 The 10 simple money rules that can make you rich. Warren Buffett said, Never be a slave to money. Be the master of your money. And once you've become the master of your money, you will automatically start walking on the path of financial independence. If you will become a master of money, there are certain money rules you should know and constantly adhere to. For instance, if I ask you, what's your personal finance strategy? Would you be able to give me an immediate answer? Do you have one? If you don't have a personal finance strategy, there's a chance you will never get wealthy. The average millennial earns between $40,000 to $50,000 a year. How do you intend to make more than that? Also, according to Warren Buffett, you must know how to handle the biggest of all drugs. Money. Yes, it is a drug. The lack of it or its overdose can cause serious financial and emotional damage. The only way to properly handle the powerful drug of money and not get addicted is by acquiring sound financial knowledge. The understanding of how money functions. To understand how money functions, you've got to know the rules of money. In this video, I'll share with you 10 most important money rules. This, I believe, will help you become a successful person. If you're new here, consider subscribing so that you won't miss other interesting videos like this. 1. Always Pay Yourself First The idea of paying yourself first means setting aside your savings before further expenses. Benjamin Franklin, American polymath and one of the founding fathers of the United States, said and I quote, If you would be wealthy, think of saving as well as getting. Most people intend to save but they never get to do it because of the common mistake of saving what is left after our expenses instead of the other way around. As a matter of fact, according to a 2017 survey, one in six respondents said they simply hadn't had the time to set up a savings plan. Here's the thing, if you have the best of intentions, unexpected expenses often come up throughout the week that empty your bank account. Which is why paying yourself first should be a top priority for anyone who wants to become the master of money. Experts recommend spending only around 80% of your income and saving the remaining 20% in a combination of retirement and other savings account. However, if you cannot start with that, you can start with as low as 1%. The most important thing is to start and be consistent. 2. Have a Plan The only way to get control of your spending and saving and actually reach your goal is to create a plan and track everything you need to set goals and determine what your priorities are. You can only create a budget when you have a plan. Also, you need a plan to save money unless you might end up spending all of your money before you get a chance to make a reasonable impact on the savings. Be intentional about all your money habits. 3. Live below your means You can't make $10, spend $10, unexpectedly financial or free one day. The best way to live below your means is to create a budget because a budget allows you to spend mindfully by determining where you want your money to go. You can easily cut off unnecessary expenses that way. Many people run into debt because they do not plan or create a budget, needing to overspend in and debt in return. Until you learn to spend less than you make, you will never truly reach financial freedom. Spending less than you earn means that you do not need to leave paycheck to paycheck. So regardless of how much money you make or do not make, the most important thing is to build this money habit and lifestyle in order to help you become a master of money. 4. Prepare for the worst Have you ever heard of emergency funds or savings for the rainy day? These are situations where cars break down, kids get sick or jobs get lost. What do you do next in situations like these? The truth is that no matter how careful you are, some of these things are bound to happen. So, wouldn't it be wise to stay prepared always? You can start small by putting a few dollars a day into a high-yield savings account. The aim is to build an emergency fund which can cover six months of living expenses and then leave the money alone in case of a rainy day. 5. Plan for the end We all plan to retire someday, isn't it? When you eventually do, how do you plan to meet your financial needs? This is where saving for retirement comes to play. Most employers often provide a retirement plan for their employees. However, if you are working with an organization that doesn't provide one or say you are self-employed, there are a couple of organizations that offer such services. The idea is to put the money in a place that is little far from your rich and not easily accessible. 6. Be cautious about lending money to friends and family Lending money to friends and family is not one of the best ideas because most times you might not get your money back. So, when lending them money, it is best you go into the arrangement with little or no expectation. If you get the money back, fine, but if you don't, fine as well. They still remain your loved ones. 7. Do not cosign alone When you cosign alone, that is, you add your name to someone else's loan, you'll be held responsible if that person doesn't show up. That's not the kind of financial responsibility you need, is it? Also, you could end up ruining your credit report in situations where the person you cosign with fails to pay back on the agreed date. 8. Learn how to negotiate People who know how to negotiate always find themselves at the top, enjoying all the benefits that come with it. You'd be surprised how much money is in for you, in a deal if only you knew how to negotiate better. According to a nerd wallet survey, only 38% of millennials negotiate their first salary. Meanwhile, employers said they actually had room in their budget to offer a bigger salary. As a matter of fact, three-quarters of employers told Nerd Wallet they could have increased their first offer by 5% to 10%. 9. Study smart investors Consider people like Warren Buffet. What are the smart investors we know? Have you wondered why he spent $35 million to buy silver six years ago and why he stayed away from technology? Taking time to study smart investors like Buffet will improve your knowledge of investment and also give you an insight into the best investment plans or strategies. 10. Play the money game Double it The quickest way to double your money is to learn to play the money game. Will Rogers, an American stage and motion-picture actor, newspaper columnist and social commentator said and I quote, The quickest way to double your money is to fold it in half and put it in your back pocket. Well, to double your money, let's say you have a thousand dollars cash in your bank account, you are 10 doubles away from having a million dollars. You're five doubles away from 32 thousand dollars, 13 doubles away from having 8.192 million dollars and 14 doubles away from 16 million dollars. How soon can you double your money? To double the money, you start by considering how to make the 1000-2000 by the following year. Repeat the process over and over until you become a millionaire. It's pretty simple game as long as you know how much you have and how much you want. Once again, never be a slave to money. Be the master of your money and once you become the master of your money, you will automatically start walking on the path of financial independence. 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