Here's eleven personal finance basics tips.
1. Regardless of when you begin the basics remain the same. Here’s some financial tips to get ahead financially.
1. Regardless of when you begin the basics remain the same. Here’s some financial tips to get ahead financially.
2. Your income is your greatest asset. Don’t give it to others by paying interest if at all possible.
3. Get paid what you’re worth by know what your skill set is worth in the marketplace.
3. Spend less than you make.
4. Make a budget and stick to it. When you make your budget include all expenses. Income should match total expenses. Make sure to add savings as a part of your budget.
5. Set goals and objectives. Allow yourself to dream. Allow yourself to fail and learn.
6. Make sure what education you pursue will contribute towards your career. A philosophy or history degree for example is helpful if you want to pursue being a professor. Otherwise consider a more practical degree like marketing, finance, accounting, business, medicine, communication, etc.
7. Save up for an Emergency Fund. Emergencies can and do happen. Some examples are the car needs repairs, a kid needs to go to the doctor, an appliance breaks, etc. It’s best to be prepared than to use the old credit card with 30% interest.
8. Pay your bills on time. Don’t buy what you can’t afford.
9. Save for retirement through 401ks (or 403bs), Roth IRAs, mutual funds. Maximize your investments to get employer matches.
10. Ensure you have good health, home, car, and {term} life insurance. Review periodically to make sure you’re getting the best value.
11. Look into estate planning early and often in life. Updated your will periodically and keep good records.
What do you think of the above list? What is some of your best advice about personal finance?
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