Learn how to save money then use that savings into investments.
๐งต 10 tips how to save and change your game!
Create a budget
Know your income and expenses, and set a budget for yourself. Prioritize your needs (e.g. rent, utilities, groceries) and allocate money for discretionary spending accordingly.
Write it down and keep a visual record.
Track your expenses
Keep track of every penny you spend. Use a budgeting app or a spreadsheet to help you categorize your expenses and see where your money is going.
Visualize your expenses and savings. Itโs powerful.
Avoid impulse purchases
Before making a purchase, ask yourself if you really need it. Avoid making impulse purchases, especially for big ticket items. Take time to think it over and do your research before making a decision.
When going to the grocery store or shopping for other essentials, make a list and stick to it. This will help you avoid buying unnecessary items and save money.
Be organized and systematic when shopping. Stick to the list, donโt deviate.
Use coupons and promo codes
Look for coupons and promo codes for the items you need to buy. You can find them online, in newspapers, magazines or social media. These small discounts can add up over time.
Cut back on subscriptions
Take a look at your monthly subscriptions and cancel any that you don't use or don't need. This includes streaming services, gym memberships, and magazine subscriptions.
You can even downgrade subscriptions or find cheaper alternatives
Cook at home
Eating out can be expensive. Try cooking at home more often and bringing your lunch to work. You'll save money and have more control over the ingredients in your meals.
Avoid going out too much
We all need to chill out with friends but keep it limited. Drinking, eating, snacking, going to the movies, bars and clubs all add up - BIG TIME!
Cut back a little and find alternative ways to socialize without having to spend money.
Avoid debt
Avoid high interest debt like credit card debt. If you do need to take out a loan, do your research and shop around for the best interest rates.
Consider second hand purchases
For big ticket items like furniture or electronics, consider buying used instead of new.
Stay motivated
Saving money can be challenging, but it's important to stay motivated. Set achievable goals for yourself. Remember that every small step you take towards saving money will add up over time.
By following these tips and making a conscious effort to save money, you can avoid spending aimlessly and prioritize your financial goals.
You then will find that you have extra money that you thought you never had and that can be used towards investments.
How and where to investโฆ
Iโll share that in another ๐งต
Make sure to follow and turn on notifications so you donโt miss out.
Thatโs a sign that youโre probably overexposed and youโve bitten more than you can chew.
Youโve invested more than you can handle.
These tips are for you ๐งต๐
I need to first make it clear that Iโm not a financial advisor but a battle tested, seasoned investor with some life experience!
Rule number 1: Never invest more than youโre willing to lose
But if you have, here are some guidelinesโฆ
Reassess Your Risk Tolerance
Before deciding whether to sell or hold, it's important to reassess your risk tolerance. Ask yourself how much risk you're willing to take on and how much you can afford to lose. If you're feeling uneasy about your investment, it may be a sign thatโฆ twitter.com/i/web/status/1โฆ
#RichDadPoorDad by @theRealKiyosaki
One of the best selling books for anyone who is serious about taking control of their financial future
Here are 7 powerful game changers I have taken from the book๐งต๐
1. The Importance of Financial Education
The book emphasizes the importance of financial education, arguing that traditional schooling often does not teach individuals the skills and knowledge they need to manage their money effectively.
2. The Difference Between Assets and Liabilities
Kiyosaki teaches readers to distinguish between assets (things that put money in your pocket) and liabilities (things that take money out of your pocket). He suggests that acquiring assets is the key to building wealth.