Seven ways to wealth
There are simple formulas to getting rich as long as you are disciplined, but, as David Potts warns, there are also wealth hazards.
Thursday, November 24th 2005, 6:11PM
by The Landlord
Forget the seven deadly sins. Oh, you had already? The seven deadly wins might be more your cup of tea then. Especially as you don't have to change your life, apart from getting richer.Well, not for six of them. But we'll deal with that later.
There's also an eighth one, which is put more in super but that postpones getting rich for a lifetime, so let's skip it. Besides, there's no point putting more in super, despite the tax breaks, if you're just going to run up more on Bankcard to make ends meet.
1 TIME IN, NOT TIMING
To build wealth you have to invest, as distinct from save. Well, both would be good but, notwithstanding rule 5 below, investing is better because it's permanently setting some money aside to build assets.
Saving means you're not buying something now, but you will later. It's delayed spending, a crucial difference and one on which I may ask questions later.
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