I've studied Finance for 11,923 hours so you don’t have to.
These are the 7 BIGGEST mistakes you need to avoid:
These are the 7 BIGGEST mistakes you need to avoid:
1. Comparing yourself to others
Stop looking at how rich someone else is...
You don't know their background.
Instead, focus on your own path to wealth:
- Set goals
- Track progress
- Review your results
Comparison is the thief of joy.
Stop looking at how rich someone else is...
You don't know their background.
Instead, focus on your own path to wealth:
- Set goals
- Track progress
- Review your results
Comparison is the thief of joy.
2. Being penny wise and pound foolish
Don't save pennies by buying:
- Cheap food
- Cheap education
- Cheap financial advisors
Sometimes it's better to spend a little more money today because you'll save $1,000's in the future.
Everything has an opportunity cost.
Don't save pennies by buying:
- Cheap food
- Cheap education
- Cheap financial advisors
Sometimes it's better to spend a little more money today because you'll save $1,000's in the future.
Everything has an opportunity cost.
3. Loaning money to friends
Over 50% of friendships end because of money.
Here's why you should never loan money to friends:
- You may need the money
- You probably won't get paid back
- Asking for repayments is awkward
Like water and vinegar, friends and money don't mix.
Over 50% of friendships end because of money.
Here's why you should never loan money to friends:
- You may need the money
- You probably won't get paid back
- Asking for repayments is awkward
Like water and vinegar, friends and money don't mix.
- Recommended:
If you're interested in building your wealth, then join my free newsletter.
I write an email to 25,000+ people every Saturday where I share the secrets to building wealth.
You can sign up here: themillennialmoneywoman.com
If you're interested in building your wealth, then join my free newsletter.
I write an email to 25,000+ people every Saturday where I share the secrets to building wealth.
You can sign up here: themillennialmoneywoman.com
4. Decreasing spending and not increasing income
Decreasing spending is limited.
Increasing income is unlimited.
How to increase income:
- Switch jobs
- Start a side hustle
- Take a second job
Focus on growing your income.
Decreasing spending is limited.
Increasing income is unlimited.
How to increase income:
- Switch jobs
- Start a side hustle
- Take a second job
Focus on growing your income.
5. Not negotiating salary
70% of managers expect you to negotiate your salary.
They will wait for you to make the first move.
How to negotiate your salary:
- Have a plan
- Know your value
- Demonstrate your wins
Never accept your starting offer, always aim for more.
70% of managers expect you to negotiate your salary.
They will wait for you to make the first move.
How to negotiate your salary:
- Have a plan
- Know your value
- Demonstrate your wins
Never accept your starting offer, always aim for more.
6. Buying too much living space
New home prices increased by 106% over the last 2 decades.
Living space is 2x larger per person.
Yet, people spend most of their time in:
- The kitchen
- The bedroom
- The family room
Don't waste money on space you don't need.
New home prices increased by 106% over the last 2 decades.
Living space is 2x larger per person.
Yet, people spend most of their time in:
- The kitchen
- The bedroom
- The family room
Don't waste money on space you don't need.
7. Looking for a get-rich-quick scheme
There is no such thing as a "get-rich-quick" scheme.
Build wealth by:
- Using index funds
- Consistently investing
- Investing for the long-term
Reminder: You won't achieve overnight results.
There is no such thing as a "get-rich-quick" scheme.
Build wealth by:
- Using index funds
- Consistently investing
- Investing for the long-term
Reminder: You won't achieve overnight results.
Thanks for reading!
If you enjoyed this thread:
1. Retweet the first tweet
2. Follow me: @The_MMW
This account exists to help you build a better financial future.
If you enjoyed this thread:
1. Retweet the first tweet
2. Follow me: @The_MMW
This account exists to help you build a better financial future.
Loading suggestions...