If you don't understand money, you'll never be truly wealthy.
Here are 11 money skills everyone should know:
Here are 11 money skills everyone should know:
1. Paying Yourself First
What you need to do:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
The process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
Make your money work for you.
What you need to do:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
The process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
Make your money work for you.
2. Investing in Yourself
The best investment you can make is in yourself.
How to invest in yourself:
- Exercise
- Read books
- Take courses
- Join a community
- Listen to podcasts
The highest ROI is when you invest in yourself.
The best investment you can make is in yourself.
How to invest in yourself:
- Exercise
- Read books
- Take courses
- Join a community
- Listen to podcasts
The highest ROI is when you invest in yourself.
3. Growing Your Network
If you want to get rich,
Start building relationships with:
- Lawyers
- Bankers
- Investors
- Accountants
- Wealth advisors
- Business owners
Your network is your net worth.
If you want to get rich,
Start building relationships with:
- Lawyers
- Bankers
- Investors
- Accountants
- Wealth advisors
- Business owners
Your network is your net worth.
4. Budgeting Your Money
Budgets help you figure out where your money is going.
To create a budget, track every cent:
- How you made it
- How you spend it
Then categorize your spending as:
- Needs
- Wants
- Wishes
Spend on your needs and save/invest the rest.
Budgets help you figure out where your money is going.
To create a budget, track every cent:
- How you made it
- How you spend it
Then categorize your spending as:
- Needs
- Wants
- Wishes
Spend on your needs and save/invest the rest.
FREE RESOURCE:
This spreadsheet will help you track where your money is coming from, and where it is going.
Click here to get it for free: themillennialmoneywoman.com
This spreadsheet will help you track where your money is coming from, and where it is going.
Click here to get it for free: themillennialmoneywoman.com
5. Increasing Your Income
Increase your income by:
- Negotiating a raise
- Starting a side hustle
- Switching to a new job
- Building an online business
- Learning a high-income skill
Life gets easier when you make more money.
Increase your income by:
- Negotiating a raise
- Starting a side hustle
- Switching to a new job
- Building an online business
- Learning a high-income skill
Life gets easier when you make more money.
6. Building 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.
7. Paying Off Bad Debt
Credit cards can be a double-edged sword.
Use credit cards wisely, because they can DRAIN your wealth.
If you can't pay off your credit in full every month, you can't afford your lifestyle.
Credit cards can be a double-edged sword.
Use credit cards wisely, because they can DRAIN your wealth.
If you can't pay off your credit in full every month, you can't afford your lifestyle.
8. Automating Your Investments
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.
9. Jumping at Opportunities
Never let an opportunity pass you by.
Donβt 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.
Donβt be afraid to:
- Take a new job
- Start a new business
- Negotiate for a higher pay
Opportunities multiply as they are seized ~ Sun Tzu
10. Controlling Your Spending
Society tells you to:
- Spend
- Show off
- Consume
Instead, you should:
- Pay off credit card debt
- Build up an emergency fund
- Invest in appreciating assets
Don't go broke trying to look rich.
Society tells you to:
- Spend
- Show off
- Consume
Instead, you should:
- Pay off credit card debt
- Build up an emergency fund
- Invest in appreciating assets
Don't go broke trying to look rich.
11. Choosing 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.
Do yourself a favor:
1. Join the Modern Wealth newsletter (100% free)
2. Get weekly tips on creating modern wealth
Your bank account will thank me later.
Click below to get started: themillennialmoneywoman.com
1. Join the Modern Wealth newsletter (100% free)
2. Get weekly tips on creating modern wealth
Your bank account will thank me later.
Click below to get started: themillennialmoneywoman.com
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