Often, the more money you make the more money you spend; that's why more money doesn't make you rich - assets make you rich.

Rule One. You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is Rule No. 1. It is the only rule. This may sound absurdly simple, but most people have no idea how profound this rule is. Most people struggle financially because they do not know the difference between an asset and a liability.

A lot of people are afraid to tell the truth, to say no. That's where toughness comes into play. Toughness is not being a bully. It's having backbone.

Don't invest in what you don't know. Learn first then invest.

If you don't like the idea that most of the money spent on lottery tickets supports government programs, you should know that most of the earnings from mutual funds support investment advisors' and mutual fund managers' retirement.

Instead, to be financially free, we need to learn how to make mistakes and manage risk.

Your future is created by what you do today, not tomorrow.