I Will Teach You To Be Rich
5 Life-changing lessons in building wealth
// THREAD
5 Life-changing lessons in building wealth
// THREAD
1. Optimise Your Credit Cards
Credit cards get a bad rap as being the worst financial decision you'll ever make
But use them correctly, and they can be worth thousands of dollars in benefits.
Many offer rewards points that can be used towards travel, shopping, or cashback...
Credit cards get a bad rap as being the worst financial decision you'll ever make
But use them correctly, and they can be worth thousands of dollars in benefits.
Many offer rewards points that can be used towards travel, shopping, or cashback...
The trick is to use them wisely
Use them for everyday expenses such as groceries and fuel and then clear the balance immediately from your checking account.
Use them this way and you get all of the benefits and avoid all of the interest payments
Use them for everyday expenses such as groceries and fuel and then clear the balance immediately from your checking account.
Use them this way and you get all of the benefits and avoid all of the interest payments
2. Spread your accounts between different banks
The message from the book is that having your savings accounts and checking account with different banks will make you less likely to transfer funds out of your savings
This is a good idea for your emergency fund
Plus...
The message from the book is that having your savings accounts and checking account with different banks will make you less likely to transfer funds out of your savings
This is a good idea for your emergency fund
Plus...
You might find that the best checking account with the best benefits and terms is not offered by the same bank which offers the best savings rate for your emergency fund
Do a little research and move your money so it's getting optimal treatment
Do a little research and move your money so it's getting optimal treatment
3. Some successes don't need to be shared
Once you become more successful, sharing how much money you have in assets could potentially rub people off the wrong way
This shouldn't matter, but money makes people act weird. Especially when it comes to jealousy
Be mindful
Once you become more successful, sharing how much money you have in assets could potentially rub people off the wrong way
This shouldn't matter, but money makes people act weird. Especially when it comes to jealousy
Be mindful
4. Don't live in your spreadsheet
I'm guilty of this
Try not to obsess too much about the numbers. Spend less time playing around with compound interest calculators, checking your balances and daily portfolio performance
And start living outside your spreadsheet
Cont
I'm guilty of this
Try not to obsess too much about the numbers. Spend less time playing around with compound interest calculators, checking your balances and daily portfolio performance
And start living outside your spreadsheet
Cont
Tracking your finances is merely a means to an end
It doesn't make sense to deprive yourself for the sake of building wealth
Use money as a tool to live a fulfilling life
This means enjoying new experiences, having new experiences, and giving back to society
It doesn't make sense to deprive yourself for the sake of building wealth
Use money as a tool to live a fulfilling life
This means enjoying new experiences, having new experiences, and giving back to society
The tool you use needn't be complicated
Find one that automates the process & takes a few minutes to update each month
Something that provides a snapshot of your finances and shows how your decisions impact your net worth each month
Here's a FREE one 👇
financiallysavvy.gumroad.com
Find one that automates the process & takes a few minutes to update each month
Something that provides a snapshot of your finances and shows how your decisions impact your net worth each month
Here's a FREE one 👇
financiallysavvy.gumroad.com
5. Define what becoming wealthy means to you - beyond just 'money'
Becoming "richer" might imply focusing purely on the numbers
But money is just a small part of being rich.
You must figure out your 'why'
The driving factor that will get you to achieve your goal
Cont
Becoming "richer" might imply focusing purely on the numbers
But money is just a small part of being rich.
You must figure out your 'why'
The driving factor that will get you to achieve your goal
Cont
It could be time & location freedom for you and your family
Along the way, be conscious and ensure you're spending on what you enjoy and what's important to you
Don't be afraid to be different.
Figure out what matters to you, however that looks, and make this your focus
Along the way, be conscious and ensure you're spending on what you enjoy and what's important to you
Don't be afraid to be different.
Figure out what matters to you, however that looks, and make this your focus
If you found this helpful, please:
- Retweet the original tweet
- Follow @FiSavvy
I'll show you how to manage & invest your money so your 9-5 becomes optional
- Retweet the original tweet
- Follow @FiSavvy
I'll show you how to manage & invest your money so your 9-5 becomes optional
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