Rules to grow rich by

Many articles on personal finance all seem to suggest these few rules to grow rich by :

- boost your earning power by work hard and educate yourself

You couldn't be rich if you can't make any money.

- live frugally, live below your means, and also live healthy too

- control your debts (mortgages, credit cards, and student loans)

- save 10% to 15% of your incomes for retirement, emergency reserve, and college education; in that order of priority

- asset allocate your investments, and defer taxes on your investment as long as possible

By the time you're in late 50s or early 60s, your household should have a net worth well over a million dollars

DETAILS

Retirement investments
- Financial planner
- 401(k)
- IRA
- Lifecycle funds
- Index funds
- Allocation of stocks & bonds

Real estates as an investment?
- TBD

College education savings
- 529 as soon as possible
- keep student loan debt to 1x of the annual income of your first job

Emergency reserve
- Start a "beginner" emergency fund as soon as possible
- Full emergency fund should be 3 - 6 months of living expenses

Mortgages
- Ensure you can afford the monthly payment
- The payment should not exceed 28% of your income