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Next Level Money, Next Level Life | Take Your Money To The Next Level
The Pursuit Of Life
Next-Level Money is not about money, but the freedom, opportunities and the extra time you get to enjoy life. Next-Level Money buys you a Next-Level life.
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Key Ideas
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.
Many of us try to find financial advice in blogs and books, hoping that the other person who has no clue who we are will somehow provide us with all the tools to get rich.
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.
Calculated Risks
Playing safe is easy, as we live in a fear-based world. This attitude prevents us from growing, taking any risk and to really live our lives. Taking strategic, calculated risks ups your odds to reach next-level money.
- Plan ahead and strategize, weighing your options and evaluating the implications.
- Do a SWOT (Strengths, weaknesses, opportunities, threats) analysis on the planned action.
- Develop a set of principles and guidelines to help you make the right decisions.
Say No To Everything
To attain next level, you have to only do things that push you towards it, and say a blanket ‘no’ to almost everything else. You cannot ride your cart in three different directions at the same time.
Most people around us are after our attention, our time and our money. The never-ending obligations and the things we have to do keep us engaged all day.
The Pursuit Of Life
Next-Level Money is not about money, but the freedom, opportunities and the extra time you get to enjoy life. Next-Level Money buys you a Next-Level life.
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The snowball debt method
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The avalanche debt method
In the debt avalanche method, you pay your debts from the highest interest rate to the lowest interest rate, regardless of balance.
You will pay less in interest if you pay off your debts in this order. You will also pay it off faster.
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The supporters of the two methods are both enthusiastic about which one to use. However, it barely matters which system you use. The best approach is the one that keeps you motivated.
Make the minimum payments on all of your debt. Then, focus on one debt that bothers you the most and put every dollar you can towards it until it is gone. Then move on to the next debt.
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Key Ideas
Declutter Your World
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Regular monthly bills
The bulk of your budget is made up of necessities like rent, phone and internet bills, insurance, etc. If you can lower your monthly expenses, you can save a lot for unplanned events.
Debt when you're on a tight budget
There are a couple of paths you can take to pay off your high-interest debt when you're on a tight budget.
- The snowball method. For those who need to see progress, pay off the lowest balance first. You'll feel inspired to keep going.
- The avalanche method. Choose the debt with the highest interest rate to pay off first. This may require larger monthly payments and will take longer to see progress, but you will save the most money in the long run.
- If you need to prioritize your credit score, focus on paying down your credit cards first. Paying the ones you are near to maxing out will improve your score quickly by a few points.
- Set up payment plans, even if you can only afford a few dollars at a time. That way, your lenders can see you're paying something.
Incorporate unplanned entertainment in your budget
Financial professionals will advise you to cut out expensive nights out. In truth, you will have night's out, even when you're dirt poor.
To incorporate unplanned entertainment, set aside an amount each month. Be realistic. You can open another savings account for fun spending or you can use cash only.
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