It only takes one person in your family to think about money differently and put a plan in place to create generational wealth.
Here’s how you become that person:
Here’s how you become that person:
• Avoid Consumer Debt
Not all debt is bad. Utilizing low-interest debt to buy assets such as real estate can be to your advantage.
But taking on large amounts of high-interest debt via credit cards to buy a bunch of nice things you don’t need is a trap.
Not all debt is bad. Utilizing low-interest debt to buy assets such as real estate can be to your advantage.
But taking on large amounts of high-interest debt via credit cards to buy a bunch of nice things you don’t need is a trap.
• Make an emergency fund
Having an emergency fund to cover any unexpected bills is ESSENTIAL!
Your emergency fund is what saves you from being forced to take on high-interest debt to cover any unexpected expenses that may arise.
It’s your financial safety net.
Having an emergency fund to cover any unexpected bills is ESSENTIAL!
Your emergency fund is what saves you from being forced to take on high-interest debt to cover any unexpected expenses that may arise.
It’s your financial safety net.
• Evaluate your spending habits
Most people live their entire lives with a consumer mindset.
They think all money made is meant to be spent.
Learn to think differently!
Any time you go to buy something you should think to yourself:
‘Do I NEED this, or do I just WANT it?’
Most people live their entire lives with a consumer mindset.
They think all money made is meant to be spent.
Learn to think differently!
Any time you go to buy something you should think to yourself:
‘Do I NEED this, or do I just WANT it?’
Just because you don’t need it doesn’t mean you shouldn’t buy it.
But learning to have that internal conversation with yourself before major purchases is how you become intentional with your money and spending.
Budgeting will be much easier with this mindset.
But learning to have that internal conversation with yourself before major purchases is how you become intentional with your money and spending.
Budgeting will be much easier with this mindset.
• Increase your income
You can only save so much money by cutting spending with a budget.
But the amount you can increase your income by is limitless.
Start a side hustle, get a raise, just find ways to make more money!
You can only save so much money by cutting spending with a budget.
But the amount you can increase your income by is limitless.
Start a side hustle, get a raise, just find ways to make more money!
• Invest your money
Inflation is higher than ever right now.
So your cash is losing more and more of its value in purchasing power every year.
Investing into quality assets such as stocks, index funds, and real estate is how you ensure your money is protected from inflation.
Inflation is higher than ever right now.
So your cash is losing more and more of its value in purchasing power every year.
Investing into quality assets such as stocks, index funds, and real estate is how you ensure your money is protected from inflation.
• Automate everything
Automation is key to successful personal finances.
Automate your bills to be paid off in full every month to avoid extra interest payments.
Automate your investments to be made every month without you needing to do it
Automation is a wealth hack.
Automation is key to successful personal finances.
Automate your bills to be paid off in full every month to avoid extra interest payments.
Automate your investments to be made every month without you needing to do it
Automation is a wealth hack.
• Find your own balance
It’s true that you only live once, but don’t ever forget that retirement is a part of that ‘one life’
Find your own balance between spending money on things that help you enjoy the present day while still planning for your financial future by investing.
It’s true that you only live once, but don’t ever forget that retirement is a part of that ‘one life’
Find your own balance between spending money on things that help you enjoy the present day while still planning for your financial future by investing.
To create generational wealth you must
• Avoid consumer debt
• Have an emergency fund
• Evaluate spending habits
• Invest
• Increase income
• Automate everything
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• Avoid consumer debt
• Have an emergency fund
• Evaluate spending habits
• Invest
• Increase income
• Automate everything
If you enjoyed this thread:
• Like & Repost
• Follow @LTI_finance
• Subscribe ⬇️
MarkTalksMoney.com
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