10 Finanancial Principles

10. Know the difference between an asset and a liability. Thanks to Robert Kiyosaki, I know the difference.

9. When you have money dress like you're broke and when you're broke dress like you have money.

8. Think from the banks point of view. You wouldn't lend money to someone that isn't capable of paying you back.

7. Learn about how money is managed by the billionaires and practice it. Every Billionaire had to start from zero just like you. Invest in your mind and the money will follow.

6. You don't need money like you need air to breathe but money is just nice to have. Air is always a priority to me.

5. If it don't make dollars it won't make cents and if it don't make cents it won't make dollars.

4. Money isn't real. As Donald Trump would say: Money is a score card.

3. Practice prudence. This is not a skill you can learn at Stanford. Being prudent with your time and your money is wiser than being flashy and broke. In the long run being prudent will help you.

2. Spend money on luxuries last. Poor minded people spend money on rims and ipods and complain about how high the rent is. Take a look at their spending habits and you can tell what kind of people they are.

1. Don't be a slave to money, be a master of it. I don't blame money for people being broke I just blame people for being broke because of poor financial management. That's why they stay poor.