by Noel Whittaker
- Practise the guaranteed secret of wealth.
- Keep in mind that income seldom exceeds personal development.
- Have adequate insurance.
- Use the magic of compounding.
- Understand the basics that never change, and take advice on the things that do change.
- Use the Rule of 72.
- Take advice before the deed is done – not afterwards. It’s hard to rewrite history.
- Always judge an investment on its merits – any tax benefits should be regarded as the cream on the cake.
- If a person contacts you by phone with an offer of an investment, or even to help you pay your mortgage back faster, hang up.
- One of the most expensive evenings you can go to is a “free” investment seminar.
- Borrowing for investment is a great strategy because it puts assets at work for you early in your life. But keep in mind that it speeds up whatever is going to happen – wealth or poverty.
- It’s better to get rich slowly than go broke quickly.
- Becoming wealthy depends more on how you manage your money, than how much you earn.
- Don’t pick a fight with the tax office.
- Make sure you set goals – they are the essential ingredient in your success.
- Remember that financial winners borrow for investments that grow in value – the battlers borrow for consumer items that depreciate.
- Every year assess your net worth.
- Ignore the prophets of doom – they are always with us and usually wrong.
- Don’t follow the herd and back last year’s winner – that’s a recipe for disaster.
- Never stop learning.