You Don’t Have To Suck At Money
Ten financial basics
Let’s talk about some of the excuses people give to explain why they aren’t doing so well at money:
I didn’t come from a wealthy background.
My family is not educated like others about money.
I have no clue what I’m doing, and I don’t want to fail.
I’m too old to learn about money; my time is long gone.
Investing and numbers aren’t my thing; it’s complicated.
They didn’t teach personal finance and economics in school.
I don’t need to know about money; my partner handles that.
I’ll never earn enough money to get out of debt; what’s the point?
There are rich and poor people. Not everyone is meant to have money.
I had all the excuses. My family didn’t come from a wealthy background—both of my parents came from poverty—but for some reason, they had us read personal finance books at the dinner table, get us piggy banks, and set us up with individual retirement accounts at a young age.
I chose to take everything they introduced me to seriously and continued the practice.
But do you need to read financial books at the dinner table, use piggy banks, and start an individual retirement account as a kid to succeed at the money game?
NO.
There is no perfect path to financial success, but there are some basics that will help you succeed, and they are genuinely basics.
Money is a relatively easy game to play.
As you continue playing the game of money, the concepts can become more intricate, but you never have to play the complex games if you don’t want to. To succeed at money, you only have to implement the basics.
One of my favorite lessons I’ve learned is how important it is to master the basics. We frequently believe that we must implement some secret and complex strategy to succeed at money, but this is untrue.
You can experience financial freedom at many levels of income. You can experience financial peace and satisfaction without being a millionaire.
I knew early that financial freedom and independence were my priorities. Because of this, I chose to educate myself and continuously seek to build wealth by implementing the basics.
And they work.
If you haven’t applied the basics, learn and apply them. As you apply them, you will notice a shift in your financial situation.
Ten Financial Basics
1. Stay under your income.
2. Consistently increase your income.
3. Diversify your income.
4. Invest 10% of your income.
5. Establish a 3–12 month emergency fund.
6. Avoid credit card debt.
7. Don’t buy more car than you should.
8. Don’t buy more house than you should.
9. Avoid student loans.
10. Continuous Education
Learn the basics in more detail in the article below: Master The 10 Financial Basics
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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.