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The Rules of Wealth, 3rd Edition by Richard Templar

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RULE 89

Don’t spend it before you’ve got it

Gosh this is a hard one for me. I have to admit I find this one of the most difficult to take on board.

How am I to learn this one? Any tips? I know I should:

  • Budget for today and only for today. If I don’t have it, I don’t spend it.
  • Ignore what I think or know is coming in, in the future.
  • Put loads aside for tax – no, even more than that.
  • No loans, overdrafts, no borrowings of any sort so I won’t be tempted to use future income to pay off debts run up today – or the reverse, run up debts today knowing that income from the future can be used to pay them off (very naughty).

The downside of spending future income is:

  • The income may not materialise or be less than you thought. (Counting chickens that ...

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