5 Secrets to Bulletproof Your Finances
Have your finances felt shaky lately? Here's 5 secrets to make sure your money bag doesn't have a hole in it! Secure that bag!
Know your expenses and when each bill is due. I don't like looking at my bills either, but knowing how much I owe on them and the date the companies will take money out of my account is important so I don't feel like I was just punched in the gut when I see a deduction on my account. Knowing the due dates allows you to strategically save week by week so you aren't scrambling to come up with enough money on those dates.
Don't live above your means. It's common to see people project something they're not online, in real life, etc, so no one will degrade them or so they can keep up with their friends who manage their expenses effectively. Don't overspend. Save more than you spend so you can treat yourself with something special and still be able to pay your bills!
Hire a financial coach who will help you manage your expenses effectively and save more money. I'm grateful to have friends who look out for me and help me advance financially. One of them offered me the opportunity to become a financial coach part time and I took it. I invest money now and I teach other families how to advance financially too!
Have more than one stream of income, one or more of them being passive income. To become financially independent, that means your passive income surpasses your expenses. That means you make money without working, it covers your expenses, and you have money left over to experience the good things in life that money can buy. Start an emergency fund. Invest in a mutual fund. Put money away for retirement.
Start early. Start now. Most people think that they have to wait to save money until they pay off their debts to start saving money. The truth is, you're actually losing thousands of dollars by waiting to save money. For example, let's say you're 25 years old, saving $200 every month at a 9% interest rate for 40 years in an investment account. You'll have $943,000 which is $83,200 more than someone who waited until they were 26 to start saving money. The person waited a year and have significantly less money than you.
Do you need help creating a bulletproof financial game plan for free? Email me at poweryourmoneyboss@gmail.com and send me a message!
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