10 LESSONS FROM I WILL TEACH YOU TO BE RICH
1. The single most important factor to getting rich is getting started, not being the smartest person in the room.
2. With too much information, we do nothing.
3. In the end, managing your finances well is a lot like developing a strong personal productivity system: You keep track of everything without making it your full-time job; you set goals; you break them down into small bite-size tasks; you save yourself time by automating manual work; and you spend your time and brainpower focusing on the big picture. That’s what I try to do with my time and money.
4. Important question: Why do you want to be rich? What do you want to do with your wealth?
5. But ultimately, expertise is about results. You can have the fanciest degrees from the fanciest schools, but if you can’t perform what you were hired to do, your expertise is meaningless.
6. Fear is no excuse to do nothing with your money. When others are scared, there are bargains to be found
7. CONSCIOUS SPENDING
My friend Jim once called to tell me that he’d gotten a raise at work. On the same day, he moved into a smaller apartment. Why? Because he doesn’t care very much about where he lives, but he loves spending money on camping and biking. That’s called conscious spending.
8. On average, millionaires invest 20 percent of their household income each year.
9. The easiest way to manage your money is to take it one step at a time—and not worry about being perfect.
10. Every December, I sit down with my wife and we get intentional about the next year. Where do we want to travel? Who do we want to invite with us? What can we imagine doing in the next year that we’ll remember for the next fifty years? This planning process—where we get to intentionally design our Rich Lives—is one of the most fun things we do together as a couple.
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