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what are the two key rules for accumulating personal wealth? name one thing on this list...

what are the two key rules for accumulating personal wealth?

name one thing on this list (or from the text) you WILL do and Plan to do as part of your personal wealth building strategy).

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Answer #1

Below are the two key rules for accumulating personal wealth:

1. Complete incremental training and education: Individuals should complete their college education to signal their abilities for well paying jobs. There are significant returns to higher education due to higher entry barrier in completing it. Employers value it and hence the individuals can use it to their advantage to earn more money and hence greater personal wealth.

2. Start saving early in life : There is a saying that early bird catches the worm. If an individual begins to save early on in life then he can have a greater pool of wealth by the time she retires due to power of compounding. Compounding ensure that individuals accumulate interest over their past savings over a longer period of time. Thus it makes sense to start saving early on in life.

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