Takeaways from the 10X Bootcamp Interactive: the principles of building wealth "on the come up" or prior to reaching your "weatlh" goals.
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#1 The 40% rule: 40% of your income will go to the government and 40% should go to a sacred account that you will put towards investment. This means this is money you should act like you don't have and truly save it for the purpose of investing and building wealth. And the last 20% of your income will be for living costs. Your cost of living can only change if you earn more.
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#2 The Write-Off Principle: Only buy something if you can write it off.
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#3 Use it, Don't Own it: On the "come up," rent and lease, do not own.
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#4 Stabilize and grow your first flow of income before adding a second flow. The second flow should be symbiotic with your first flow and not take away from your first flow. The goal is to have multiple flows of income that work together.
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#5 The 40/7 Principle: For every 40 hours of work, spend 7 hours working on yourself.
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He outlined more principles and added a bonus about spending.
