Written on Aug 26,2021 by Joe Mahlow
Today we’ve chosen to highlight some basic advice that everyone should follow in order to faster grow your financial wealth. As you read through them, consider if you’ve already adopted these into your life or where you could improve.
1. Don’t buy things you don’t need.
Seriously. Does it fit into a list you’ve made of things you actually need? Things like replacement parts, groceries, rent? If the answer is no, simply sigh and move on.
2. Don’t buy things you can’t afford.
This one should be really obvious. Can your credit afford to take the hit? If you’re already in a sticky situation with your debt, it definitely can’t.
3. Gambling isn’t going to work.
If your goal is to get richer, gambling isn’t the way to get there. It can result in uncertainty and waste. Instead, earn as much as you can, waste as little as possible, and invest wisely.
4. Restaurants aren’t a food source.
Yeah, eating out is great, but it isn’t very economical. If you’re looking to save on cash, examine how you’re eating. If you go out for meals a lot, maybe consider how you might change that. It’s generally a healthier option too.
5. Stock up on sale items.
Self-explanatory. Necessities only.
6. Watch your splurging.
If you find yourself with some unexpected cash, don’t go out and blow it. Yes, a shiny new car convertible would be fun, but do you need it? No. What’s wrong with your old car? Nothing. That fortunate stack of cash needs to go directly to your high-interest debt, mortgage, etc. You’re working towards financial freedom here.
7. Set up automatic payments.
Also self-explanatory. And important. Setting up your automatic payments on your bills, such as utilities, will help you avoid late fees and hits to your credit report, in addition to saving you time. If you’re worried about overdraft fees to your account, set up your payments with a high-reward credit card. You’ll have a 1-month buffer for any changes or mistakes, plus work towards cash back through the card.
These might seem obvious, but you’d be surprised at how many people aren’t giving these guidelines the attention they deserve. Don’t overlook them and miss your chance to start building some serious financial health for yourself. Start working towards your financial freedom.