I feel like I have been successful with money because I started making good, then better, and finally the best money decisions. I attribute my success to making decisions that put me in a good financial position. Take your decisions to the next level by learning what you can do. Taking the time to reflect will ensure that you are making decisions that align with who you are and where you want to go.
When it comes to money, there is almost always a better decision than a bad one. It is better to make a decision even if it is not the best one than it is to be indecisive. When it comes to saving, investing, launching a business, lending money, or anything having to do with money, the key to getting ahead is always making good decisions. Good decisions can be made on a consistent basis if you have a financial plan and stick to it. You don’t have to make it better. Accepting yourself is the first step in the journey of self-love. Good can often be good enough. It is important to strive for excellence and not settle for what is good.
For another perspective check out my podcast episode on the topic:
Good Money Tips
I started making good money decisions when I started taking money seriously. I now know how to make smart financial decisions. Building your foundation is what good money decisions are all about. You will be better off if you make good money decisions. These decisions can help you escape living paycheck to paycheck, save more, and even reach financial independence. These aren’t the only good money decisions, but they are a good start. They work
Good money decisions include:
- Explore what money is and what it means to you
- Figure out what makes you happy
- Open a free Personal Capital account and start tracking your net worth
- Read a few of the best personal finance books
- Calculate your financial independence number
- If you have student loans, refinance your student loans to a lower rate
- Pay down any high-interest credit card debt
- Start saving at least 5% of your post-tax income, then increase your savings rate by 1% at least every year
- Automate your savings
- Explore the $50 a day early retirement strategy
- Figure out if you should pay back your student loans
- Start investing as much as you can
- Invest in one US domestic stock market index fund – VTSMX
- Contribute enough to get the employer match in your 401k
- Open a Roth IRA and contribute each year
- If you feel confident investing yourself use M1 Finance
- Save money on commuting or move closer to work
- Sell you car or don’t buy one in the first place – if you do, always buy used
- Save money eating out
- Use the best online savings tools
My Big Mistake
I didn’t invest in my company’s retirement plan when I got my first job. I would have enjoyed the extra benefits of compound interest if I had done so. Why? I was afraid of making a bad decision. I was unsure of the outcome because I was afraid of making a bad decision. I didn’t do anything because of the fear of being wrong. I didn’t think I had enough money to save. I decided to look for a way to make more money. I didn’t do anything. I felt powerless and powerless.
It was a mistake to not invest earlier. When I had the chance to invest, I should have done so. I didn’t do anything because I was afraid. I couldn’t take action because of the fear of the unknown. My 22-year-old self made a ton of money mistakes, but this was the first big one I made. I decided to start investing as soon as possible. I should have put the money in a total stock market index fund after I decided to invest. I should have done more research to make sure I was making the best decision for my money.
80% of active stock investors beat you when you invest in the entire stock market. Rather than trying to pick individual stocks, you are investing in the collective success of the stock market. It is an easy passive investing strategy. Everyone can take advantage of this strategy if you set it up once and let it grow over time. To learn more about index funds check out the coffeehouse investor portfolio or listen to my podcast on the subject below:
How much did sitting on the sidelines cost me? I’m sure I could have made a lot more money if I’d taken the plunge earlier.
I have my first pay stubs archive because I am a digital hoarder. I was proud to see how much I had earned. I took 10% of my salary and put it into the Vanguard Total Stock Market Index Fund. This exercise gave me a better idea of how much my money can grow over time with good investments.
I would have $10,479 in my account – or more than double what I would have contributed.
Money doubling every ten years is a textbook case. It is possible to make this happen by investing in the stock market. I was too afraid to save this money in a few clicks. I kept it in my pocket because I didn’t want to lose it all.
Start investing now. Don’t invest if you don’t know what you’re investing in. As soon as possible, what matters is starting.
Better Money Tips
I started implementing better money decisions after making good money decisions. I budget my money carefully so that I can stay within my means while still achieving my financial goals, and I save a portion of my income each month to invest in reliable stocks. These decisions are about maximizing your money and making it work harder for you. It’s important to ensure that your money is managed in a responsible way and that you are making sound financial investments. Huge gains can be made by making any of these decisions. It is important that you are comfortable with the decision before taking action. These include:
- Start saving at least 20% of your post-tax income
- Increase your savings rate at least 5% every year and push your saving rate as high as you can (I have saved 82% of my income in 1 month really pushing myself). You can save more than you think. You can save money by creating a budget and sticking to it. How much do you need to save?
- Before you buy, calculate the true cost of anything
- Hack your boss and get a raise
- Start building better money habits
- Use travel hacking to travel the world for free
- Explore real estate investing
- Are you an entrepreneur? – figure it out and if you are, then follow it
- Develop a side hustle, start learning new skills, and diversify your income streams
- Or start a consulting business
- Launch an LLC and start exploring the tax-saving opportunities of running your own business
- Max out your Roth IRA, or contribute to Traditional IRA and do a back-door conversion
- Max out your 401k every year, and open a Roth 401k if you can
- Open a SEP-IRA and invest up to 25% of your side hustle income
- Diversify your investments, and expand your portfolio to include domestic and international funds
Best Money Tips
These are the decisions that will take your life to the next level. You can set yourself up for long-term financial security by taking the right steps now. You need to move beyond just money decisions to amplify the impact of your decisions in order to really master money. It is possible to create positive habits, surround yourself with people who will support and challenge you, and learn as much as possible about personal finance by focusing on this. This is top-notch living. Taking control of your life is part of high- performance living.
These are used by the world’s super wealthy and most successful people. I started to see bigger gains in my net worth once I started making these decisions in my own life. Taking control of my finances was the key to a more balanced and fulfilled life.
- Build a life strategy and execute it – map all of your decisions against your life strategy
- Explore and use the 80/20 principle to optimize all areas of your life
- Optimize your saving/investing rate – find the maximum you can save each month
- Learn to say NO
- Maximize your value
- Fight lifestyle inflation
- Cultivate and explore empathy as a path to wealth
- While index fund investing is a sound long-term strategy, it doesn’t protect you against market downswings. It’s important to consider a mix of investments to reduce risk and maximize returns. It is easier to protect the downside when you are diversified across asset classes. By working with a qualified financial advisor, you can ensure that your financial plan is tailored to your individual needs and goals, giving you the best chance of success. I invest in emerging markets, domain names, art, and real estate because of this. I think these investments have more potential for long-term growth and stability than other types of investments.
- Optimize your money habits
- Tax attorneys, accountants, and expert advice are necessary to make the best money decisions. If you want to make the best financial decisions for your current situation, you should seek advice from professionals. You can learn quickly from experts who have decades of experience if you pay for expert advice. Having access to an expert’s advice can help you make the most of your knowledge. You can pay experts in 15-minute intervals on their hourly rates. This can be a great way to save money and make sure you get the best work possible.
- Optimize your insurance coverage – start exploring umbrella policies and ways to protect your growing net worth
- Explore tax efficiency opportunities
- Start meditating and/or doing Yoga – these were both huge for me and allow me to make better decisions in all areas of my life
- Food has a huge impact on your productivity, decision-making, happiness, and of course well-being. By making healthy eating choices and portion control, you can ensure you have the right fuel to stay productive. I eat a high-quality fat, high-vegetable diet. This type of diet keeps my energy levels up and my weight down. A lot of meat and vegetables. You can easily incorporate these healthful foods into a balanced diet.
- Give back
- Stop working and get outside
Do you have any good, better, best money tips? One of the best money tips is to create a budget and stick to it so that you can stay on track with your financial goals.