7 simple tips for building wealth while you’re young:
1) Create a budget
Knowing where your money is going and why is the first step in building wealth.
This will help you to not spend more than you’re making.
You can cut back on unnecessary expenses and prioritize saving and investing.
Knowing where your money is going and why is the first step in building wealth.
This will help you to not spend more than you’re making.
You can cut back on unnecessary expenses and prioritize saving and investing.
2) Build An Emergency Fund
You need to save enough money to cover 4-8 months of expenses.
This is ensures you have the money to cover any unexpected expenses in life such as medical bills or car maintenance.
Hold these savings in an HYSA account to protect against inflation.
You need to save enough money to cover 4-8 months of expenses.
This is ensures you have the money to cover any unexpected expenses in life such as medical bills or car maintenance.
Hold these savings in an HYSA account to protect against inflation.
3) Avoid Debt
High-interest debt (such as credit card debt) is a trap that will keep your financially stuck.
If you’re already in debt, make a plan to pay it off as quickly as possible.
High-interest debt drastically affects your ability to build wealth.
High-interest debt (such as credit card debt) is a trap that will keep your financially stuck.
If you’re already in debt, make a plan to pay it off as quickly as possible.
High-interest debt drastically affects your ability to build wealth.
4) Start a Retirement Account
Investing for your retirement as early as possible is one of the best things you could do for yourself.
I recommend looking into a Traditional or Roth IRA.
Compound interest can work wonders over time.
Investing for your retirement as early as possible is one of the best things you could do for yourself.
I recommend looking into a Traditional or Roth IRA.
Compound interest can work wonders over time.
5) Take Advantage of Employer Benefits
If your employer offers benefits such as a 401(k) match or tuition reimbursement, take full advantage of them.
That’s free extra money being left on the table if you don’t.
If your employer offers benefits such as a 401(k) match or tuition reimbursement, take full advantage of them.
That’s free extra money being left on the table if you don’t.
6) Live Below Your Means
Resist the urge to keep up with other people’s spending habits.
Spend less than you earn and invest the rest into assets that will pay you.
Resist the urge to keep up with other people’s spending habits.
Spend less than you earn and invest the rest into assets that will pay you.
7) Educate Yourself
Take the time to actually learn the basics of topics like personal finance, compound interest, and investing.
Read books, listen to podcasts, watch YouTube videos, etc.
The knowledge is out there, you’ve just got to be eager enough to go find it.
Take the time to actually learn the basics of topics like personal finance, compound interest, and investing.
Read books, listen to podcasts, watch YouTube videos, etc.
The knowledge is out there, you’ve just got to be eager enough to go find it.
School didn’t teach you this stuff, but I will! If you found this thread helpful then:
• Follow me @LTI_finance
• Like and Retweet the first tweet
• Follow me @LTI_finance
• Like and Retweet the first tweet
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