Who is the fastest self-made billionaire ever? While it took warren buffet 55 years to join

the billionaires club, Jay Walker literally did it in less than a year. He launched priceline.com

during the dot com bubble, and his net worth instantly jumped from zero to billions.

But that wasn't sustainable because when the bubble burst, his net worth crashed as

well while Buffett is still on the top of the list and he doesn't seem to go anywhere

anytime soon. Forbes cover And that's the kind of wealth you want to

build. The game of money isn't easy, it's tough,

competitive and ruthless and if you don't know the rules, you are doomed to fail. The

problem with most people is that, so they might work hard their entire lives but end

up poor at the end of the journey because they don't know how the game works,

so if you want to find yourself on the other side of the coin. You better master the rules.

Number one. Money Does Grow On Trees.

I am sure that many of you have been taught the opposite but the reality is that if you

don't operate from this perspective, you will forever be poor. You can't trade your

time for money your entire life, that's why you need to plant trees that will earn

you money when you are not there. Its not as easy as it sounds, Do you know

how difficult it is to plant a tree, first you need to plant the seed, but the

seed is useless if it's not planted in nutrient-rich soil.

The tree isn't going to grow by itself, you need to water it and take care of it and

it's definitely not going to grow overnight. Some trees literally grow for 10-20 or even

30 years.  But once it grows up, it will keep producing

fruits with minimum effort.

The same goes to assets, once you build up a business or save up enough to make a good

investment, it keeps generating income even if you are not there. Because at some point

you might get old, sick and you won't be able to sustain your job, so even if you are

making 500 bucks an hour, you could get back poor instantly if you haven't planted enough

trees in your garden.

2. Next, There is No Limit To how much you can spend

I remember, when I was living paycheck to paycheck, I was on an extremely tied budget,

I use to think that if I would be making even slightly more than I do now, I will start

investing, but what ended up happening is that I just started spending more. In fact,

when I started making multiple times more, all that happened is, my expenses just kept

getting higher and higher. If you do not budget and discipline yourself

to stick to a certain budget, you won't be able to save money to invest even if you

make a hundred grand a month, there are infinite ways you can spend that hundred grand. So,

instead of constantly pushing that investing line higher and higher, discipline yourself

to stick to a smaller budget. If Elon Musk could survive on a dollar a

day In united states, you will definitely survive with a few hundred dollars.

Don't get me wrong, Enjoy the money you earned with your hard work, travel or do whatever

you desire, but stick to a budget that's lower than your income because you have to

acquire assets.

3. Number 3, Money is a lifelong game

When I got serious about money and investing. I have had this image in my mind that when

I start making so and so, I won't need to stick to a specific budget and I will finally

retire and enjoy the fruits of my hard work. But all what happened when I started making

that much is that I realized that's not enough and I have to make more.

In fact, if you stop managing it, it will stop generating income. Just because you purchased

a house, you instantly won't find tenants. If you don't take care of it, it might even

turn into a liability. The idea where you create an asset and literally

do nothing is just nonsense.  Even if you build a successful business, you

will have competitors who will try to take you down every single day.

So forget the idea of retiring one day, of course, you can automate some of your duties,

decrease your working hours but in general, this game never ends as long as you are living.

and a clear example are worlds richest people who continue to work even if they don't

have to.

The next rule is probably the most important lesson in this video.

4. Money won't solve your insecurities

We all have insecurities, and a lot of times we buy that expensive car or move to a bigger

house or buy a newer phone because we want to be accepted or admired by society.

That expensive car will make you feel good for a week or two, but then it will become

normal but your insecurity won't go away so you would want a better and more expensive

car. It's a never-ending cycle, that keeps people who make a lot of money.

If its acceptance you are seeking, then learn how to better manage your emotions.

The truth is that your insecurities will drain down your bank account but will still stay

there.  Instead, improve your social skills, learn

how to boost your confidence.

I am not saying you shouldn't buy an expensive car or a private jet. Go ahead and buy whatever

you desire but don't do it to fill your insecurity.

They are better and cheaper ways to do that.

5. Number 5, Don't let anyone know that you have money.

We love to brag about how much money we make. At the end of the day, in the age of capitalism,

that's what defines your social status, at least that's how most people think, but

the problem is that Money is like a magnet, Suddenly people will be nice to you, everyone

would want a piece of it. Of course, it will make you feel good and respected but that

will come at a price that's not worth it. And if they won't be able to get it nicely,

they will sue you and get it the hard way. That's the reality we live in.

Even if you God forbid make a million dollar a year, don't let anyone know! Stay humble,

don't brag about it and keep making more.

6. Number 6, Greatest wealth transfers happen during crises

When The economy crushed in 2008, the unemployment rate skyrocketed because the companies couldn't

keep paying the bills. Millions of people became jobless, homeless and poor.

However, some people aggressively began investing and became much wealthier after the crises

because the biggest transfers of wealth take place in crises.

If you are ready to grasp the opportunity, you can become an overnight success.

Remember Jay Walker whom we talked about at the beginning of the video, who joined the

billionaires club in under a year, took advantage of the dot com bubble.

Although his wealth wasn't sustainable, he still managed to keep hundreds of millions

of dollars. Another example is Mark Cuban, He even was

said, you have been lucky to become a billionaire because if it wasn't for 1998 financial crisis,

he wouldn't be a billionaire, I have an entire video about him, the link will be in

the description.  Instead of looking at financial crises as

a hoax created by the government or the 1 percent to rip off the poor, take advantage

it as they do. Understand how the system works, study the

past crises to understand how and why they start and be ready to be on the receivable

side when the next one takes place.

7. As you get elder, your expenses will grow.

Have you realized that every single year, one way or another you spend more and more? a

hundred bucks was a lot of money back when you were a teen, now it barely covers your

gas bill. And as you get elder, your expenses will just keep increasing. That's the nature

of our lives, especially if you start a family.  Most people do not bother themselves about

the future because they are making a decent amount of money today, but when their expenses

exceed their income they start complaining that they don't make enough to invest. P

So if you do not make sure that your income is increasing every year, soon you will trap

yourself in paycheck to paycheck cycle that will keep you poor for the rest of your life.

And that's why you have to take the next rule extremely seriously.

8. Wealth accumulates overtime.

As you can't grow a tree overnight, you can't grow wealth overnight. Remember, the

earlier you invest, the better.T With the power of compounding, you can become

rich with even a hundred dollars. No wonder why

Words greatest investor started investing at the age of 11, what were you doing when

you were 11.

Here is a fun fact, you can make your grandchild a millionaire just by investing 1160 dollars

which is equal to a price of a new smartphone, because in a hundred years, without a single

additional investment, it will grow to over a million dollar. You probably won't live

till then, but I am sure your grandchild will be thankful.

Let's say he won't be greedy and will keep it for his grandson for another hundred years,

it will grow to almost a billion dollars. Of course, it's pointless to wait for so long,

but the earlier you start, the faster you are going to reach to a position where you

will be making enough to not worry about your bills again.

It took warren buffet 55 years to make his first billion and just 3 years to make his

second billion. In fact, he made 98 percent of his fortune after his 55th birthday.

Conclusion Here you go, these are the 8 most important

rules of money that you should keep in mind if you want to get financially free. So, what

is your favorite one out of these 8 rules? Let me know in the comments below.

And as always thanks for watching and until next time.