Self-improvement
Finance
Personal Development
Investing
Investment
Self-help
Personal Finance
Wealth Management
Frugality
Money Management
These 13 money lessons took me 7 years to learn
I’ll teach you them in less than 3 minutes:
I’ll teach you them in less than 3 minutes:
1. Keeping Up with the Joneses is a Losing Battle
Don’t buy stuff just to impress others.
Others probably don’t even care.
Harsh Truth: People with flashy things are likely in debt.
Invest in assets, not liabilities.
Don’t buy stuff just to impress others.
Others probably don’t even care.
Harsh Truth: People with flashy things are likely in debt.
Invest in assets, not liabilities.
2. Reset Your Brain
Becoming wealthy is a mindset.
You can earn $300,000 and still be poor.
To become wealthy you need to:
- Invest
- Live frugally
- Automate savings
Every penny counts when you’re building wealth.
Becoming wealthy is a mindset.
You can earn $300,000 and still be poor.
To become wealthy you need to:
- Invest
- Live frugally
- Automate savings
Every penny counts when you’re building wealth.
3. Learn About Money ASAP
Financial literacy costs Americans $352 billion each year.
The earlier you learn about money the faster you’ll build wealth.
Learn about:
-Risk tolerance
-Compound interest
-Asset diversification
Understand how money works and you’ll get rich fast.
Financial literacy costs Americans $352 billion each year.
The earlier you learn about money the faster you’ll build wealth.
Learn about:
-Risk tolerance
-Compound interest
-Asset diversification
Understand how money works and you’ll get rich fast.
- Recommendation:
Want to build wealth fast?
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Want to build wealth fast?
Join 10,000+ readers that get my weekly financial tips and tricks via email 👇 themillennialmoneywoman.com
4. Find the Right Friends
You are the average of the 5 people you hang out with.
You'll see that you:
- Think the same thoughts
- Have the same goals
- Lead similar lives
People can either inspire you or drain you.
Choose wisely.
You are the average of the 5 people you hang out with.
You'll see that you:
- Think the same thoughts
- Have the same goals
- Lead similar lives
People can either inspire you or drain you.
Choose wisely.
5. Start a Side Business
66% of millionaires own their own business.
You can earn money with anything:
- Blogging
- Flipping items
- Creating courses
- Freelance writing
- Managing social media
Live without limits.
Build a lasting empire today.
66% of millionaires own their own business.
You can earn money with anything:
- Blogging
- Flipping items
- Creating courses
- Freelance writing
- Managing social media
Live without limits.
Build a lasting empire today.
6. Stay Away from Credit Card Debt
47% of American adults carry credit card debt.
Why credit card debt is bad:
- Increased stress
- Lowers credit score
- Decreased cash flow
- Pay extra fees & charges
"If you use a credit card, you don't want to be rich" - Mark Cuban
47% of American adults carry credit card debt.
Why credit card debt is bad:
- Increased stress
- Lowers credit score
- Decreased cash flow
- Pay extra fees & charges
"If you use a credit card, you don't want to be rich" - Mark Cuban
7. Take Some Risk
In your 20s and 30s, you have the time and ability to take risks in life that you usually cannot afford when you're older.
Take calculated risks in:
- Starting a business
- Learning something new
- Moving somewhere different
No risk, no gain.
In your 20s and 30s, you have the time and ability to take risks in life that you usually cannot afford when you're older.
Take calculated risks in:
- Starting a business
- Learning something new
- Moving somewhere different
No risk, no gain.
8. Exercise
76% of millionaires exercise 30 mins daily.
Exercise gives you:
- Better judgment
- Better mental health
- Better physical health
- Better critical thinking
- Better learning retention
You can't enjoy your wealth if you're in bad health.
76% of millionaires exercise 30 mins daily.
Exercise gives you:
- Better judgment
- Better mental health
- Better physical health
- Better critical thinking
- Better learning retention
You can't enjoy your wealth if you're in bad health.
9. Find a Quality Mentor
86% of Millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
Find these successful people and learn from them.
Chances are, you’ll go where they go.
86% of Millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
Find these successful people and learn from them.
Chances are, you’ll go where they go.
10. Experiences Over Possessions
Material things lose their shine.
Experiences and memories last forever.
Buy experiences to create a fulfilled life.
Material things lose their shine.
Experiences and memories last forever.
Buy experiences to create a fulfilled life.
11. Don’t Just Save
Saving won’t help you beat inflation.
After you’ve finished saving for your emergency savings fund, start investing.
Use your money to make more money.
Saving won’t help you beat inflation.
After you’ve finished saving for your emergency savings fund, start investing.
Use your money to make more money.
12. Build Multiple Income Streams
The average millionaire has 7 income streams.
They could include:
- Royalties
- Capital gains
- Rental income
- Interest income
- Business income
- Dividend income
Don't put all your eggs in 1 basket.
Diversify your income today.
The average millionaire has 7 income streams.
They could include:
- Royalties
- Capital gains
- Rental income
- Interest income
- Business income
- Dividend income
Don't put all your eggs in 1 basket.
Diversify your income today.
13. Read Daily
85% of millionaires read 2+ books per month.
Books offer advice on:
- Personal development
- Entrepreneurship
- Investments
- Business
- Family
- Life
If you want to succeed, you have to read.
85% of millionaires read 2+ books per month.
Books offer advice on:
- Personal development
- Entrepreneurship
- Investments
- Business
- Family
- Life
If you want to succeed, you have to read.
Thanks for reading!
If you enjoyed this thread:
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This account exists to help you build a better financial future.
If you enjoyed this thread:
- RT the first tweet
- Follow me: @The_MMW
This account exists to help you build a better financial future.
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