7 Golden Rules to Financial Prosperity

I believe that most individuals don't have enough money for all they want - the more you have, the greater your ambitions get, and you feel like you're running out of money.

Whether you have a lot of money or not, you must manage your finances properly, including your income, expenses, savings, and investments.

Below are seven golden rules for financial prosperity :

1) Always have multiple sources of income and never rely solely on one. 

2) As soon as you start earning, start putting away a set amount to develop an automatic money source. Even if you own property, you may need quick cash. In such cases, you will not sell your property, but you may sell a portion or perhaps the entirety of your portfolio.

You do not need to start your portfolio with thousands of dollars; you can grow it.

You simply need to establish a rule that you will not touch it unless necessary and store it for emergencies. Purchasing a better car or a larger home is not an emergency. 

3) Always take care of your money personally: It is not necessary to do everything yourself as soon as you can afford it, but never give anybody else the authority to handle your money without your knowledge or your permission. If you believe you don't have time to oversee something or that it isn't necessary, you will have to look for it later, for far more unpleasant reasons when you lose money. 

Many of you will 'hate' me for what I'm about to say, and I'll get a lot of condemning messages, but I have to say it: don't even let your spouse do this - love and money are not the correct combination, and I know what I'm talking about. Keep them apart.

Don't just monitor your investments and spending; always strictly collect your money. Never allow others to owe you money again: regardless of how much you have, always demand that every dollar you earn be paid to you. 

4) Make a clear separation between investments and expenses. It is easy to treat anything as an overhead or cost, but avoid doing so. Apply a basic rule: expenditure or expense means throwing money out the window. 

- You cannot expect a return on investment; however, investment is desirable (of course, not every investment is desirable): this should bring you more money, more property capable of making you more money; the only questions you should carefully consider are whether you can/should afford such an investment at the moment, how much you'll get back, how quickly, and whether it is acceptable. 

5) No matter how much money you have, keep your costs to a minimum since they kill everyone. It's pointless to tell you stories about large fortunes lost due to poor financial decisions. I'm sure you know many in your neighborhood.

6) Avoid loans; do not borrow unless you are certain you will be able to repay them. Never make any purchases based on future income or promises.

Just one example: if I receive a notification that a payment is on its way to my account and I require the money today for some reason (although I can't envision any cause like that:-) - never mind), I can borrow. However, if I believe I will sell 1,000 books next week, I must not borrow. 

7) You must consistently earn more than you spend. If you don't earn more than you spend, you should cut back on your expenses. In other words, you must always be wearing green.

If you believe you must change your car every six months, even if you rent one, you may find yourself without a vehicle every quickly 

I do not wish to squander hours of your valuable time with lengthy dissertations about savings and smart advice. Simply follow one idea and remember it every time you want to spend your money (whether it's thousands, millions, or just a few dollars): take care of the pennies and the pounds will take care of themselves.