If you're planning to improve your personal finance game this year, here's a couple of useful hacks [Thread]
1. Focus on making more money
Chances are you're severely underpaid. Sure, you can cut your coffee for 387 years to afford new tyres or you can develop skills, experience & relationships that add an extra zero to your salary.
Chances are you're severely underpaid. Sure, you can cut your coffee for 387 years to afford new tyres or you can develop skills, experience & relationships that add an extra zero to your salary.
Resources: here's practical, real world ways to making more money - this is power
https://twitter.com/iamkoshiek/status/1399335988267266048?s=20
2. Start investing
It's never too late to start investing.
Investing isn't just stocks, it's committing capital to anything with a decent yield in the future. That could be business school, registering your own business or an online course.
It's never too late to start investing.
Investing isn't just stocks, it's committing capital to anything with a decent yield in the future. That could be business school, registering your own business or an online course.
Resources: here's a couple of useful investing/ trading guides if you're new to stocks
https://twitter.com/iamkoshiek/status/1444259327125200900?s=20
3. Use "Forced" savings
If you find yourself with a tiny bit of surplus cash, consider structuring a 13th cheque or set an automatic debit order going straight to your trading/ savings account
Very few people have the discipline to consciously stick money away
If you find yourself with a tiny bit of surplus cash, consider structuring a 13th cheque or set an automatic debit order going straight to your trading/ savings account
Very few people have the discipline to consciously stick money away
4. Pay off expensive debt
In an environment where interest rates are increasing - this makes a massive difference. If it's a large amount, look at refinancing with a different institution at a lower interest rate
Best bet? Pay off the most expensive debt as quickly as possible
In an environment where interest rates are increasing - this makes a massive difference. If it's a large amount, look at refinancing with a different institution at a lower interest rate
Best bet? Pay off the most expensive debt as quickly as possible
Resources: the thread on financing your dream house with worked examples on how small changes in the interest rate makes a huge difference
https://twitter.com/iamkoshiek/status/1358386573079945221?s=20
5. Check you aren't over-insured
Right now there's a decent chance you're paying the same amount to insure a vehicle which has depreciated 40% - but you're paying cover on the original value
Using a broker can be useful in finding the best rate
Right now there's a decent chance you're paying the same amount to insure a vehicle which has depreciated 40% - but you're paying cover on the original value
Using a broker can be useful in finding the best rate
6. Run a basic budget
Having a budget heavily reduces the likelihood of having your card declined when you're at groove
More importantly, it can help you decide whether your kids should be learning from that French school or Takalani Sesame instead
Having a budget heavily reduces the likelihood of having your card declined when you're at groove
More importantly, it can help you decide whether your kids should be learning from that French school or Takalani Sesame instead
Resources: will do a space with @Dre_AFC & @PeensCFP soon on different types of budgets & useful methods useful (50/30/20 or 70/20/10)
my favourite: 100/0/0 (that's where you spend everything)
my favourite: 100/0/0 (that's where you spend everything)
7. Plan for retirement
Do you want to be on Zoom calls when you're 70? No?
Retirement planning is hugely important when you're young because you have the luxury of time. Check the costs of your fund & actively make sure you know how much it's growing each year
Do you want to be on Zoom calls when you're 70? No?
Retirement planning is hugely important when you're young because you have the luxury of time. Check the costs of your fund & actively make sure you know how much it's growing each year
8. Plan for big ticket items
Use online tools, trackers & research sites to make sure you're paying the best price for an item. Right now someone is selling their PS5 or new iPhone online for cheap to survive January - the game is cold.
Use online tools, trackers & research sites to make sure you're paying the best price for an item. Right now someone is selling their PS5 or new iPhone online for cheap to survive January - the game is cold.
Resources: the best thing you will see today, shout-out @ashtonshudson
https://twitter.com/iamkoshiek/status/1463067418289451009?s=20
9. Diversify
Stocks & crypto don't always go up. Have cash in enough places that balance risk, returns & liquidity. There's no point in being massively paper rich if you can't access the cash when you desperately need it.
Stocks & crypto don't always go up. Have cash in enough places that balance risk, returns & liquidity. There's no point in being massively paper rich if you can't access the cash when you desperately need it.
10. Negotiate everything!!
Probably the most important hack in the thread. Nearly everything can be negotiated. Houses, vehicles, interest rates, all of it. Never take the first offer.
Negotiating is an art. Always work towards placing yourself in a position of strength.
Probably the most important hack in the thread. Nearly everything can be negotiated. Houses, vehicles, interest rates, all of it. Never take the first offer.
Negotiating is an art. Always work towards placing yourself in a position of strength.
Shout-out for making it to the end, please check out @Banker__X for more money hacks!!
• • •
Missing some Tweet in this thread? You can try to
force a refresh
