Sat Oct 19 2024, by Tyler Gardner

The 10 Commandments of the Rich: Your Guide to Building Wealth

Here are the 10 commandments of the rich that are going to make you rich. I'm Tyler, a former financial advisor and portfolio manager, and now I create financial content for free to help you succeed.

1. Save Early and Often

Save as early and as much as possible.

2. Avoid FOMO Investments

Do not invest in something just because others are doing it. If you heard about it on social media, it’s too late and you’re throwing your money away.

3. Be Wary of High Dividends

Don't ever invest in something just because it has a ridiculously high dividend. Remember: 20% of zero is zero.

4. Your Home is Not a Bank

Your home is not a bank. Don't use it as one.

5. Understand Crypto and Commodities

Remember that crypto and commodities are not investments; they are stores of value and are ridiculously volatile and speculative.

6. Question Financial Advisors

Remember that brokers and mutual fund managers are salespeople whose job it is to make money from you, not for you.

7. Invest What You Understand

If you don’t understand it, do not invest a penny in it.

8. Caution with Bonds

Do not invest in bonds just because you’ve heard they’re safer than stocks. Ever been in a bond fund when interest rates are going up? Yeah.

9. Have a Written Plan

If you don’t have a written down plan for investing, don’t invest. And no, “become rich” is not a plan.

10. Control Your Emotions

Pretend you’d be a far better investor if you never acted on any of your emotions.

If any of this is helpful, please like and follow, and I'll continue sharing insights to help you get one step closer to where you need to be.

Source