The Rules of Money –Book Summary

PART I. Thinking Wealthy

Anybody Can Be Wealthy—You Just Need to Apply Yourself

The lovely thing about money is that it really doesn’t discriminate.  It has no discriminatory apparatus so it can’t judge whether you are “worthy.”

The wealthy are a diverse band of people. They vary from the genteel to the uncouth, the savvy to the plain stupid, the deserving to the undeserving.

Decide on Your Definition of Wealth And Set Your Objectives.

Wealthy people invariably have worked this one out. Know exactly what, to them, wealth means.

There are, of course, no right or wrong answers. Until you’ve worked this one out you shouldn’t read on.

Think about how you intend getting rich and how long it is going to take you, and then set your objective. Your objective has to be realistic, honest, and achievable.

Keep It Under Your Hat

If you go round broadcasting what you’re doing, there will be people around you who will get jealous and will do pretty well anything to discourage you. After all, you are saying goodbye to them in a way.

You are proclaiming that the old lifestyle isn’t good enough anymore.

Most People Are Too Lazy to Be Wealthy

You have to get up early, work hard all day, and go to bed still working on your objective.

Rich people have one thing they all share, which is the ability to do more in a day than most of us do in a month.

Understand That Wealth Is a Consequence, Not a Reward

If you work hard at making money, you stand a better chance of becoming rich.

You have to accept that money is a payment given to you for clever thinking and work. The harder and smarter you work, the more you will earn. It is a direct consequence.

If You See Money as the Solution, You’ll Find It Becomes the Problem

The more you see money as a solution, the greater the chance that you are missing the point entirely. Money doesn’t do anything.

We need to find the cure to our problems first and then find a way of funding that cure. Money isn’t, and never will be, the cure. It is the oil that greases the wheels. It isn’t the engine.

You Can Make Lots of Money, You Can Enjoy Your Job, and You Can Sleep Nights

I won’t compromise my principles, spend too little time with my family or children. I won’t worry about work or money once I’ve gone to bed, be driven so much by money that I lose my sense of humor or need to have fun.

If you are starting to lose sleep or have stopped enjoying it, then you need to have a talk with yourself.

Money and Happiness—Understand Their Relationship

There are lots of things that will make us miserable, only quite a few related to money and gaining or spending.

Remember:

• Too little/ too much money can make you miserable.
• Too much stuff can make you miserable.
• Not having enough can make you miserable.

Money is a placebo, not a cure. Money doesn’t buy happiness. All this said, what money can do is buy away a lot of unhappiness.

Don’t Envy What Others Have

We all set our own limits and know what we are prepared to do or not do. So what is the point of envying what anyone else has?

They got up earlier than us and did the work.  Envying them is pointless; learning from them is invaluable.

It’s Harder to Manage Yourself Than It Is To Manage Your Money

What I have noticed is that the wealthy—when they are starting, they have enormous drive and are prepared to make enormous sacrifices. They manage themselves and forego instant rewards for bigger payback in the longer term. Self-control and delayed gratification are useful arts to learn.