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10 Money Principles All Millionaires Follow
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…
