Rules of Wealth by Richard Templar

I'd been digesting my read on the book by Richard Templar, "Rules of Wealth", since Jan 2007. He is also the author of "Rules of Work" and "Rules of Life". A pragmatic author offering pragmatic advice. There are 100 rules stated in his book, Rules of Wealth". If I may sum it up into just 5 points for sharing. The 5 points are:

1. Money is a Concept
2. Take Action with a Plan
3. Build a Team
4. Protect It
5. Share It

Human species started off with barter trading; exchanging of goods for goods (applicable to services too). Then it evolved into some form of sea shells... nice looking and precious one I think. Then came precious metals like gold. Now its currency - Paper Money. And many of us are crazy over it - that pieces of paper!

Why is money so precious and how can we make more of it?

Richard started off his book with the phrase, "Money is a concept". And that caught my eyes straight away. I'd then realised that there are abundance of money in this world! Yes, Abundance! You see, if money is just a concept, and concept is an idea, and ideas are in abundance, which means money is also in abundance! So if you have alot of ideas and is able to put 1 or 2 into action, money will flow naturally to you. And the best part is, the more you practise it, the better you become with it. Sound nice. ;-)

Richard quoted an example about a Red Paper Clip, which eventually was traded for a house in just 9 months. Yes, 9 months ONLY! The owner of this idea is pretty wealthy now I guess. All he had used was a red paper clip. You can read more about it @ http://oneredpaperclip.blogspot.com/. So you see, we don't need a lot of money to make more money. So remove this mental rug if you have them in your mind. It takes financial education to make more money and of course a great idea. ;-)

Since then, I have stopped focusing on more money. I focus on the process of making it instead. If my process is correct and appropriate, money will automatically flow into my pocket. Sound even nicer, ya. :-)

Of course, ideas are just ideas unless you put it into action. Yes, be comitted and act on it and see it evolve into being. By PYF, I entered the positive cash flow category. Now I can even buy shares of companies that I like. I love actions. All these falls into my financial plan. A plan keep me focus.

Of course, no man is an island. We need advise along the way. That's why we need a team to achieve more.

Of course, once your assets grows into a huge pile, you need to know how to protect your assets from any ill intent predators. Well, some may not be ill-intent but still must protect it, guard it like a hawk.

Of course, being rich alone is boring. If we can share it (refers to knowledge) and help more of our friends get richer, you can earn something that money cannot even buy for you. Monetary donation is also a form of sharing but watch out for which charity organisation you are donating too. Some are just empty shells and some donno how they spend your donated money away.

Well, the book is as simple as the 5 points i'd summarised but more depth can be found in the book of course. That is if you want to read that 100 rules one by one... ;-)

Some quotes in the book caught my attention. I am sure it will be useful to you too. Just to share a few:

"You have the same rights and opportunities as everyone else to take as much as you want. Anyone can be wealthy."

"The wealthy people knows exactly, to them, what wealth means."

"Most people are too lazy to be wealthy. They may say they want to be, but they don't."

"Money can't buy a kind smile. Money doesn't buy happiness."

"If you can't afford what you want, buy less, but buy quality. Live within your means."

"If people think that you need the money it gives them power over you and that makes you insecure."

"Once you have formulated your plan, your objective, your strategy, your goals and targets and ambitions and destinations, then be committed."

"Changing direction is often hard; Developing new character traits can be painful."

"Good Luck."


So good luck in your journey to financial freedom too!


Cheers!
Leroy

"When I Stop Learning, I Stop Living."