MODULE 4: Money, Lesson 15
9 Golden Rules of Money
Adnan Ul Haq
9 Golden Rules of Money
Adnan Ul Haq
There are 9 golden rules for earning money. If you learn these you will be on your way to generating wealth, however, if you stay aloof, you will never be able to become wealthy. Read on to know more about these rules and how you can benefit from them.
You Can’t Make More Money Using Your Own Money
You can’t make more money using your own money because your money is limited. Want to know what and where is unlimited money then? People’s money is unlimited money.
It is unlimited money because you can get it on credit or debit whenever you want. We’ve always been told that credit is a bad thing, however, this is just a myth!
Yous should take credit when you have a lucrative investment opportunity that offers a greater rate of return than our credited amount. So, you will be using your debt to make a profit, and then you can further invest this profit to make more money.
You can take credit from your acquaintances or family. You can also apply for an interest-free or low-interest credit at a bank.
Use OPM - Other People Money
Make use of other people’s money. Start using other people’s money because if you aren’t doing it already, then you’re making a huge blunder. You can make limited money by employing your money solely.
Learn to do crowdfunding to generate money. Use other investors, banks, fundings, etc. for investments.
Use OPT - Other People Time
Also, learn to use other people’s money. You only have 24 hours in a day which you have to spend doing all life chores which includes but are not limited to official activities. However, if you hire a considerable workforce your work hours will be doubled.
So, for instance, if you hire 100 people, your time will be multiplied by 100. First, you were able to earn in your hours, now you will be able to earn through everyone’s hours.
Remember that Money is Knowledge
The more right information you have, the more you will earn. You need to have the right information about your investments and opportunities. You should know if there is going to be a major construction near your house, or if there are going to be any major developments.
If you have knowledge about the market trends, it will affect your decision-making. So, you need to have the right information to earn a good amount of money.
Learn to Control Cash Flow
If you learn to control cash flow you can multiply your profits. Controlling the cash flow means regulating your profit and expense. For instance, if you have a property on rent, you should know how to increase the rental income from it and how to limit its expenses. This positive gap will help you multiply your income from an asset.
Prepare Yourself for Bad Times
Losses, failures, and bad times are inevitable. However, you need to prepare yourself for the bad times. How can you prepare yourself? By limiting your expenses and maximizing your income. Moreover, you should always have more than one source to generate money. Never depend on a single source.
Focus on the Timing
You need to spend money to invest in an asset at the right time. Timing is very significant. You need to invest at the right time at the right place.
You should not buy property when the market prices are high, instead, you should sell at that time. Alternatively, you should buy when the market prices are low because in this way you’ll be able to buy at a cheap rate.
Make sure that you spend money when it is necessary. If you spend money at the wrong time, your money will get stuck.
Teamwork is the Best Work
You should work as a team. This will only accelerate your effort because an individual effort will transform into a cumulative effort. Your own time, money, and efforts are limited, while other people’s time, money, and efforts are unlimited. Making use of other people’s time is a skill that you should learn to master.
Learn the Difference Between Fake Money and Real Money
Fake money is Man’s money that is printable currency notes. On the other hand, real money is God’s money which is real assets like gold, silver, and property.
The value of fake money always depreciates while the value of real money always appreciates. You need to learn the difference between the two and find out avenues to convert your fake money into real money.
Remember these 9 rules and practice them in your career. If you do so, generating wealth will no longer be a far goal for you.