1. Paying yourself first
You are your number one financial priority. Prove it to yourself by saving at least 10% of your income. Automate this process through savings deductions Then, after paying yourself you are allowed to pay everyone else.
2. Tracking your expenses
“What isn’t measured, isn’t managed” Those who get rich have a purpose for every dime they have. To emulate this approach, track your expenses. Do this through an app, excel or a piece of paper Consider cash, credit and debit expenditures.
3. Multiplying your money
If you want to get by – save money. If you want to get rich – multiply money. You multiply by investing in assets like – Real estate – Stocks – Businesses and Yourself. If you want to get rich quick, this is the only way
4. Protecting from unnecessary loss
Money is hard enough to make so avoid unnecessary losses by Researching your investments, avoiding get-rich-quick schemes, and investing to sidestep inflation. the more losses you avoid, the quicker your path to wealth.
5. Owning your home
Own over renting for the potential for value increases stability in living situation. The ability to leverage low-interest debt, and pride of ownership. Owning a home puts your financial success in your own hands Which is incredibly powerful.
6. Locking in future income
When you’re 80 years old, you won’t want to work as such, you need a future income to keep you going. Start now at building up your nest egg. Your future self will thank you.
7. Keep earning more
Saving isn’t the key to financial success, earning is. Every month, aim to make a little bit more money. Make a game out of it and set the bar higher over time.