10 Things makes you Rich

In my experience, lack of
financial literacy has been the
main reason why people have
not made the best use of their
money. Their potential to
become millionaires has,
therefore, unfortunately
remained unrealised. Worse,
they have repeatedly fallen prey
to fraudulent schemes. If you
want financial success, this has
to change. You have to become
more vigilant about your
financial matters.
For your convenience I have
listed below 10 Golden Money
Rules that are the catalyst to
your millionaire-aspirations .
1. Invest in financial lessons before investing in financial assets
You don't drive without learning driving and getting a license. Do you? Similarly, you need to
first learn how to acquire good assets and manage
them appropriately.
2. Have a detailed Financial Roadmap. Without one you could easily get lost in the
financial maze and may not reach your goals. Get yourself a financial GPS.
3. You are unique. Hence, do what suits you. Blindly copying others is not a good idea. Your assets, liabilities, needs, desires, time-frame, risk- appetite are different from your friends, neighbours, colleagues, relatives. So naturally, you investment pattern too has to be different from them.
4. Keep things simple
A simple term plan, a simple mutual fund, a simple medical insurance plan, etc. will work well
in most cases. Don’t be under the false impression that complicated products give better returns.
5. Start early, invest regularly and stayinvested. Time makes money. Even Einstein was impressed
by the power of compounding. Assets are merely the tools, which Time employs to make money for
you.
6. Always pay your credit card bills before the due date. This will not only save you lots of avoidable interest charges, but also prevent splurging. It will ensure that you buy only what you really need.
7. Avoid Leveraging.
A millionaire with debt is a fake millionaire. I am sure you wouldn't want to be one.
8. Avoid exotic products and derivatives.
They have been rightly termed as Weapons of Mass Financial Destruction. Look what happened
even to the mighty USA.
9. Seek guidance from professional financial advisors Right directions will save you a lot in terms of time,
efforts and money.
10. Beware of scams and scheming agents. If anything sounds too good to be true, it usually isn't true. Don't trust anyone. Triple-check every deal offered to you. Internet is a great tool to get right information.
This list should, however, be your starting point, not end-point . Educate yourself. Books, internet,
seminars . . . you have so many avenues to choose from. After all it is your hard-earned money. So
please do take good care of it.
In fact, I would go to the extent of saying that if
you just follow one rule - KEEP THINGS SIMPLE -
you will not go wrong with your financial decisions.
(The financial lessons will be easy, the roadmap
would be simple, you will not need any experts,
you will avoid scams and exotic products, you will
keep away from debt, you will not have any
problems in paying your bills on time, etc.)