15 important money lessons I know at 35 that I wish I knew at 25 (if you want to retire early, prioritize these money rules):
1) 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.
2) Avoid lifestyle inflation:
Lifestyle inflation is when you increase your spending as your income increases
By avoiding lifestyle inflation, you can ensure that you are investing enough of your income, which is crucial for building wealth over time
Lifestyle inflation is when you increase your spending as your income increases
By avoiding lifestyle inflation, you can ensure that you are investing enough of your income, which is crucial for building wealth over time
3) Surround yourself with the right people:
I used to think making $1 million in a year was impossible until I started hanging out with people making $10 million a year.
Surround yourself with mindsets that will help you grow, not hold you back.
I used to think making $1 million in a year was impossible until I started hanging out with people making $10 million a year.
Surround yourself with mindsets that will help you grow, not hold you back.
4) 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.
5) Invest as early as possible:
Investing early will help you take advantage of compound interest.
The longer you invest your money, the more time it has to grow.
By reinvesting your returns, your money grows at an exponential rate, rather than just a linear rate.
Investing early will help you take advantage of compound interest.
The longer you invest your money, the more time it has to grow.
By reinvesting your returns, your money grows at an exponential rate, rather than just a linear rate.
6) Create a budget:
This is the most important step in taking control of your finances. A budget helps you track your income & expenses and identify areas where you can cut back & save.
A budget ensures that you are living within your means & investing enough for retirement
This is the most important step in taking control of your finances. A budget helps you track your income & expenses and identify areas where you can cut back & save.
A budget ensures that you are living within your means & investing enough for retirement
7) Have a financial plan:
Financial planning is the process of setting financial goals, creating a plan to achieve them, and managing your money to meet those goals.
If you fail to plan you are planning to fail.
Financial planning is the process of setting financial goals, creating a plan to achieve them, and managing your money to meet those goals.
If you fail to plan you are planning to fail.
8) The power of passive income:
Passive income is income that you earn without actively working for it. This can include rental income, dividends from stocks, or sales from courses or ebooks.
You work for active income, but passive income works for you.
Passive income is income that you earn without actively working for it. This can include rental income, dividends from stocks, or sales from courses or ebooks.
You work for active income, but passive income works for you.
9) Live below your means:
One of the most important keys to building wealth is living below your means. This means spending less than you earn & investing the difference
Many millionaires are wealthy because they invest their money & not spend it on unnecessary things
One of the most important keys to building wealth is living below your means. This means spending less than you earn & investing the difference
Many millionaires are wealthy because they invest their money & not spend it on unnecessary things
10) Develop multiple income streams:
In today's economy, job security is an illusion, and 1 stream of income is 1 away from 0.
Those who create significant wealth have multiple streams of income, such as investments in real estate, stocks, or businesses.
In today's economy, job security is an illusion, and 1 stream of income is 1 away from 0.
Those who create significant wealth have multiple streams of income, such as investments in real estate, stocks, or businesses.
11) Avoid trying to time the market:
Timing the market is a difficult, if not impossible, task
Instead of trying to time the market, focus on long-term investing and dollar-cost averaging (DCA)
DCA avoids the pitfalls of market timing & reduces emotional investing decisions
Timing the market is a difficult, if not impossible, task
Instead of trying to time the market, focus on long-term investing and dollar-cost averaging (DCA)
DCA avoids the pitfalls of market timing & reduces emotional investing decisions
12) Keep your emotions in check:
Emotions have no place in investing, don't let fear or greed drive your financial decisions
Building wealth requires discipline and patience, avoid impulsive emotional investing decisions at all costs.
Emotions have no place in investing, don't let fear or greed drive your financial decisions
Building wealth requires discipline and patience, avoid impulsive emotional investing decisions at all costs.
13) Pay off high-interest debt:
By paying off high-interest debt, you'll be able to free up more money to put toward other financial goals.
If unpaid, debt can grow larger and larger with the interest and fees adding up.
You cannot out-invest a 25% credit card interest rate
By paying off high-interest debt, you'll be able to free up more money to put toward other financial goals.
If unpaid, debt can grow larger and larger with the interest and fees adding up.
You cannot out-invest a 25% credit card interest rate
14) Use credit wisely:
Credit can be a powerful tool for building wealth, but it should be used wisely
Only borrow what you can afford to repay & be mindful of the interest rates
Live within your means & don't take on debt to pay for a lifestyle that you cannot really afford
Credit can be a powerful tool for building wealth, but it should be used wisely
Only borrow what you can afford to repay & be mindful of the interest rates
Live within your means & don't take on debt to pay for a lifestyle that you cannot really afford
15) Have an emergency fund:
Unexpected expenses come up at any time and having an emergency fund can provide you with the financial cushion you need to survive those unexpected expenses.
Your parents are NOT an emergency fund.
Unexpected expenses come up at any time and having an emergency fund can provide you with the financial cushion you need to survive those unexpected expenses.
Your parents are NOT an emergency fund.
You'll be working for money your whole life unless you make money work for you. These threads take time to write so you found it helpful:
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