If you don't understand money, you'll never be truly wealthy.
Here are 15 money skills to get yourself 10 years ahead financially:
Here are 15 money skills to get yourself 10 years ahead financially:
1. Invest in Yourself
The best investment you can make is in yourself.
How to level up right now:
- Read more
- Take a course
- Exercise regularly
- Listen more, talk less
- Learn from past mistakes
The highest ROI is when you invest in yourself.
The best investment you can make is in yourself.
How to level up right now:
- Read more
- Take a course
- Exercise regularly
- Listen more, talk less
- Learn from past mistakes
The highest ROI is when you invest in yourself.
2. Pay Yourself First
How to pay yourself first:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
Process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
Use your money to make money.
How to pay yourself first:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
Process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
Use your money to make money.
3. Control Your Spending
Donโt follow the crowd.
Society tells us to:
- Live for today
- Spend to impress
- Buy the latest and greatest
Spend only on the things that you truly need.
Donโt follow the crowd.
Society tells us to:
- Live for today
- Spend to impress
- Buy the latest and greatest
Spend only on the things that you truly need.
4. Increase Your Income
Increase your income by:
- Getting a new job
- Starting a side hustle
- Negotiating for a raise
Give yourself a raise to fast-track your process.
Increase your income by:
- Getting a new job
- Starting a side hustle
- Negotiating for a raise
Give yourself a raise to fast-track your process.
5. Analyze Your Expenses
Review your spending from the last 3 months.
Categorize your expenses as:
- Needs
- Wants
- Wishes
Save more money by reducing spending on wants and wishes.
Review your spending from the last 3 months.
Categorize your expenses as:
- Needs
- Wants
- Wishes
Save more money by reducing spending on wants and wishes.
6. Track Your Money
Assign a purpose to every dollar.
Some examples:
- Business accounts
- Retirement accounts
- Emergency savings fund
- Joint / Individual accounts
Want to be like the pros?
Automate the process.
Assign a purpose to every dollar.
Some examples:
- Business accounts
- Retirement accounts
- Emergency savings fund
- Joint / Individual accounts
Want to be like the pros?
Automate the process.
7. Build an Emergency Fund
63% of Americans cannot afford a $500 emergency.
That means the average American would have to resort to high-interest credit card debt to pay for surprise expenses.
Do your future self a favor and save 3 to 6 months' worth of living expenses.
63% of Americans cannot afford a $500 emergency.
That means the average American would have to resort to high-interest credit card debt to pay for surprise expenses.
Do your future self a favor and save 3 to 6 months' worth of living expenses.
8. Stay Away From Credit Card Debt
Credit cards can be a double-edged sword.
Use credit cards wisely, because they can DRAIN your wealth.
If you use your credit card, only use it for convenience and NOT to buy things that you canโt actually afford.
Credit cards can be a double-edged sword.
Use credit cards wisely, because they can DRAIN your wealth.
If you use your credit card, only use it for convenience and NOT to buy things that you canโt actually afford.
9. Start a Side Hustle
Building a successful side hustle will take:
- Hard work
- Dedication
- Long nights
The reward will be:
- Fulfillment
- Freedom
- Time
Start by learning a high-income skill.
Building a successful side hustle will take:
- Hard work
- Dedication
- Long nights
The reward will be:
- Fulfillment
- Freedom
- Time
Start by learning a high-income skill.
10. Automate Your Investing
Automation keeps your life simple.
Automate:
- Savings
- Investing in 401(k)s
- Investing in Roth IRAs
Out of sight, out of mind.
Automation keeps your life simple.
Automate:
- Savings
- Investing in 401(k)s
- Investing in Roth IRAs
Out of sight, out of mind.
11. Jump At Opportunities
Never let an opportunity pass you by.
Donโt be afraid to:
- Take a new job
- Start a new business
- Negotiate for a higher pay
Opportunities multiply as they are seized ~ Sun Tzu
Never let an opportunity pass you by.
Donโt be afraid to:
- Take a new job
- Start a new business
- Negotiate for a higher pay
Opportunities multiply as they are seized ~ Sun Tzu
12. Build on your Strengths
Everyone has strengths:
- Writing
- Managing
- Mathematics
Build on your strengths and create a career out of it.
Thatโs how youโll make more money.
Everyone has strengths:
- Writing
- Managing
- Mathematics
Build on your strengths and create a career out of it.
Thatโs how youโll make more money.
13. Learn from the Best
If you want to be the best, then you have to surround yourself with the best.
Curate a tight-knit circle of high-quality friends and mentors.
Quality over quantity.
If you want to be the best, then you have to surround yourself with the best.
Curate a tight-knit circle of high-quality friends and mentors.
Quality over quantity.
14. Adopt Healthy Financial Habits
It takes about 66 days for a new behavior to become an automatic habit.
Stick to a productive daily routine to build healthy financial habits.
When you build healthy financial habits, you will struggle less in life.
It takes about 66 days for a new behavior to become an automatic habit.
Stick to a productive daily routine to build healthy financial habits.
When you build healthy financial habits, you will struggle less in life.
15. Choose Your Partner Carefully
86% of millionaires are married - and 65% are still in their first marriage.
Find someone who is:
- Frugal
- Mindful about money
- Aligned with your financial goals
Find someone with a winning financial mindset.
86% of millionaires are married - and 65% are still in their first marriage.
Find someone who is:
- Frugal
- Mindful about money
- Aligned with your financial goals
Find someone with a winning financial mindset.
Thanks for reading!
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