Money rules

What and what not to do with money

1. We do not need to disclose our money or assets to anyone. No need to show off. If you have money, secrecy should be the main concern. Also, learn what to keep as a secret - Secrets, which ones to share

2. Do you know how much money you have in your bank account? - If not, open the account details and commit them to memory. Learn interest rates by heart. Always keep money securely, money does not know how to take care of itself -- we need to do that. Use more than one bank. Choose a bank and make sure you can bargain with them if an issue arises, if not sort it or change the bank

3. Do not take credit cards - unless it is strategic to save interest. Very few people have the discipline to manage a credit card. No matter how many times banks ask you to take it, politely refuse - Say like "I am grateful to know that you offer a nice scheme for credit card, Kindly opt me out any communication regarding this. Thank you."

4. Do not give money to friends. Some of our friends might be in financial struggle, make sure to help them but with a strict constraint and also if the amount owed more than 10 days of your salary make a legal agreement with a lawyer (but you know, friends don't charge interest. 😉) else it you it is you who will get into trouble later!. If a friend asks money for their business - you will be thinking as an angel investor. Get an MOU with the conditions outlined, even if you have given only a week's salary - don't be shy, or afraid. This gives an assurance that the friend is serious about the business.

5. Keep 1/10 of your income in your personal account and never touch it. This amount is not for your parents, your wife, or your kids but for you. This money never lend anyone for any purpose, this one is for your freedom, personal emergency - you have already gave 9/10th to all those causes, be ruthless.

6. Skill up. Learn about investing, invest a small amount and see how it functions. Learn tax saving methods (investing in long term, claim charity tax rebate etc.). Learn about law. Invest time into learning the prices of everyday goods. Find ways (don't think much!) to reduce cost by just 5%. If you are a loyal customer to a company ask for discount, why? - because acquiring new customers costs money to them - the cost you are paying if you pay same price as other customers.

7. Do not spend more than you earn. There is no magic!. You do not need a money tree, be determined and focused you will do fine with money.