Wealth Systems

Wealth Systems

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Wealth Systems
B∆NK Exclusive: The Rules of Wealth
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B∆NK Exclusive: The Rules of Wealth

Matt McDonagh's avatar
Matt McDonagh
Apr 06, 2024
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Wealth Systems
Wealth Systems
B∆NK Exclusive: The Rules of Wealth
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Our world is increasingly driven by money.

Lack of cash flow, or assets to borrow against, is the greatest risk we face.

It's no secret that many of us dream of financial freedom—living life on our terms, free from the worries of bills and debts.

But how do we make this dream a reality? The answer lies in understanding the fundamental rules of wealth and applying them consistently.

Let's break down the Five Rules of Wealth that can guide you toward a life of abundance:

Rule Number #1: Pay Yourself First

The Golden Rule of Personal Finance

This rule is at the heart of wealth creation.

Before paying bills, before discretionary spending, set aside a predetermined percentage of your income for the most important investor of all—yourself! Saving consistently, even small amounts, sets the foundation for your financial growth.

  1. Set a Realistic Savings Goal. Start with a percentage that feels achievable (even 5%!). As you get comfortable, gradually increase it.

  2. Automate Your Savings. Schedule automatic transfers to take the guesswork and temptation out of the equation.

  3. Celebrate Milestones. Small victories reinforce your progress. Treat yourself (within reason!) as your savings grow.

  4. Track Your Net Worth. Seeing your net worth grow is a powerful motivator to keep saving.

  5. Consider a High-Yield Savings Account. Make your money work even while it sits with optimal interest rates.

Rule Number #2: Create Multiple Income Engines

Don't Put All Your Eggs in One Basket

Relying on a single income source leaves you vulnerable. True financial security comes from diversifying income streams. This could involve side hustles, investment income, or building your own business. These additional streams offer protection and accelerate wealth.

  1. Take Inventory of Your Skills. What are you good at that others might pay for? Freelance platforms are excellent for initial exploration.

  2. Turn Passion into Side Hustle. Can your hobbies translate into income sources? (Teaching, coaching, creating products).

  3. Invest in Dividend-Paying Stocks. Enjoy regular income as your investment grows.

  4. Rent Out a Space. Utilize unused space in your home or investigate owning rental property.

  5. Explore the Gig Economy. Delivery apps, rideshare services, and online surveys can generate income in your spare time as you develop other skills or assets.

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