Keep your rent/mortgage payment 10–15% (or less) of your net income.
Avoid car payments. If you decide to take on a car payment, have the cash (in your bank account) to buy the car outright.
Keep your net worth positive — at all times.
Always have a minimum of 5 streams of income. But aim for at least 10+ streams. Never depend on one source of income. Diversify. Diversify. Diversify.
Budget daily. Keep track of your money daily. Always know what is happening when it comes to your money. Be in the know.
Stay in charge of YOUR money. Never leave the responsibility of your money up to someone else.
Pay for everything via credit card to earn money or points back on purchases, and increase your financial security.
If you can’t use a credit card responsibly, stay away from them altogether.
If you have kids, open up a retirement or investment account for them the day you get pregnant, adopt, or start prepping to have your kid. Why not set up your kid to be a millionaire before age 30?
Increase your income yearly. Never go a year without increasing your income. Get creative.
Repair your car instead of buying a new one.
Until you reach financial independence, live with family, friends, roommates, etc., to save money and live below your means. But you may want to continue living with others even after reaching financial independence. Extra cash flow always feels good.
Be cautious of costly habits.
If you have an employer, max out your 401k match, and contribute the max amount per year. Find a way to live off the rest comfortably.
Spend substantially less than you earn. Always have money left over at the end of the month. Avoid living paycheck to paycheck at all costs.
Be careful who you shack up with, partner up with, or date; ensure they are money conscientious. Make sure the person you are with has a healthy relationship with money. Maintain firm financial boundaries. Do not let others divert you from your financial goals.
Don’t have kids you can’t afford.
Intake copious amounts of financial advice, but make your own decisions about which advice to follow. But the one piece of advice you should always follow is: Invest now. Invest early.
Never cease your financial education. Read books and articles, attend seminars, listen to podcasts, and chat with financial experts. Be sure to always be obtaining new financial knowledge. When you know better, you do better. The earlier you can learn about money, the better off you will be financially.
Don’t spend money to impress people, not even yourself. What a waste this is.
Don’t live in states you can’t afford. Instead, take a vacation to the location.
Avoid student loans if you can. Aim to go to school for free, with scholarships, jobs, programs, etc.
Destiny S. Harris is a writer, poet, entrepreneur, teacher, and techie who offers free books daily on amazon. Destiny obtained three degrees in political science, psychology, and women’s studies. Follow her on Instagram, Facebook, or @ destinyh.com