Money Matters; Five Lessons About Wealth

Summary

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"The Five Lessons a Millionaire Taught Me About Life and Wealth," by Richard Paul Evans is an inspiring and well-written book about wealth building and how money fits into the overall scheme of a successful life. It is not a "how to book" but one that explores the mindset necessary to acquire and successfully build wealth. Quite simply, the author states, "The wealthy understand the principles of accumulating wealth and live them." What are the five lessons that wealthy people practice and how can they help you?

"Pay yourself first" and "it's not what you earn, but what you keep that makes you rich," are both catchy phrases. You have probably heard both phrases hundreds of times, but how many people actually live by these rules? According to the author, "research shows that most American millionaires save between 15 to 20 percent of their incomes." His recommendation is saving, "a minimum of 10 percent of your ongoing income and 90-100 percent of your side earnings." Achieving a saving rate of 10-20 percent of your gross income is not easy. Taking control of your finances and efficiently allocating your money will allow you to keep a fair portion for yourself.

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Extract

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Money Matters; Five Lessons About Wealth

"The Five Lessons a Millionaire Taught Me About Life and Wealth," by Richard Paul Evans is an inspiring and well-written book about wealth building and how money fits into the overall scheme of a successful life. It...

See the full content of this document

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