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Life rules to help you get rich

May 2023
Mark Minervini is a stock trader and writer. Here’s a take on his nine rules to get rich:

1. Go where the money is - choose a career with good conditions for money making.

2. Forget about money - once you’ve chosen a career, stop thinking about money and instead focus on becoming really good at what you do.

3. Think in decades not years - wanting to reach goals too fast will make you quit too easily.

4. Leverage yourself - make sure you use the right tools and team up with the right people.

5. Live modestly until you are at least a millionaire - don’t spend on fancy stuff until you’re actually rich.

6. Follow the 10% rule - don’t spend more than 10% of your wealth on things that lose value once you start using them.

7. Only lend what you are willing to give - give friends and family money gifts that you can afford but don’t expect them to pay back. That will keep you from losing relationships over money.

8. Never lay odd - think in odds or probabilities when making money decisions. What are the odds of winning or losing?

9. Consider your savings at zero - don’t eat into your savings during tough times. Instead, make adjustments and cut your expenses as if you had zero in the bank.

Reference shelf:
Top Mental Qualities for Stock Trading, Investing From Mark Minervini (Business Insider)

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