1. Tackle debt
We’re all told to go to college. We’re all pushed to keep up with our peers. Well, for most this advice is a one-way ticket to debt-ville. If you have debt, fortunately, there’s a way out:
Introducing the debt avalanche
-Organize your debts from highest to lowest interest rates
-Allocate portion of budget to debt repayment
-Automate debt repayment
-Earn excess income and pay extra on debts.
The faster you pay off your debt, the more interest you avoid.
2. Realize your income limitations
Most people have a 9-5 job - that’s okay. However, relying on it solely to make money isn’t. The average raise is 3-5% With inflation being double, your job isn’t getting you ahead
Here’s what I recommend:
-Identify a skill you can sell online
-Spend 6 months learning the skill (ex/YouTube tutorials)
-Bid on jobs on Up work.
-Build portfolio and do more.
3. Reel in your spending
Eliminating debt and making more money is good. However, it means nothing if you spend like crazy. Most of us spend for the wrong reasons
Here’s what has helped me out:
-Identify your spending triggers
-Set a budget and track your spending
-Treat yourself within reason
No one is telling you never to spend money. Like everything else in life, balance is key.
4. Put your money to work
With a budget, no debt and excess income, you’re primed to invest. It shouldn’t just be you out there making money. Your money should work as hard as you. I’ve crafted the best investment strategy. Here it is:
-Identify your monthly investment allotment
-Select an investment (ex/index fund etc.)
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