The entire book is divided into short, two-page articles each explaining one particular “rule”.
Each rule is comprehensive yet digestible, and written in a conversational and easy-to-read manner that includes moral and ethical values.
There are 107 rules plus 10 more in the 2015 edition, divided into the following sections:
• Think wealthy
• Get wealthy
• Get even wealthier
• Stay wealthy
• Share your wealth
• The rules of other people’s wealth (+10 rules here)
Here are some of the more memorable rules. Think of it as a sneak peek into the book before you buy it yourself.
Rule 7: Understand your money beliefs and where they come from
Many of us have negative connotations about money. Some think they don’t “deserve” to be rich if compared to hardworking Pakcik Leman the security officer, who needs to feed/clothe/school his 10 children.
Some also struggle with having money and remaining “spiritually pure”, Templar writes.
There’s an unspoken understanding among many that to be wealthy, one must be evil. The wealthy got wealthy by profiting off others. Therefore, by wanting to be wealthy, you are evil by extension too.
There are also people who feel: “I don’t care about money, I just want to do what I love!” as if monetary rewards will somehow downgrade their love for their craft/hobby/lifestyle. It’s not… mutually exclusive… you know…
Rule 14: Don’t make money by being bad
Templar stresses that all the money in the world couldn’t buy a restful, conscience-free life. “One can be wealthy without taking advantage of other people or ruining the environment.”
Rule 24: Only by looking wealthy you can become wealthy
Note: Templar says “looking wealthy”, not looking flashy. This means well-cut, good-quality clothes.
Looking wealthy changes how people treat you. It’s a subtle – but important – shift in perception that will invite wealth into your life. You will feel more at ease with the rich crowd (and pick their brains), get treated better by those in the service industry, and exude more confidence.
Rule 32: You have to work hard to get rich enough not to have to work hard eventually
The rich’s leisure time was paid for well in advance when they worked hard in the beginning. It’s not that they don’t believe in working hard. It’s because they “did” work hard once. Game changer. Boom. Mental explosion.
Rule 58: By all means, use the investment professionals (but don’t be used by them)
This part is more relevant for stocks/shares/unit trusts/mutual funds. Everyone knows they should invest but are overwhelmed by the options.
“If you want help to put your money in the markets without putting too much in someone else’s pockets, keep it simple.”
Rule 62: Have a set time of the day to work on your wealth strategy
Templar says happy, wealthy individuals follow these principles:
1. Set targets and get on with it (they don’t procrastinate too much).
2. Don’t tinker too much (if the investment plan is in action, don’t disturb it).
3. Work on financial planning every day.
4. Remember to take breaks and have a life (and be interesting).
Rule 79: Make your money work for you
This rule includes:
• Not letting money sit idly in bank accounts if it can generate income somewhere else.
• Actively searching for better rates, always.
• Continuously making money passively in any way you can with what you have, whether through your assets (cars, houses) or plain cash.
By setting money to work, it will keep growing instead of losing value via inflation.
Rule 97: Never lend money to friends or family unless you are prepared to write it off
Agree. 100%. A good relationship is worth more than any amount of money in the world.
This goes well with Rule 101: Find ways to give people money without them feeling they are in your debt.
P/S: Obviously don’t let people take advantage of your generosity either.
Rule 99: You really, really can’t take it with you
So spend money for life experiences. As long as you’re still generating profits from investments AND have multiple sources of incomes, you’ll be good.
Pair this with Rule 104: Spend your own money because no one can spend it as wisely as you.
New Rule 3 under The Rules of other people’s wealth (available in 2015 edition): Other people’s money belongs to them.
This was a hard one to swallow. Haven’t we all at some point or other made judgments on how others spend their money and thought: “I can spend it better/more effectively”. New motto now is: “It’s. Not. My. Money. I. Have. No. Say.”
Conclusion
Please buy the book.
This article first appeared in ringgitohringgit.com
Suraya is a corporate writer-for-hire and the blogger behind personal finance website Ringgit Oh Ringgit. She is more of a minimalist, less of a consumerist, a konon DIY enthusiast, a let’s-support-small-businesses-over-big-corporations kinda girl. Prior to her current role, she worked in various capacities within the non-profit industry.