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You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day.
Get to working on improving your finances today, not tomorrow. Reading the steps and thinking you’re capable of doing it but postponing it is just an excuse, an unprofitable one....
Talking about your financial goals, and scheduling time once a month to go over your finances together can prevent money from affecting your relationship.
You should have a savings account, but your money is depreciating if that’s your only investment - average savings don’t yield more than inflation.
Real estate, peer-to-peer lending...
Net worth is what would be left if you were to sell everything you own and pay what you owe. If you have a positive net worth, continue working to increase your net worth, but if you have a ...
You can't predict an emergency, but you can prepare for one. The best way to do so is to set up an emergency fund of 3-6 months of living expenses.
Common financial emergencies ...
Is debt acquired to purchase something that is going to benefit you financially in the future, usually with low interest. That means it's either going to generate income or allow y...
That’s the debt that's acquired through purchasing something that depreciates, something that's going to lose value and generate zero revenue.
Credit card usage can lead to debt and the debt grows itself while unpaid. However, used responsibly, it's a good way to start building credit.
Most credit cards also have other ...
A clear set of goals can keep you motivated and help you plan to reach it faster.
Have different goals for what you want to achieve in the next 3-months, 1 year and 5 years. Thi...
Act as if your savings account is a bill to pay, so you’re less likely to spend it. Automate savings transfers if possible.
Take note of all your expenses, subtract them from your income and find out how much you have left per day, so you have a better idea how long it will take to reach your goals.
Create a plan for your money so you know where it's going every month.
A popular and effective way to budget is with the 50/30/20 rule, where 50% of your income goes towards nec...
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Pay yourself first is such simple advice, but so few people do this.
The best investment decision you can make is setting a high savings rate because it gives you a huge margin of safety in life.
The only way to get ahead financially is to stay behind your own earnings power.
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By following the conventional path of "school to loan to university to work" you risk running into serious debt. Being creative is a potential way to lessen or eliminate that.
Maybe finding a different and cheaper way of doing the same thing, doing a yard sale or getting a side job… Put your mind to it and you may find ways to get a financial boost.
When you buy mutual funds, you are charged a purchase fee upfront. This is a one-time payment to the fund management institution. Annually, you will be charged with a percentage of management fees, commonly known as “expense ratio”, which can be expensive.
Beware when advisors at your bank recommend mutual funds to buy. They might be earning a sales commission.
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Your future self might have more income, but it’s also fairly likely that your future self might have less income and you’ll find yourself in a really bad situation.
Even if your future self is doing well, there are probably going to be other big expenses that you’ll want to deal with at that time, like buying a house.
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