In the next 3 months, fix the following financial blunders, and your finances will be better than 99% of people's:
• Not avoiding lifestyle creep
One barrier to becoming wealthy is that people constantly spend more than they earn.
Too many people want to buy things they don't need in order to impress strangers.
They prefer instant gratification and end up with no money at all.
One barrier to becoming wealthy is that people constantly spend more than they earn.
Too many people want to buy things they don't need in order to impress strangers.
They prefer instant gratification and end up with no money at all.
• Having one income stream
You are on the verge of being broke if you only have one source of income.
Your chances of becoming wealthy increase as your revenue sources increase.
Invest in assets that will increase in value to generate extra income (stocks or real estate).
You are on the verge of being broke if you only have one source of income.
Your chances of becoming wealthy increase as your revenue sources increase.
Invest in assets that will increase in value to generate extra income (stocks or real estate).
• Not upgrading your surroundings
Surround yourself with ambitious and driven individuals.
They will inspire you to reach your full potential.
People who don't want to improve should be cut off from your life.
Surround yourself with ambitious and driven individuals.
They will inspire you to reach your full potential.
People who don't want to improve should be cut off from your life.
• Excessive spending
You have a bad habit of spending money as soon as you get paid.
As a result, late payments and fees are incurred.
The majority of wealthy people always live below their means.
A budget can be the answer to spending problems.
You have a bad habit of spending money as soon as you get paid.
As a result, late payments and fees are incurred.
The majority of wealthy people always live below their means.
A budget can be the answer to spending problems.
• Saving too little
People don't understand the value of saving until there is an emergency.
They end up borrowing and falling into a cycle of debt.
Starting an emergency fund and having money in a bank are therefore essential.
Save three to six months of your expenses.
People don't understand the value of saving until there is an emergency.
They end up borrowing and falling into a cycle of debt.
Starting an emergency fund and having money in a bank are therefore essential.
Save three to six months of your expenses.
• Lack of skills
When you have skills that society can't provide, you will create wealth.
Train, learn, and improve to become the best version of yourself.
If you excel at something, opportunities will come your way.
Improving yourself is the most rewarding investment.
When you have skills that society can't provide, you will create wealth.
Train, learn, and improve to become the best version of yourself.
If you excel at something, opportunities will come your way.
Improving yourself is the most rewarding investment.
• Postponing retirement
The longer you delay investing, the more money you will need to have a good nest egg.
If you begin investing at the age of 35, you'll need about $820/mo. to reach $1 million by the age of 65 (7% return).
But if you start at age 25, you'll need $381/mo.
The longer you delay investing, the more money you will need to have a good nest egg.
If you begin investing at the age of 35, you'll need about $820/mo. to reach $1 million by the age of 65 (7% return).
But if you start at age 25, you'll need $381/mo.
• Not investing in yourself
Your ability to increase your earning potential is determined by your knowledge.
You increase your knowledge by investing in your personal development and growth.
Do the following:
• Read
• Find a mentor
• Listen to podcasts
Your ability to increase your earning potential is determined by your knowledge.
You increase your knowledge by investing in your personal development and growth.
Do the following:
• Read
• Find a mentor
• Listen to podcasts
• Accumulating of bad debt
Credit cards are the worst type of debt.
They are very predatory and charge huge interest and fees to borrowers.
If you could avoid it, you would be able to deploy your cash someplace else.
Credit cards are the worst type of debt.
They are very predatory and charge huge interest and fees to borrowers.
If you could avoid it, you would be able to deploy your cash someplace else.
• Always buying new items
There are excellent products available for less than the price of brand-new goods.
Used items often have the best performance and last longer than new items.
You're missing out on savings opportunities if you're constantly looking for new products.
There are excellent products available for less than the price of brand-new goods.
Used items often have the best performance and last longer than new items.
You're missing out on savings opportunities if you're constantly looking for new products.
• Spending too much time on entertainment
How much time do you spend on Netflix, Hulu, or HBO?
You spend all day playing video games.
Your life does not progress because you spend the majority of your time on it.
Your success is determined by how you spend your free time.
How much time do you spend on Netflix, Hulu, or HBO?
You spend all day playing video games.
Your life does not progress because you spend the majority of your time on it.
Your success is determined by how you spend your free time.
• Not reading enough
Successful individuals read constantly. They read for their own growth rather than for entertainment.
Reading is the path to growth, knowledge, and gaining a competitive advantage over other people.
Successful individuals read constantly. They read for their own growth rather than for entertainment.
Reading is the path to growth, knowledge, and gaining a competitive advantage over other people.
• Lack of discipline
One of the most crucial traits to possess in order to be rich is discipline.
Your success is solely dependent on your ability to do things by yourself.
You are not prepared to be rich if you continually depend on other people to push you.
One of the most crucial traits to possess in order to be rich is discipline.
Your success is solely dependent on your ability to do things by yourself.
You are not prepared to be rich if you continually depend on other people to push you.
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I write about:
- Personal Finance
- Investing
- Wealth
Follow me @AccentInvesting to get more tips.
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I write about:
- Personal Finance
- Investing
- Wealth
Follow me @AccentInvesting to get more tips.
Subscribe and get a Free guide on 5 ETFs to hold for life: bit.ly
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