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Basic Rules for Financial Freedom: Get in the Wealthy Mindset

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It's Harder to Manage Yourself Than It Is to Manage Your Money

If I wanted to tuck you under my wing and make you wealthy, the first thing I would need to know is, "Do you have what it takes to be wealthy? Are you determined enough? Will you work hard enough? Will you stick to it? Do you have backbone? Stamina? Guts? Relentless focus?" You see, if you don't, the chances are you won't succeed. I'm not trying to put you off. I am trying to make you see that making money is a skill that can be taught -- if people are ready and willing to learn and apply themselves diligently.

If you decided you wanted to win Wimbledon, you would have needed to start playing tennis when you were about 5 and have been winning junior championships by the time you were 14. It's the same with money. You can't expect an overweight, middle-aged person to suddenly be in the tennis finals.

When I was a young struggling student, I once sold a valuable book so I could eat. I made a direct choice between owning something that was going to increase in value, and thus potentially make me wealthy, and having a meal. You see what I mean? I, in essence, chose -- at that time anyway -- to be poor rather than wealthy. I saw the same book recently in a bookshop and, believe me, I made a bad call that day.

What I have noticed is that the wealthy -- when they are starting out anyway -- have enormous drive and are prepared to make enormous sacrifices. They manage themselves and forego instant rewards for bigger payback in the longer term. Self-control and delayed gratification are useful arts to learn.

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From The Rules of Money Copyright © 2007, FT Press. Used by permission of FT Press, and Pearson Education. All rights reserved.

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