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The Rules of Wealth, 3rd Edition by Richard Templar

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RULE 20

You’ve got to know where you are before you start

Before we can go forward we have to know where we are now. Or rather you have to. When Robinson Crusoe swam ashore from his shipwrecked boat, the first thing he did was check out what stores and guns and ammunition he had. Once he knew that, he could assess the situation and move forward.

WE HAVE TO KNOWWHERE WE ARE NOW

So you are going to swim ashore and begin your new life. The first thing you have to do is to take stock. Find out what you’ve already got, what can be used, what can be discarded or discounted, what you owe, what you are owed, what basically is your net worth.

We’re going to do a full financial audit on you and your life. If you don’t know where you are before you ...

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