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Basic Rules for Financial Freedom: Make Wealth Happen

Getting wealthy means being very honest with yourself and being willing to invest your time and efforts into the quest for greater prosperity. Many of the Rules are behavioral, and changing your behavior is never easy. Some Rules will seem stunningly simple, but for every Rule you have to ask yourself: "I may already know this -- but do I do it?" The willingness to put in the effort and do something, make things happen, is vital.

(Excerpted from "The Rules of Money" by Richard Templar)

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You've Got to Know Where You Are Before You Start

Before we can go forward, we have to know where we are now. Or rather, you have to. When Robinson Crusoe swam ashore from his shipwrecked boat, the first thing he did was check out what supplies, guns, and ammunition he had. Once he knew that, he could assess the situation and move forward.

So you are going to swim ashore and begin your new life. The first thing you have to do is to take stock. Find out what you've already got, what can be used, what can be discarded or discounted, what you owe, what you are owed, and what basically is your net worth.

We're going to do a full financial audit on you and your life. If you don't know where you are before you start, you can't really work efficiently toward becoming wealthy. It's a wise man who lays out his tools before he begins the job.

All you've got to do is collect all the information -- what you owe at the bank (or have in there in your current account, deposit account, savings account), and what you owe on credit cards. Also start working out what you spend on a monthly and annual basis (and where you spend it).

Next: You've Got to Have a Plan

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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