Master these 12 money skills by age 30 to become wealthy:
1. Pay yourself first
At the beginning of the month, pay yourself first before you do any other spending.
This allows you to prioritize your long-term financial well-being.
At the beginning of the month, pay yourself first before you do any other spending.
This allows you to prioritize your long-term financial well-being.
2. Your network is your net worth
If you're the smartest person in the room, you're in the wrong room.
Surround yourself with smart, ambitious people and you can't help but become wiser.
If you're the smartest person in the room, you're in the wrong room.
Surround yourself with smart, ambitious people and you can't help but become wiser.
3. Buy assets
If you aren't making money while you sleep, you'll work until you die.
Always have multiple sources of income.
If you aren't making money while you sleep, you'll work until you die.
Always have multiple sources of income.
4. Don't keep up with the Joneses
Stop buying things you don't need with money you don't have to impress people you don't like.
True wealth is having time to spend time with your loved ones.
Stop buying things you don't need with money you don't have to impress people you don't like.
True wealth is having time to spend time with your loved ones.
5. Budget
By prioritizing your spending, it is difficult to buy unnecessary things.
Only spend money on things that make you happy.
By prioritizing your spending, it is difficult to buy unnecessary things.
Only spend money on things that make you happy.
6. Learn new skills
The more you learn, the more you'll earn.
The more skills you have, the higher your earnings potential.
The more you learn, the more you'll earn.
The more skills you have, the higher your earnings potential.
7. Avoid lifestyle inflation
Don't spend proportionally more when you earn more.
Prefer financial freedom over possessions.
Don't spend proportionally more when you earn more.
Prefer financial freedom over possessions.
8. Know your finances
Track your income and expenses.
You can calculate your savings rate as follows: (income - expenses)/income
The higher your savings rate, the better.
Track your income and expenses.
You can calculate your savings rate as follows: (income - expenses)/income
The higher your savings rate, the better.
9. Let your money work for you
Invest at least 10% of your income in stocks every single month.
When you invest $500 per month for 40 years at 7% per year, you'll end with almost $1.8 million.
Invest at least 10% of your income in stocks every single month.
When you invest $500 per month for 40 years at 7% per year, you'll end with almost $1.8 million.
10. Marry right
Who you marry with is one of the most important decisions in your life.
Make sure that you're both on the same page regarding your finances.
Who you marry with is one of the most important decisions in your life.
Make sure that you're both on the same page regarding your finances.
11. Pay off your debt
Once you get into debt, it's hell to get out.
Don't let credit card debt carry over.
Once you get into debt, it's hell to get out.
Don't let credit card debt carry over.
12. Invest in yourself
An investment in knowledge pays the best interest.
The most successful people in life are learning machines.
An investment in knowledge pays the best interest.
The most successful people in life are learning machines.
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βͺοΈ Each Tuesday we share 5 investment insights
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Start your journey here:
qualitycompounding.substack.com
βͺοΈ Each Tuesday we share 5 investment insights
βͺοΈ Each Thursday we publish a deeper investment article
Start your journey here:
qualitycompounding.substack.com
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