One exception: It’s a laptop and the warranty is from the

manufacturer.[link]

Anyone can learn these money skills and develop these 25 money rules. Apply them to your financial freedom you long for! Be rich and happy. You too can be a millionaire. Learn more to achieve your dreams in life !