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5. Analyzing Your Expenses
Expenses can be categorized in 2 ways:
- Fixed
- Variable
Review your spending from the last 3 months.
Categorize expenses as:
- Needs
- Wants
- Wishes
Start reducing spending on wants and wishes.
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540 reads
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11. Jumping at Opportunities
Never let an opportunity pass you by.
Don’t be afraid to:
- Take a new job
- Start a new business
- Negotiate for a higher pay
Opportunities multiply as they are seized ~ S...
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401 reads
10. Automating Your Investments
Automation keeps your life simple.
Automate:
- Savings
- Investing in 401(k)s
- Investing in Roth IRAs
Out of sight, out of mind.
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451 reads
1. Paying Yourself First
What you need to do:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
The process:
- Determine how much to invest
- Determine investment frequency
- Determine where ...
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771 reads
12. Building on Your Strengths
Everyone has strengths:
- Writing
- Managing
- Mathematics
Build on your strengths and create a career out of it.
That’s how you’ll make more money.
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416 reads
3. Controlling Your Spending
Society tells you to:
- Spend
- Show off
- Consume
Don't go broke trying to look rich.
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620 reads
8. Paying Off Bad Debt
Credit cards can be a double-edged sword.
- Use credit cards wisely, because they can DRAIN your wealth.
- If you use your credit card, only use it for convenience and NOT to buy things that you can’t actually afford.
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445 reads
7. Building an Emergency Fund
63% of Americans cannot afford a $500 emergency.
That means the average American would have to resort to high-interest credit card debt to pay for surprise expenses.
Do your future self a favor and save 3 to 6 months' worth of living expenses.
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477 reads
15. Choosing Your Partner Carefully
86% of millionaires are married - and 65% are still in their first marriage.
Find someone who is:
- Frugal
- Mindful about money
- Aligned with your financial goals
Find someone with a winning financi...
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431 reads
2. Investing in Yourself
The best investment you can make is in yourself.
How to level up right now:
- Read a book
- Take a course
- Exercise for 30 mins
- Listen more, talk less
- Learn from past mistakes
The highest ROI is when you inv...
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595 reads
6. Tracking Your Money
Assign a purpose to every dollar.
Some examples:
- Business accounts
- Retirement accounts
- Emergency savings fund
- Joint / Individual accounts
Want to be like the pros? Automate the process.
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492 reads
14. Adopting Healthy Financial Habits
It takes about 66 days for a new behavior to become an automatic habit.
Stick to a productive daily routine to build healthy financial habits.
When you build healthy financial habits, you will struggle less in life.
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401 reads
13. Surrounding Yourself with Winners
If you want to be the best, then you have to surround yourself with the best.
Curate a tight-knit circle of high-quality friends and mentors.
Quality over quantity.
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406 reads
9. Starting a Side Hustle
Building a successful side hustle will take:
- Hard work
- Dedication
- Long nights
The reward will be:
- Fulfillment
- Freedom
Time
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450 reads
4. Increasing Your Income
Increase your income by:
- Getting a new job
- Starting a side hustle
- Negotiating for a raise
Give yourself a raise to fast-track your process.
55
583 reads
CURATED FROM
IDEAS CURATED BY
If you don't understand money, you'll never be truly wealthy. Here are 15 money skills everyone should know:
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Other curated ideas on this topic:
Try making a budget
- Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
- You can create a hierarchy of needs and decide which one’s to address first. It’s all about prioritizi...
Measure your expenses
Take a hard look at how much you are spending day to day. Every time you spend money, write it down as it happens in a little notebook or log it into an app.
Alternatively, use the envelope method. Make an envelope for each of your non-fixed expenses, like groceries, clo...
Make a Budget in 6 Simple Steps
- Gather every financial statement you can (bank statements, investment accounts, recent utility bills).
- Record all of your sources of income.
- Create a list of monthly expenses.
- Break expenses into 2 categories: fixed and variable.
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