Rules for making money

Rules for making money

The rules for making money can be applied to anything, including making money online. There broke up into two categories. The first is how you spend money and the second is how you make money.

How to spend money:
(1.)  Spend money only on things that make you money.
(2.) Spend money only on things that save you money.
(3.)  Spend money only on things you must have to live. (i.e. shelter, food, medicine, etc.)

How to make money:
(1.) Never do the work that you can pay someone else to do for less.
 (2.) Never pay for work that you can do yourself for less.
 (3.) Never sell an investment for less than what you paid, unless it will save you more money in the long run.
 (4.) Never hold onto a losing investment. It is better to lose a small amount than to lose it all.
(5.) Never be afraid to make a mistake, that you can learn from.  (6.) Knowing something that your competitor has not learned yet gives you an advantage.
(7.) A degree is not required to be in business, but a degree of knowledge about business is needed to run a successful business.
(8.) Make it simple and easy to replicate but impossible for competitors to copy.
(9.) Five percent of the people in the world control 95% of the wealth. And only 5% of the people in the world read. Knowledge is power.
(10.) A business idea need not be original, only an improvement on the previous persons idea.
(11.) Never invest your own money when you can invest someone else's money cheaper. 
(12.) Things that can be repeatedly sold such as insurance, book royalties, and movie rights etc. are the best things to invest in. As they will continue to earn money regardless of what you do and for many years after you are gone.

    These are all ideas and concepts that my father taught me as I was growing up. And it should be noted that teaching children the concepts of economics at an early age is important to their prosperity as adults.