Free Article: Financial
You are here:
Directory | Finance |
6 Rules To Building Wealth And Satisfaction In Life
By Myles Johnstone
There are a host of rules in life that can and should be followed. These rules may seem obvious to you, on some level. However, taken together in the context of a plan of action, you will see how taking them seriously can help you build a life of financial success and personal satisfaction:
1. Think of America as the Land of Choices. Understand the good fortune you start with by the accident of your birth in this country. Think optimistically about the opportunities you have and of how opportunities amount to unexploited wealth. Pessimism can breed its own conclusions.
2. Take the Power of Compound Interest Seriously, and then save. Don't expect to make it in this country by brawn, or even brains, alone. The power of "compound interest" is an essential ingredient in building a substantial fortune by saving early and consistently.
3. Get a Good Education. Be prepared to study hard and long, mainly because to really make it in the next century, your good fortune will depend on what you know and can contribute to the welfare of others.
4. Take Care of Yourself. Don't forget to take care of your health. People who don't take care of themselves, who abuse their bodies and minds, reduce their opportunities to build wealth and to have a satisfying life.
5. Take Prudent Risks. Taking risks is a part of life, which means risks cannot be avoided altogether. There are some risks, for example, where the market will head in the short term, and that we can't do anything about. Then there are risks that we can minimize, for example, through the types and breadth of our investments. As a dominant investment strategy, we suggest that for most people the best investment strategy is to "buy the market" by investing in mutual funds that buy a broad range of stocks. Beating the market is tough for the best of investment strategists. Most importantly, don't procrastinate long for fears that the market will fall. The time to start investing is now, and then invest regularly.
6. Strive for Balance. Recognize the importance of old-fashioned virtues like honesty, commitment, and integrity for what they are, as personal constraints that, paradoxically, expand our range of opportunities for building a fortune and satisfying life if we stick with them. Most importantly, strike a reasonable balance in the perspective you take toward the rules you adopt.
Author Details:
Myles Johnstone writes exclusively for finance related sites such as Refinancing Finance Info.com, Vehicle Finance Info.com and finance Solutions info.com
Source: Financial Articles
NOTE: This article may be reproduced ONLY if this note, the author details, source and ALL links remain in place and active.
Articles About Finance:
3 Drawbacks Of Having A Company Monitor Your Credit
4 Reasons Why Real Estate Is A Good Investment
5 Questions To Ask A Financial Planner
5 Simple Ways To Save More Money
6 Rules To Building Wealth And Satisfaction In Life
A Couple's Guide To Following A Budget
Amazing Opportunities Now And In The Future
Are You Financially Insane
Do You Sacrifice Integrity For Short Term Financial Gains
Does The Lack Of FDIC Insurance Make Money Market Funds A Bad Choice
Effective Ways To Reduce Your Federal Income Taxes - Part 1
Effective Ways To Reduce Your Federal Income Taxes - Part 2
Financial Success Through Personal Hard Work
Getting the Pay You Deserve
How To Become A Smart Borrower - Part 1
How To Become A Smart Borrower - Part 2
How To Invest Wisely
Into Mutual Funds - Be Sure To Diversify
Investing In Your Own Business
Minimizing Taxes On Funds
Planning For Retirement
Preparing For Your Children's College Education
Resisting Temptation To Spend Your Money
Simple Ways To Increase Your Savings - Part 1
Simple Ways To Increase Your Savings - Part 2
The Importance of Saving
Two Keys To A More Successful Career
What Is A Mutual Fund
Which Is Financially Easier - Renting Or Buying
Your 1st Step To Financial Freedom - Putting All Of Your Debts In Writing
A few more small articles about finance matters:
3 Rules That Debt Collection Agencys Must Follow
Credit Monitoring Services
Everybody Can Find Money To Invest
Marshmallows, Resisting Temptation, and a Satisfying Life
Need More Money - Then What Are You Doing About It
The Truth About Medicare - Will It Cover You When You Need It
What Are Dividend Reinvestment Plans
What are savings and money market accounts
What Do You Want From Your Money
What Is Estate Tax
What Is My Bank Account Really For
What To Do If You're Already A Victim Of Financial Fraud
See also: Credit Repair