10 Money Principles All Millionaires Follow

Adam Del Duca
10 min readDec 8, 2021
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Here’s what you need to know, millionaires live by different money principles than the majority of people and by leveraging these principles they are able to amass more wealth than you could ever imagine. You see, they possess information that most people don’t and this financial education is what allows them to have a leg up over the competition when it comes to being financially well off. In this article, I will share with you the 10 Money Principles All Millionaires follow!

In order to fully grasp the importance of these money principles, we will follow our friend Steve as he progresses through his financial life, considering how he will use these money principles one by one.

Money Principle #1: The First-Year Rule

Steve’s financial journey starts in college. One of Steve’s main goals in college is to avoid graduating with an insurmountable amount of debt and in his readings comes across the concept of the first-year salary rule. This rule states that you shouldn’t take out more in student loans than you expect to make your first year on the job. As an accountant, Steve expects to earn $40,000 after graduation which is the max he can take out as a student loan.

Unfortunately, Steve really wanted to go to Harvard for his MBA but with a cost of $72,000 a year, this would definitely break the first-year rule so instead, Steve decided to pursue an in-state program that cost him only $10,000 a year. By making this choice, Steve gains the ability to avoid massive student debt payments upon graduation so that he can have more money to set aside for saving up for a house or investing.

Now, while things worked out for Steve, he realizes that being able to follow the first-year rule isn’t always feasible. Rising tuition rates have made following this rule a challenge and the uncertainty of the job market makes it hard to gauge just how much you will make upon graduation.

Money Principle #2: Budgeting

Now that Steve has started his career, he figures that as an accountant he should be setting up a robust budget to help him manage his money. He remembers his accounting professor talking about the 50/30/20 rule and decides to give it a try.

Adam Del Duca