30 financial tips to make money more abundant:
1) If you spend more than you earn, you'll eventually go broke.
2) Currencies lose value over time. They should be spent, either on goods or assets, as soon as possible.
3) In the short term, cash is king. Over the long term, assets are king.
2) Currencies lose value over time. They should be spent, either on goods or assets, as soon as possible.
3) In the short term, cash is king. Over the long term, assets are king.
4) A sunk cost is an investment of time or money in the past. Sunk costs should NEVER stop you from pursuing something new.
5) Opportunity cost is profit lost when you take on one opportunity over another. Consider it for EVERY decision you make.
5) Opportunity cost is profit lost when you take on one opportunity over another. Consider it for EVERY decision you make.
6) If you don't manage your money, your money will manage you.
7) Even if you save small amounts, over time they will add up.
8) Time is your ONLY finite resource - everything else is abundant.
9) Buying index funds is one of the easiest ways to build wealth.
7) Even if you save small amounts, over time they will add up.
8) Time is your ONLY finite resource - everything else is abundant.
9) Buying index funds is one of the easiest ways to build wealth.
10) Increase your income, decrease your expenses, and invest the difference.
11) Divide the return on an investment by 72 to find out how long (in years) it will take to double your money.
12) Taking bigger risks doesn't always lead to bigger rewards.
11) Divide the return on an investment by 72 to find out how long (in years) it will take to double your money.
12) Taking bigger risks doesn't always lead to bigger rewards.
13) Taking NO risks will lead to regrets later in life.
14) Without a budget, you might be spending your money recklessly without realizing it.
15) Build multiple sources of income, so getting fired from one doesn't lead to bankruptcy.
14) Without a budget, you might be spending your money recklessly without realizing it.
15) Build multiple sources of income, so getting fired from one doesn't lead to bankruptcy.
16) Banks are not trying to help you - find out how they make money, AND DON'T DO THOSE THINGS!
17) Your primary home is NOT an investment.
18) The younger you are when you understand how money works, the longer you can make money work for you.
17) Your primary home is NOT an investment.
18) The younger you are when you understand how money works, the longer you can make money work for you.
19) Good debt benefits you financially (eg. money borrowed to invest). Bad debt hurts you financially (eg. money borrowed to buy brand new luxury cars).
20) The 50/30/20 budget splits your income into 3 buckets: 50% into necessities, 30% into wants, and 20% into savings.
20) The 50/30/20 budget splits your income into 3 buckets: 50% into necessities, 30% into wants, and 20% into savings.
21) If you borrow money, it means you'll have to reduce consumption in the future to pay it back.
22) Buying a home is not always better than renting. Run the numbers for yourself.
23) Personal finance is never black and white.
24) Every investment can go to 0.
22) Buying a home is not always better than renting. Run the numbers for yourself.
23) Personal finance is never black and white.
24) Every investment can go to 0.
25) The rich don't exchange their time for money. They buy assets to earn money for them.
26) The US owes $31 Trillion in debt to individuals and other countries.
27) Inflation will never go away, so you need to find a way to ensure that your money isn't losing value.
26) The US owes $31 Trillion in debt to individuals and other countries.
27) Inflation will never go away, so you need to find a way to ensure that your money isn't losing value.
28) An emergency fund turns an emergency into a minor inconvenience.
29) Money is a tool, and having more should never be your goal in life. Use it to design your life the way you want.
30) Paper money is not "money" - it's debt backed by an asset or faith in a government.
29) Money is a tool, and having more should never be your goal in life. Use it to design your life the way you want.
30) Paper money is not "money" - it's debt backed by an asset or faith in a government.
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Thanks for reading!
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