The 7 laws of money to become rich

This community was started to give people the tools they need to increase their income, wealth and lives.

Everyone needs to be rich.

Not just rich in money but also in love and gratitude.

But I have no doubt that being rich in money allows you to make a bigger impact. We all get to decide what kind of impact we have in the world. Now lets talk about money and building that impact.

In order to build wealth and then maintain and grow that wealth we need to understand the nature of money. By studying the mechanics of money and the experience of other successful individuals we can map out our own path to follow and build wealth.

Money is just a tool.

It does not have emotions. We as humans have emotions. We make choices with money based on our wants and desires. Sometimes we make irrational decisions and let money fly right out of our hands in an attempt to make us feel better. We need to divorce our emotions from money as much as possible.

  1. If you are not earning money, you are losing money.
    What is inflation? If I am being honest, I do not fully know. Despite what people tell you no one can measure the exact impact of inflation, but it is real and everyone feels its effects.

    Inflation is essentially the decreasing purchasing power of your current money. Over time goods and services cost more and your dollar is worth less. So if your money just sits in the bank it is losing value.
  2. No one can predict the future. Make money decisions based on the conditions today rather than what you think they will be in the future.
    You should never try and time the market or predict what the government will do with tax rates. It is always a good idea to prepare for a rainy day, especially if you have kids. Do not try and live in the future. It is good to plan for the future and image where you will be in the coming years, but live today.

    Make decisions today that will take you to where you want to be. Take action. Even if they are tiny baby steps, everything adds up over time. Do not let inaction rob you of future success.
  3. Money is just money, it does not change people. Money enhances characteristics that are already there.
    Contrary to popular belief money is not good or bad. People are good and bad and make decisions based on beliefs. Whoever you are before you have money will just be enhanced as your money grows or declines.
  4. Money attracts people, for better or worse.
    It is no shock that people are attracted to money. Money can do a lot of things. It can buy a lot of things and fix a lot of problems. Be careful to realize if people are attracted, because they like you or they like the money around you.
  5. The market always goes up.
    It is better to be in the market rather than sitting on the sidelines. If you are invested in the market you can be earning dividends.

    The market will go up one day and down another day, but over the decades the market will always go up. And if you consistently reinvest your dividends your money will continually grow larger.
  6. Assets earn money. Liabilities cost money
    One of the best lessons I have ever learned was the difference between an asset and liability. The traditional definition says that an asset has value and a liability is a debt obligation. But I think of an asset as anything that earns money and a liability is anything that costs money.

    Your job needs to accumulate assets like real estate, stocks, inventory, businesses. Try and reduce liabilities as much as possible like cars, houses, bills etc.

    The more assets you collect the faster your wealth will grow.

    When you have assets earning income you have options.
  7. The more money you have the more power you have.
    There are many different kinds of power. The most important kind is personal power over your life.

    The mission of You Need To Be Rich! is to empower people to make the biggest impact possible in their own lives and the lives of others.

    Money gives you the ability to invest in yourself and other. To have a louder voice.

    Money gives you the power to make choices. Where do you want to live? Who do you want to live life with?

These are laws of money. They are a framework for the nature of money. How money operates. How we can grow our wealth.

If we make choices within these laws as the framework our choices will be more successful. The more we understand the nature of money the less emotional we will be about our money decisions.

The most important thing to know is that money is just a tool.

You determine what money will do. That is why your mind is so important. You create what your life looks like. No one else.

Money is important. We all use it and it can do great things. But money is not everything and it does not determine yourself worth. Everyone is on their own money journey. There is no end destination, it is all about the path.

Build your wealth, but also build your life. Make those connections that really matter, because that is what you will remember at the end of the day.

Those connections are what will attract money to you. The more value you can provide your connections the more money you will attract.

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Published by Collin Harness

Obsessed with creating value and helping people achieve financial independence.

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