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How to use storytelling to influence and persuade
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The Reason To Save
Save with the idea that the world breaks every few years — a recession, a pandemic, a terrorist attack. These events rock the economy and crush the stock market. It’s been like that forever and it’ll be like that forever.
The only way to endure that world is to save like a pessimist: keep a big emergency fund, avoid too much debt, and always have a backup plan.
Save your money like a pessimist and invest your money like an optimist.
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Investing Like An Optimist
Invest knowing that if you can endure the short-term chain of financial disappointments and setbacks, things usually get better. People are good at solving problems and becoming more productive. We rebuild. We’re amazing at innovating.
Saving like a pessimist is what lets you stick around l...
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20%: Savings
Finally, try to allocate 20% of your net income to savings and investments. This includes adding money to an emergency fund in a bank savings account, making IRA contributions to a
Needs, wants and savings
- Needs: these are those bills that you absolutely must pay and are the things necessary for survival (rent or mortgage payments, car payments, groceries, insurance, health care, minimum debt payment, and utilities).
- Wants: these include all the things...
How to deal with your debt
Try to transfer your debt onto a zero-interest credit card (also known as a balance-transfer card). It will give you a limited time window where your debt won't accrue interest and allow you to get rid of your debt faster. But ensure you can pay it off within that window, otherwi...
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