Background - Mark Mivervini is the author of Trade Like A Stock Market Wizard and Think & Trade Like a Champion. He has been featured in Stock Market Wizards and America's Top Stock Traders by Jack Schwager.
I am currently reading his book, "Trade Like a Stock Market Wizard" as complement to the Nicolas Darvas book I just read. I also follow him on Twitter and avidly watch his interviews and presentations on Youtube. I thought his personal rules for wealth creation is worth sharing.
1. Go where the money is. I chose Wall Street because there is unlimited opportunity. If you develop great talent, the sky is the limit. If you are looking for a sunset, you must head west.
2. Forget about money. Instead, focus on being the best. The best in any field get paid very well. Invest in yourself and develop talent. Money is a natural bi-product of being great.
First you get the knowledge.
Then you get the experience.
Then you get the skill.
THEN you get the money.
3. Think in decades not years. We tend to overestimate what we can do in 3-5 years and underestimate what we can do in 10-20. Wanting it too fast will make you quit too early.
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4. Leverage yourself. You are only one person. How can you leverage your efforts? Social media is one way. A blog, a podcast, writing a book.
5. Live modestly until you are AT LEAST a millionaire. I didn't even own a new car until I had a million cash in the bank . Until then I worked and saved and kept my expenses very low.
6. Follow my 10% rule. Only buy highly depreciable asset with no more than 10% of your net worth. This is a good rule to follow forever.
7. Only lend what you are willing to give. This is especially important with friends and family. By adhering to this principle, if you don't get paid back you don't sweat it and you don't lose relationships over money.
8. Never lay odd. With every business deal or investment, I always get odds on my money.
9. Consider your savings at zero...ALWAYS! If and when some unforeseen event or emergency occur (which it will) and you "need" to break into your savings, ask the following questions: "What would I do if I didn't have this money?" Then do that. Never touch your savings! If you didn't have that money, would you find a way to survive? Yes you would!
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