100 Golden Rules of Money: The Ultimate Guide to Building Wealth and Financial Freedom (2024)

FAQs

What are the 100 money rules? ›

The Rule of 100

Simply states that if you take your age and subtract it from 100, the difference is your ideal % of risk that you should have in your portfolio. For example, if you are 70 years old, you would subtract 70 from 100. Ideally you should have no more than 30% of your money at risk.

Dexter B. Jenkins details why faith, boldness and diligence are the Secret Sauce to Wealth Building. Listeners will begin to understand why wealth comes to those who understand and implement these 3 intangible forces in their money and business lives.

Golden Rule #1: Don't spend more than you earn

If you always spend less than you earn, your finances will always be in good shape.

Though it is boring, only by spending less and saving will help you through your wealth management process. To create wealth, you need to have surplus funds to invest. Simply exhausting your income and not saving is not going to make you rich.

It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.

Warren Buffett once said, “The first rule of an investment is don't lose [money]. And the second rule of an investment is don't forget the first rule. And that's all the rules there are.”

While get-rich-quick schemes sometimes may be enticing, the tried-and-true way to build wealth is through regular saving and investing—and patiently allowing that money to grow over time. It's fine to start small. The important thing is to start and to start early. Earn money and then save and invest it smartly.

Invest in yourself first

One of the biggest secrets of the rich is that they invest in themselves first. They understand that their success depends on their effort and ability, so they always look for ways to improve their skills and knowledge. As business owners, you should be doing the same thing.

What is the rule #1 of money? ›

Buffett is seen by some as the best stock-picker in history and his investment philosophies have influenced countless other investors. One of his most famous sayings is "Rule No. 1: Never lose money.

Rule one is “never lose money” and rule two is “never forget rule one”. At first glance, that might sound trite.

Profile of rich people

They spend less than they earn. They save their money and make their savings grow. They manage their finances carefully.

In the United States, there is no federal law that requires a private business, person, or organization to accept currency or coins as payment for goods or services.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

After you put the proper amount of money in the envelope, seal it up and place it somewhere safe. 4. Take stock of your savings At the end of 100 days, you'll have 100 envelopes containing $5,050.