The 25 most important money lessons I know at 35 that I wish I learned at 25:
🧵If you're building wealth in your 20s & 30s, read this to change your mindset on money, and then prioritize these 25 money principles ASAP:
🧵If you're building wealth in your 20s & 30s, read this to change your mindset on money, and then prioritize these 25 money principles ASAP:
Learn to negotiate:
Negotiating is an important skill when it comes to building wealth. Whether you're negotiating a raise at work, the price of a car or the interest rate on a loan, learning to negotiate can help you save money and increase your wealth over time.
Negotiating is an important skill when it comes to building wealth. Whether you're negotiating a raise at work, the price of a car or the interest rate on a loan, learning to negotiate can help you save money and increase your wealth over time.
Invest as early as possible:
Investing early will help you take advantage of compound interest. The earlier you start investing, the more time your money has to grow.
By investing a small amount each month, you'll be able to build wealth and achieve your financial goals.
Investing early will help you take advantage of compound interest. The earlier you start investing, the more time your money has to grow.
By investing a small amount each month, you'll be able to build wealth and achieve your financial goals.
Have an emergency fund:
Unexpected expenses come up at any time and having an emergency fund can provide you with the financial cushion you need to survive those unexpected expenses.
Unexpected expenses come up at any time and having an emergency fund can provide you with the financial cushion you need to survive those unexpected expenses.
Create a budget:
This is the most important step in taking control of your finances. A budget helps you track your income & expenses and identify areas where you can cut back & save.
Creating a budget ensures that you are living within your means & saving enough for retirement.
This is the most important step in taking control of your finances. A budget helps you track your income & expenses and identify areas where you can cut back & save.
Creating a budget ensures that you are living within your means & saving enough for retirement.
Invest in yourself:
Your biggest asset is yourself, so it's important to invest in your own education, skills, and career.
By investing in yourself, you'll be able to increase your earning potential, which can help you achieve your financial goals more quickly.
Your biggest asset is yourself, so it's important to invest in your own education, skills, and career.
By investing in yourself, you'll be able to increase your earning potential, which can help you achieve your financial goals more quickly.
Pay off high-interest debt:
High-interest debt, such as credit card debt, is a major damper on your finances.
By paying off high-interest debt, you'll be able to free up more money each month to put toward your other financial goals.
High-interest debt, such as credit card debt, is a major damper on your finances.
By paying off high-interest debt, you'll be able to free up more money each month to put toward your other financial goals.
Use credit wisely:
Credit can be a powerful tool for building wealth, but it should be used wisely.
Make sure to only borrow what you can afford to repay and be mindful of the interest rates.
Credit can be a powerful tool for building wealth, but it should be used wisely.
Make sure to only borrow what you can afford to repay and be mindful of the interest rates.
Develop multiple income streams:
Having multiple income streams can be a great way to increase your earning potential and build wealth.
This could include starting a side business, renting out a room, or investing in rental properties.
Having multiple income streams can be a great way to increase your earning potential and build wealth.
This could include starting a side business, renting out a room, or investing in rental properties.
Consider the power of passive income:
Passive income is income that you earn without actively working for it. This can include rental income, dividends from stocks, or sales from courses or ebooks.
Building passive income streams can be a great way to increase your wealth.
Passive income is income that you earn without actively working for it. This can include rental income, dividends from stocks, or sales from courses or ebooks.
Building passive income streams can be a great way to increase your wealth.
Avoid lifestyle inflation:
Lifestyle inflation is when you increase your spending as your income increases.
By avoiding lifestyle inflation, you can ensure that you are saving and investing a significant portion of your income, which is crucial for building wealth over time.
Lifestyle inflation is when you increase your spending as your income increases.
By avoiding lifestyle inflation, you can ensure that you are saving and investing a significant portion of your income, which is crucial for building wealth over time.
Live below your means:
One of the most important keys to building wealth is living below your means. This means spending less than you earn, and investing the difference. This allows you to save money and invest in your future, which is the key to building wealth.
One of the most important keys to building wealth is living below your means. This means spending less than you earn, and investing the difference. This allows you to save money and invest in your future, which is the key to building wealth.
Surround yourself with the right people:
Building wealth isn't just about making good financial decisions, it's also about surrounding yourself with the right people, who can provide you with support, guidance, and valuable advice.
Building wealth isn't just about making good financial decisions, it's also about surrounding yourself with the right people, who can provide you with support, guidance, and valuable advice.
Have the right insurance coverage:
Having insurance coverage can protect your assets and safeguard your income, in case of unexpected events.
Having appropriate insurance coverage for health, life, auto, home, and liability, will give you peace of mind and protect you.
Having insurance coverage can protect your assets and safeguard your income, in case of unexpected events.
Having appropriate insurance coverage for health, life, auto, home, and liability, will give you peace of mind and protect you.
Use the power of financial planning:
Financial planning is the process of setting financial goals, creating a plan to achieve them and managing your money to meet those goals.
A good financial plan can help you set realistic goals and make better financial decisions.
Financial planning is the process of setting financial goals, creating a plan to achieve them and managing your money to meet those goals.
A good financial plan can help you set realistic goals and make better financial decisions.
Learn about and use the power of real estate investing:
Real estate investing can be a great way to build wealth over time.
By investing in rental properties, you can earn passive income and benefit from the long-term appreciation of the property.
Real estate investing can be a great way to build wealth over time.
By investing in rental properties, you can earn passive income and benefit from the long-term appreciation of the property.
Power of tax-loss harvesting:
Tax-loss harvesting is a strategy that involves selling investments that have decreased in value, in order to offset any taxes that you may owe on other investments that have increased in value.
This can help you reduce your overall tax bill.
Tax-loss harvesting is a strategy that involves selling investments that have decreased in value, in order to offset any taxes that you may owe on other investments that have increased in value.
This can help you reduce your overall tax bill.
Use tax-advantaged investment accounts:
Tax-advantaged investment accounts such as 401(k)s, IRAs, and health savings accounts (HSAs) can help you save on taxes and grow your wealth more quickly.
Tax-advantaged investment accounts such as 401(k)s, IRAs, and health savings accounts (HSAs) can help you save on taxes and grow your wealth more quickly.
Dollar-cost averaging:
Dollar-cost averaging is a strategy that involves investing a fixed amount of money at regular intervals, regardless of the price of the investment.
This strategy can help you avoid market timing.
Dollar-cost averaging is a strategy that involves investing a fixed amount of money at regular intervals, regardless of the price of the investment.
This strategy can help you avoid market timing.
Avoid trying to time the market:
Timing the market is a difficult, if not impossible, task. Instead of trying to time the market, focus on long-term investment strategies and dollar-cost averaging.
Timing the market is a difficult, if not impossible, task. Instead of trying to time the market, focus on long-term investment strategies and dollar-cost averaging.
Keep your emotions in check:
Building wealth requires discipline and patience, and it can be easy to let your emotions get in the way of your financial goals.
Keep your emotions in check, and don't let fear or greed drive your financial decisions.
Building wealth requires discipline and patience, and it can be easy to let your emotions get in the way of your financial goals.
Keep your emotions in check, and don't let fear or greed drive your financial decisions.
The power of options trading:
Option trading allows you to speculate on the future price movements of a stock.
This is a high-risk and high-reward strategy, and it's important to have a good understanding of the risks and rewards before getting involved.
Option trading allows you to speculate on the future price movements of a stock.
This is a high-risk and high-reward strategy, and it's important to have a good understanding of the risks and rewards before getting involved.
Be mindful of fees:
Fees can eat away at your returns, especially over time. Be mindful of the fees associated with investments and take steps to minimize them.
Fees can eat away at your returns, especially over time. Be mindful of the fees associated with investments and take steps to minimize them.
Taking control of your finances can be difficult, but it is worth the effort.
With a plan in place and the right mindset, you can achieve your financial goals and build wealth.
Be patient and consistent, it's a journey worth taking.
With a plan in place and the right mindset, you can achieve your financial goals and build wealth.
Be patient and consistent, it's a journey worth taking.
Personal finance is an essential aspect of achieving financial stability and building wealth.
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If you found this thread helpful:
• Follow me @FluentInFinance
•🔁RT the FIRST tweet
• Sign-up for my FREE newsletter to learn to master your money: FluentInFinance.Substack.com!
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