Laws Of Money

Laws of Money

  1. Truth creates money, lies destroy money.
    • Have the courage to tell the truth about your money.
    • (Ex: A friend wants to borrow $4000 and the last time they went to Hawaii on borrowed money. Instead of telling the truth that you do not want to lend them the money, you give in and give it to them.)
  2. You have got to look at what you have and not what you had.
    • Forget looking back at what you did and look at what you can do now with your money.
  3. You have to do what's right for you before you do what is right for your money.
  4. You have to invest in the known before you venture into the unknown.
    • First, invest in a roof over your head, a vehicle, past debts, etc.
    • There are two known events that will happen in life:
      1. You are going to die. Be responsible to your loved ones and take care of the arrangements and the bills.
      2. You are going to retire or be forced to not work. You need to get money without a regular income to take care of the bills and things you will have until you do die.
    • You will never be free if you have credit card debt. Try to establish an "equity line of credit" so that there is a path for emergency funding without the interest when you are not using it and the credit is just sitting there.
  5. Money has no power of its own. It is simply just money.
    • Money does not define who you are. It is our responsibility to define what our money is. Our money is not more powerful than us. We should not be afraid to move with our money. It is our responsibility to allow or deny those in our lives that would help define what our money is or is to become. As a spouse, money is a shared responsibility.