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Published byBrianne McLaughlin Modified over 9 years ago
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9 Rules for Success
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Place 1,000 dollars in immediately Build the fund to cover 6 months expenses Don’t touch this money
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Your net worth is everything you own minus everything you owe.
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Therefore, you must invest your net worth to beat the inflation rate.
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Offense: A good salary and wise investment. Defense: Limit debt to things that go up in value (education, house)
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We must start NOW! The Rule of 72 demonstrates that time is the key to vast net worth accumulation.
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Get in the habit NOW, of putting 10% of your take home pay into an investment. Direct deposit puts the cash in the investment before your hot little hands can spend it.
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If a portion of your investments are going to a specific objective not far in the future, take little risk. The majority of your investment should be LONG TERM
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Risk tolerance dictates what types of investments suit you.
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Loan it: Bonds Own it: Stocks
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You can buy bonds from corporations or the government. These are generally safe investments with a stated rate of return.
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Stocks represent part ownership. You can purchase individual shares, or you can invest in mutual funds. You can gain a lot, or lose a lot.
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Young people are in an excellent position to take more risk. Their time horizon is vast. They can recover in downturns, and accumulate copious amounts of net worth.
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