1. Don't blow all your money - Deepstash
1. Don't blow all your money

1. Don't blow all your money

Don't spend everything you earn now, this may seem obvious, but it was discovered in 2020 that the average millennial was spending 2% more per month than they earned. Because of this, it's critical to track your expenses and create a budget

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What's up, it's @hackedongrowth here, so let's be honest with ourselves: we all want to do better with our money, whether it's generating more money or building our wealth; it's all about the incremental changes we make along the path, and most people, sadly, will not follow these very basic five steps.

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MORE IDEAS FROM IN 5 MINUTES, AVOID THESE MONEY MISTAKES

2. Not to hold a large sum of money in cash

Invest the money and I started bringing it up because it applies to a lot of people who don't feel comfortable enough to invest so they just keep it in cash instead. The sad truth is that when you factor in inflation, your money actually loses buying power every single year that it's not invested

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3. Keep your credit card balance as low as possible

This is the worst misuse of money ever sure I'll just put it on my credit card I'm never going to pay it back

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― ROY T. BENNETT, THE LIGHT IN THE HEART

“Success is not how high you have climbed, but how you make a positive difference to the world.”

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RELATED IDEA

How to Build Wealth: This Chart Tells All

As the chart shows, if you want to build wealth, there are really only two things to get right:

  • Increase the difference between your income and expenses
  • Save that difference and grow it exponentially over time

That’s it.

This chart shows you exactly how much you need to save, and the rate  you need to compound it at, in order to reach your goals!

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Myth: Shop Early for the Best Deals

While early holiday shopping can snag you discounts and the best selection, you are most likely to get the best deal just before holiday shopping.

Retailers need to move holiday-specific merchandise because they are seasonal items. You can probably score deals 20% and 30% deeper in December, while the same article will be slashed by 50% or 60% in January. Not every item should be left for the last-minute sale, but fun and unnecessary items can be bought as the holidays get closer or even post-holiday to stock up for other events.

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  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
  3. Track Your Net Worth: The difference between your assets and debt — it tells you your financial standing. 

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