With the many different finance tips and tricks you can find from books, online articles, and even from your peers, it can be overwhelming. Which advice do you take?
Our advice is to take it from experts to help guide you to financial independence success!
“The money is gone and then you’re trying to look back and see where it went…instead you need to tell it where to go before it leaves.”
– Dave Ramsey, Financial Expert
Develop a budget that suits your needs, and allow it to serve as your map to track where your money comes from and where it goes.
“One of the best pieces of advice is to live below your means.”
– Todd Kunsman, Founder of Invested Wallet
It can be tempting to adjust your lifestyle once you’ve started to earn more money. But that’s also a quick way to gain a lot of debt. Your priority should be saving and investing for your future.
“The number one most common mistake I see young people make is that they think they don’t need to start saving until they get older. This is completely wrong.”
– Kate Ryan, Wealth Management Advisor
We’ve said this a couple of times, but it wouldn’t hurt to remind you again. The earlier you start saving up, the bigger the return. Time + compound interest is one of the easiest ways to build your wealth.
“Take a spiral notebook…and write down everything you spend money on. The debit card has become the enemy of the person who doesn’t know where their money goes. This will help.”
– Clark Howard, Financial Author
Having a real-time view of how you handle your money is best done the old-fashioned way. Actually taking the time to jot down every single expenditure makes you more conscious of just how much you’re spending, and what for. This usually leads to making better financial decisions.
“The first lesson I learned about travel loyalty programs is that is you are creative and willing to experiment, you can stack up rewards almost everywhere.”
– Joe Cortez, Credit Card Points Expert
Keep track of exclusive rewards and promos from your trusted bank. It’s important to take advantage of their offers because some are as good as — or even better than — cash. You can save up on grocery expenses, flights, food, and even retail therapy.
“Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”
– Warren Buffen, Investment Expert
It’s important to develop the ability to distinguish between price and value. Don’t let the price tag be your only motivation for spending. Know what the item is worth and always choose to get it at a lower price — never higher.
“Always save for a rainy day, because nothing lasts forever and nothing stays the same.”
– Harrine Freeman, Financial Expert
Two words: EMERGENCY FUND. Building an emergency fun makes it easier to deal with any financial setback that may come your way. This ensures that you are still in control no matter what.
“The key is to save no matter what.”
– Whitney Johnson, Financial Blogger
You don’t have to be raking in millions to be able to constantly save. Even a few thousands or hundreds over the course of a many years can result in a surprisingly large amount of money. Sure, it may seem small at first. But as long as you do it consistently, you’ll be able to surprise yourself.
Always remember that it all boils down to dedication and discipline. You can read all of these tips, but the ball is in your court. It’s your call if you’ll actually take their word for it.