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What's your money's purpose? No one ever got rich by saving money

Giving Your Money Purpose

  • Know where your money is going and check for invisible leakages.
  • Understand that your current scenario needs to change for the better and you have to get into your dream life.
  • Invest in something worth the time and money, while ensuring it is given an ample amount of time.
  • Be persistent and patient towards your investments.

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What's your money's purpose? No one ever got rich by saving money

What's your money's purpose? No one ever got rich by saving money

https://thinksaveretire.com/saving-money-wont-make-you-rich/

thinksaveretire.com

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Key Ideas

Saving Money May Be Worthless

The mere act of saving money by itself does not make one rich, or wealthy. Saving is not the magic sauce of retiring early and enjoying life to the fullest.

Wealth comes from investing. It is a direct effect of what we do with the money we save. Saving may well be the first step.

Invested Money

Early Retirement can be summed up as:

Money Invested In A Purpose + Our Motivation = True Freedom

The key is to make the money work for you, not you working for money. One has to invest money, not just not spend it and feel as if everything will be taken care of.

Giving Your Money Purpose

  • Know where your money is going and check for invisible leakages.
  • Understand that your current scenario needs to change for the better and you have to get into your dream life.
  • Invest in something worth the time and money, while ensuring it is given an ample amount of time.
  • Be persistent and patient towards your investments.

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Next Level Money

Next Level Money

Our desire to achieve next-level money or to master, control and optimize it, can only be fulfilled by us, and it goes beyond just earning, saving and investing money.

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Automation Of Money

Automation of money will lead to a ‘coasting’ life, but it won’t get one to the next level. While we already know that the goal is to make money work for us, instead of slogging ourselves for earning it, it is not enough to simply save and let the money grow in banks.

One has to be aware of the pitfalls of wastage of money, be able to shun mindless consumerism, and embrace minimalism to move towards that level.

Pushing The Boundaries Of Security and Comfort

One cannot be complacent and run after security and comfort. Longing for a default, peaceful life of status quo will not put one on the track of next-level money.

One has to get to work, piercing the comfort zone bubble and the man-made boundaries that are around us.

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Characteristics Of The Wealthy

  • They live in homes just large enough for their needs and drive used cars.
  • They have affordable interests.
  • They don’t worry about having the highest credit scor...

Rich And Wealthy

By making wealth your priority now, you could be both later. Establish a strong financial foundation that will give you financial security and peace of mind moving forward. 

Living paycheck to paycheck is a guaranteed way not to build wealth.

If you’re just starting on your personal finance journey, it might not be time for you to start acquiring these assets yet.

How To Become Wealthy

  • Investing in stocks is simple if you avoid lucky stock picking. Keeping long-term perspective, invest early, especially in low-cost index funds.
  • Rental properties.
  • Small business ownership.
  • Delaying gratifications.

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Many life transitions happen in your 30's

From moving up in your career to buying a home. Making smart moves with your money during your 30's can help you achieve future financial success.

Focus on percentage of income saved, not the dollar amount

Over the long term, it's not as much about the dollar amount you save, but the percentage of your income that you dedicate to saving and investing. By focusing on percentages, you can ensure you're always saving more as you earn more. 

Spend time tracking your money

Most people react to their finances. The problem with that is that you rely on chance to have enough money in the bank when you actually need it. Be intentional about your money and spend time reviewing and evaluating it. If you don't, you'll never know if you're moving in the right direction or not.

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