Keep reading for FREE
Everyone should have a back-of-the-envelope idea about where their net worth (assets – liabilities) stands.
Before knowing where you want to go you have to know where you are.
Saving and/or cutting back is a great way to get ahead, but it’s an incomplete strategy if you’re not trying to earn more by enhancing your career.
Too many people are stuck in the mindset that there’s nothing they can do to get a better job, take on more responsibilities or earn a higher salary. That’s nonsense.
You have to have liquid assets to take care of things when life inevitably gets in the way.
Most of the time these “emergencies” are things you should plan on happening periodically.
Everyone should try to do their own taxes at least once just to understand how it all works.
It can be maddeningly complicated, but it can help you save money over time if you know where to look. Take advantage of as many tax breaks as you can and always understand your personal tax situation.
If you want to understand your priorities gain control of your finances, look at where you spend money each month.
The goal is to spend money on things that are important to you but cut back everywhere else. And if you pay yourself first you don’t have to worry about budgeting, you just spend whatever’s left over.
Having a high salary does not automatically make you rich; having a low salary does not automatically make you poor.
Your net worth is more important than how much money you make. It’s amazing how many people don’t realize this simple truth. All that matters is how much you save out of your salary.
Carrying credit card debt is a great way to negatively compound your net worth. But credit itself is important.
Likely the biggest expense over your lifetime will be interest costs on your mortgage, car loans, student loans, etc. Having a solid credit score can save you tens of thousands of dollars by lowering your borrowing costs. So use credit cards, but always pay off the balance each month.
....not within your means.
The only way to get ahead financially is to stay behind your own earnings power.
This is a huge personal finance margin of safety item. Just remember that insurance is about protecting wealth, not building it.
...instead of thinking about retirement. The goal shouldn’t be about making it to a certain age so you can ride off into the sunset, but rather getting to the point where you don’t have to worry about money anymore.
Pay yourself first is such simple advice, but so few people do this.
The best investment decision you can make is setting a high savings rate because it gives you a huge margin of safety in life.
MORE LIKE THIS
Ready for the next level?
Read Like a Pro
Explore the World’s
Take Your Ideas
Just press play and we take care of the words.
No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.
2 Million Stashers
Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.
Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.
Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.
This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!
Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.
Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.
I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!
Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.
Read & Learn
Access to 200,000+ ideas
Access to the mobile app
Unlimited idea saving & library
Unlimited listening to ideas
Downloading & offline access
Claim Your Limited Offer
Get Deepstash Pro
75% OFF | 1-Year Pro Subscription