The 10 Golden Rules Of Millionaire Making

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For decades, I’ve been providing professional financial advice.In addition, I am a multi-millionaire.

During my time in the trenches, I’ve heard and acted on every possible piece of financial advice, and I’ve even offered some of my own.

The following are the best of the best – a few simple sentences that will unquestionably make you richer.

Never spend more money than you earn.

Broke senior holding an empty wallet

Shutterstock / Ollyy

I started cutting grass when I was ten years old to supplement my meager allowance.Mom stuffed me in the car minutes after I earned my first buck for a trip to the bank to open my first passbook savings account.

Priority one, fifty years later, is still to set aside a portion of every paycheck and send out less than I bring in.

Of course, life being what it is, things haven’t always gone as planned.However, in general, getting richer each month is as easy as spending less than you earn, and getting poorer is as easy as spending more than you earn.

Avoid debt at all costs.


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The majority of people treat debt as if it were a natural part of life.They categorize it as either good debt or bad debt.They go on and on about it as if it were a mathematical puzzle.

Debt isn’t difficult.You become poorer by paying money to temporarily use other people’s money.You become wealthier by charging money to temporarily allow others to use yours.

You only pay interest in two situations because it makes you poorer.

  • When you have no choice but to do so in order to survive
  • When you’ll make more money on the thing you’re financing than you’ll have to pay to finance it.

If borrowing isn’t going to make you richer in the long run, don’t do it.

When everyone is panicking, buy, and when everyone thinks they can’t lose, sell.

Worried man

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When the economy is booming, rich people ring the register, but that is not when they made their money.

When unemployment is high, the stock market is tanking, and there’s nothing but fear and misery on the horizon, you get richer by investing when no one else will.

The cyclical nature of our economy almost guarantees that bad times will occur on a regular basis, and human nature almost guarantees that when they do, most people will freeze like a deer in headlights.Downturns, on the other hand, are the time you’ve been saving for.

If you believe the world is about to end, stock up on canned goods and a shotgun.Step up if you haven’t already.Be fearful when others are greedy, and greedy when others are fearful, as billionaire investor Warren Buffett famously advised.

You can either appear to be wealthy or actually be wealthy.


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When I worked on Wall Street as an investment adviser, I quickly learned that people with a lot of money don’t always appear to have it.They are not required to do so.

So who are the big shots in the fancy suits and Porsches? Frequently, it’s the people who make a living selling things to the wealthy.

I can’t recall the last time I dressed up.I’ve never owned a new car, and my house is only worth about a third of what I could afford.

Diverting your investable funds into items such as cars, vacations, and houses you can’t afford will make you appear wealthy now but prevent you from becoming wealthy later.

Live as if you’re going to die tomorrow, but invest as if you’re going to live forever.

People on the beach

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Every day, you should try to squeeze as much as possible out of life.After all, you might as well die tomorrow.But here’s the thing: you’re not going to like it.Set aside some money so you can continue to enjoy everything life has to offer for as long as possible.

There are only six methods for becoming wealthy.

Woman with Money

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The only ways to become wealthy

  1. Money should be married.
  2. Obtain a financial inheritance
  3. Make the most of a one-of-a-kind skill.
  4. Get extremely fortunate.
  5. Owning or leading a successful business is a dream come true for many people.
  6. Spend less than you earn and put your money into long-term investments.

Even if you’re aiming for one of the first five, practice the last one and you’ll be well on your way to becoming wealthy.

Taking no risk is the riskiest thing you can do.

Man with Apple

Shutterstock / Minerva Studio

If you want to reap the benefits of anything, whether it’s money, love, or life in general, you must take risks.

When it comes to money, taking risks entails investing in assets that may lose value over time, such as stocks, real estate, or your own company.Sure, you can get by in life without taking risks, but as my father used to say, you’ll never get a hit from the dugout.

Higher returns are usually associated with riskier investments.And that additional return can make a significant difference in the size of your retirement fund.If you invest $200 per month for 30 years and earn 12% annually, you’ll have hundreds of thousands of dollars more in retirement savings than if you invest $200 per month for 30 years and earn 2% annually.

The difference between getting rich and getting by is taking a calculated amount of risk.

Making risky bets, on the other hand, is simply gambling.Take calculated risks.Reduce risk by learning as much as you can before investing, rather than putting all your eggs in one basket, and by learning from your mistakes.Better yet, learn from the mistakes of others.

Never put your well-being in the hands of someone else.

Man Sleezy Salesman

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You have little choice but to entrust your fate to a professional if you require surgery.When it comes to your money, however, you should never give up complete control to anyone.

It’s always a good idea to seek advice.But, no matter who that adviser is or how smart they are, you value your money more than they do.So, if you can’t do everything yourself, at least be aware of what’s going on.

Almost anyone can learn to manage their money.Keep your money in the bank if you can’t be bothered to take responsibility for it.At the very least, you won’t end up broke and blaming someone else for your misfortunes.

When it comes to data, less is often more.

Man relaxing in a hammock

Shutterstock Mila Supinskaya Glashchenko

I invested about $2,000 in Apple stock about 15 years ago.I sold half of it a few years ago, and then a little more a few years later.However, my remaining shares are worth hundreds of thousands of dollars as I write this.

I would have sold it all long ago and be kicking myself today if I had been watching financial news every day and reacting to pundits and market gyrations.

If you want to be wealthy, invest in high-quality stocks and hold them for a long time.If you really want to kick yourself, invest in high-quality stocks and then sell them at any time based on something you saw or read.

Money isn’t time; time is money.

Time is Money

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Whoever said that time is money was mistaken.You only have one nonrenewable resource: time.It’s up once your time is up.

Money is the means by which you can accomplish this.

If you spend $200 on clothes at the mall, that’s $200 you could have put towards something else.In 30 years, if you had earned 12% compounded annually on that $200, you would have amassed around 6000 dollars.If you ignore inflation and assume you’ll be able to live comfortably on $3000 per month in retirement, skipping those clothes today means you’ll be able to retire two months sooner.

Of course, you’ll need to dress.However, you may not require 200 worth, or you may have been able to obtain them for a lower price.

It’s either today’s stuff or tomorrow’s time.Those who choose the former are more likely to remain poor.Those who opt for the latter are more likely to become wealthy.Which option will you select?

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