Back to School at FamilyEducation.com
Home > Mom's Life > Family Finances > Saving Tips > Basic Rules for Financial Freedom: Get in the Wealthy Mindset

Slideshow Iconslideshows MORE

|

Basic Rules for Financial Freedom: Get in the Wealthy Mindset

9 of 10
couplecalculatingandmanagingmoney

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.

Next: More popular galleries

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

To order this book, buy on Amazon.

stay connected

Sign up for our free email newsletters and receive the latest advice and information on all things parenting.

Enter your email address to sign up or manage your account.

Facebook icon Twitter icon Follow Us on Pinterest

editor’s picks

highlights

Join BIC on our mission to save handwriting and Fight For Your Write! Writing helps kids become better readers, boosts their confidence and sparks their creativity. Visit BICFightForYourWrite.com to sign our petition to save handwriting!

14 Back-to-School Fashion Trends for 2014
Send your kids back to school looking sharp! Check out 2014's hottest back-to-school fashion trends, from clothes to shoes and accessories.

Put a Stop to Bedtime Struggles
Steer clear of tears at bedtime with these helpful bedtime tips and this printable bedtime routine checklist for kids.

Kindergarten Readiness App Wins Gold
Our Kindergarten Readiness app won the Gold Award of Excellence in the educational category at the 2014 Communicator Awards. This valuable checklist comes with games and activities to help your child practice the essential skills she needs for kindergarten. Download the Kindergarten Readiness app today!