10 money tips everyone should know:
- Your time is more valuable than money:
If you make $20/ hour, a new car isn’t $50,000, it’s 2,500 hours of your time or 357 days of work.
By framing purchases in time instead of dollars, you can make better-informed decisions with your hard-earned money.
2) Penny pinching won’t help you:
Saving $5 on a coffee won’t help you retire much earlier.
Choosing an affordable home, downsizing to a smaller space or a less expensive car will save more and build more wealth.
Overspending on big-ticket lifestyle decisions matters the most
3) Who you choose to marry has significant financial implications on your wealth.
Making the right choice can be incredibly beneficial, but choosing the wrong partner can cost you money, legal fees, time, and peace of mind.
4) Health is Wealth:
Medical bills can be a significant financial burden, so focus on healthy habits to prevent health issues that lead to high medical bills.
Prioritize your health with proper nutrition and exercise, which also have a positive impact on your productivity.
5) The Car Payment Trap:
A car is a depreciating asset that loses value over time, and purchasing an expensive car can be a poor financial decision.
Rule of thumb: If the cost of your car payment exceeds the value of your credit score, reconsider your purchase.
6) Compound interest is the best money hack:
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.
7) Teach kids money:
~70% of families lose their wealth by the 2nd generation
~90% of families lose their wealth by the 3rd generation
Teaching yourself and your children personal finance are a must because many schools don’t teach it. 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
8) 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
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