These money rules should make you a millionaire before age 35...
1. Before spending money, wait 24 hours and ask: do I still want it? If you do, go ahead and buy it. This will save you from a lot of impulse purchases.
2. Have at least five times your gross salary in term life insurance
3. Value time over money and experience over things.
4. Save for retirement first, then your childrenβs education.
5. You should save at least 15% of your income for retirement.
6. Your home payment (mortgage, interest, insurance) should cost less than 25% of your monthly income.
7. Avoid high-interest debt. If you have it, use the avalanche or snowball method to pay it off (googlable).
8. Put all, or a large percentage, of your raises into saving and investing. This helps avoid lifestyle inflation.
9. Budget using the 50/30/20 rule.
β’ 20% towards saving/investing
β’ 30% for wants
β’ 50% for needs
This is the bare minimum.
β’ 20% towards saving/investing
β’ 30% for wants
β’ 50% for needs
This is the bare minimum.
10. Keep a 6-month emergency fund.
If you have multiple streams of income, you can go as low as 3 months.
If starting out on your own, you could need as much as 12 months.
If you have multiple streams of income, you can go as low as 3 months.
If starting out on your own, you could need as much as 12 months.
11. Pay yourself first. As soon as you get paid, put money into savings. Automating this is even better.
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