Teaching children about money should be part of parenting because schools won't do it.
If you want to become the first millionaire in your family, here are 20 tips everyone should know about money:
If you want to become the first millionaire in your family, here are 20 tips everyone should know about money:
1/ The best way to become financially free is to become financially literate.
Educate yourself on finance and your wealth will grow in abundance. The wealthy invest in these 4 assets:
• Stocks
• Real estate
• Businesses
• Self-education/Self-improvement
Use money as a tool
Educate yourself on finance and your wealth will grow in abundance. The wealthy invest in these 4 assets:
• Stocks
• Real estate
• Businesses
• Self-education/Self-improvement
Use money as a tool
2/ Consider opportunity costs when making purchases. If you make $20/ hour:
• A night out isn't $300, it's 15 hours of your time (or 2 days of work)
• A car isn't $50,000, it's 2,500 hours of your time (or 357 days of work)
Time is your most valuable asset, use it wisely
• A night out isn't $300, it's 15 hours of your time (or 2 days of work)
• A car isn't $50,000, it's 2,500 hours of your time (or 357 days of work)
Time is your most valuable asset, use it wisely
3/ Surround yourself with the right network:
I used to think making $1 million in a year was impossible until I started hanging out with people making $10 million a year.
Once you change the way you see things, the things you see will start to change.
Wealth is a mindset.
I used to think making $1 million in a year was impossible until I started hanging out with people making $10 million a year.
Once you change the way you see things, the things you see will start to change.
Wealth is a mindset.
4/ Who you choose to marry will be the biggest financial decision of your life.
A mistake can cost thousands, including time, peace, and legal fees.
The right decision will help you reach your highest potential and live a happy and fulfilling life.
A mistake can cost thousands, including time, peace, and legal fees.
The right decision will help you reach your highest potential and live a happy and fulfilling life.
5/ Avoid lifestyle inflation:
Lifestyle inflation is when you increase your spending as your income increases.
By avoiding it, you ensure you're investing enough of your income over time, which is crucial for building wealth.
Making more money won't fix bad spending habits.
Lifestyle inflation is when you increase your spending as your income increases.
By avoiding it, you ensure you're investing enough of your income over time, which is crucial for building wealth.
Making more money won't fix bad spending habits.
6/ The reality of 9 to 5 jobs:
A 9 to 5 job can provide reliable income but it's unlikely to make you very wealthy.
Those who create significant wealth have multiple streams of income, such as investments in real estate, stocks or businesses.
Money is a tool for the wealthy.
A 9 to 5 job can provide reliable income but it's unlikely to make you very wealthy.
Those who create significant wealth have multiple streams of income, such as investments in real estate, stocks or businesses.
Money is a tool for the wealthy.
7/ If you don't know where to start investing, buy an Index Fund that tracks the S&P 500.
You can have over $1.3 million when you are 60 if you invest $100 a week ($400 a month) into an S&P 500 index fund at 25, which historically earns about 11% ear year, on average.
You can have over $1.3 million when you are 60 if you invest $100 a week ($400 a month) into an S&P 500 index fund at 25, which historically earns about 11% ear year, on average.
8/ Health is wealth:
Medical bills can be an expensive financial burden, so focus on healthy habits to prevent future health issues that lead to high medical bills.
Prioritize your health with proper nutrition & exercise which can save you thousands later on in life.
Medical bills can be an expensive financial burden, so focus on healthy habits to prevent future health issues that lead to high medical bills.
Prioritize your health with proper nutrition & exercise which can save you thousands later on in life.
9/ A car is a depreciating asset (a new car loses ~20% of its value the minute it's driven off the lot)
Don't overspend on an expensive car, just to drive it to a job you hate.
If your car payment is higher than your credit score, you don't need it.
Don't overspend on an expensive car, just to drive it to a job you hate.
If your car payment is higher than your credit score, you don't need it.
10/ 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.
11/ The power of passive income:
Passive income is income you earn without actively working for it. This includes rental income, dividends from stocks, or sales from courses or ebooks.
Use your salary to invest in passive income, so that passive income replaces your salary.
Passive income is income you earn without actively working for it. This includes rental income, dividends from stocks, or sales from courses or ebooks.
Use your salary to invest in passive income, so that passive income replaces your salary.
12/ Learn to negotiate:
Negotiating is the most 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 the most 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.
13/ Compound interest is the best money hack:
By reinvesting your returns, your money grows at an exponential rate, rather than just a linear rate.
Compounding interest is the process of earning interest on both the original investment and the accumulated interest over time.
By reinvesting your returns, your money grows at an exponential rate, rather than just a linear rate.
Compounding interest is the process of earning interest on both the original investment and the accumulated interest over time.
14/ Recognize lifestyle creep
Making more money won't fix poor spending habits.
Just because you start making more money, doesn’t mean you should spend more.
Increasing your lifestyle expenses without increasing your income will cause your expenses to build up in the long run.
Making more money won't fix poor spending habits.
Just because you start making more money, doesn’t mean you should spend more.
Increasing your lifestyle expenses without increasing your income will cause your expenses to build up in the long run.
15/ The financial freedom roadmap:
• Avoid lifestyle creep
• Create a budget to cut expenses
• Max out your Roth IRA & 401k match
• Pay off high-interest consumer debt
• Establish a 3-6 month emergency fund
• Increase income with investments, side hustles, or side business
• Avoid lifestyle creep
• Create a budget to cut expenses
• Max out your Roth IRA & 401k match
• Pay off high-interest consumer debt
• Establish a 3-6 month emergency fund
• Increase income with investments, side hustles, or side business
16/ Penny pinching won't help you:
Saving $5 on coffee won't help you retire much earlier, overspending on big-ticket lifestyle decisions matters more.
Choosing an affordable home, downsizing to a smaller space or a less expensive car will allow you to invest more & grow wealth
Saving $5 on coffee won't help you retire much earlier, overspending on big-ticket lifestyle decisions matters more.
Choosing an affordable home, downsizing to a smaller space or a less expensive car will allow you to invest more & grow wealth
17/ According to many, being “rich” is:
• Mansions
• Sports cars
• Designer clothes
• Luxury vacations
But, true wealth is:
• Health
• Time freedom
• Location freedom
• Financial freedom
Money is a tool, so use your income to buy assets.
• Mansions
• Sports cars
• Designer clothes
• Luxury vacations
But, true wealth is:
• Health
• Time freedom
• Location freedom
• Financial freedom
Money is a tool, so use your income to buy assets.
18/ It doesn't matter if you've invested $100 or $1,000 or $10,000
What's important is that you're doing something to improve your future and build generational wealth
Investing for 20 years may seem hard, but being old and broke will be a lot harder
Choose your "hard"
What's important is that you're doing something to improve your future and build generational wealth
Investing for 20 years may seem hard, but being old and broke will be a lot harder
Choose your "hard"
19/ Teach your child about money:
Warren Buffet has a children’s cartoon where he teaches:
• Wealth
• Money
• Investing
• Business
• Personal Finance
There are 26 episodes!
4 Board Games to teach kids about money:
• Payday
• Monopoly
• Cashflow 101
• The Game of Life
Warren Buffet has a children’s cartoon where he teaches:
• Wealth
• Money
• Investing
• Business
• Personal Finance
There are 26 episodes!
4 Board Games to teach kids about money:
• Payday
• Monopoly
• Cashflow 101
• The Game of Life
20/ If want to build wealth, you must learn as much as you can about:
• Taxes
• Investing
• Real Estate
• Personal Finance
• The Stock Market
• Financial Planning
Money may not buy happiness, but money will eliminate the stress & anxiety that not having money creates.
• Taxes
• Investing
• Real Estate
• Personal Finance
• The Stock Market
• Financial Planning
Money may not buy happiness, but money will eliminate the stress & anxiety that not having money creates.
Money is a tool and every dollar you own should be working for you 24/7. These threads take time to write, so if you found it helpful:
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• Follow me @FluentInFinance for more
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