Q: What do we want?
A: Financial freedom...and opportunity (My answer, at least)
#63
Busy weekend on this side. Thinking about future generations, and for me it comes back to financial freedom and opportunity. I know that financially responsible and successful people don’t build their wealth by accident or overnight. It takes serious willpower and long-term vision. Keep your eye on the prize of financial freedom and be willing to sacrifice your present wants for the sake of your future and develop good habits to win. I have a whole list but take note of these ones in particular. Will be putting other ones up as time goes on. Happy Sunday 🌞:
Start early: The sooner you put your money to work, the more time it has to grow. Saving and investing money today is better than waiting until tomorrow
Automate: Automate your savings. which means setting up recurring transfers on a regular basis from your checking account yo your savings and investment accounts. This way you force yourself to avoid bad money habits and save what you would likely otherwise spend. Examples for those in the United States, check out Qapital and Digit.
Maximize contributions: Start a small contribution to your retirement account now. If you want to be rich, you have to save like you mean it and this means contributing the max amount allowed from the get-go. you might worry that maxing out your contributions will squeeze your cash flow too tightly,, but it is easier to get in the habit of spending less if you don’t have that extra money to spend in the first place. Harder to increasingly scale back your budget year after year to accommodate increasing contributions
Never carry credit card balances: (Oops.) It can drag you down, costing you thousands in unnecessary fees and interest charges. Ditch this habit of carrying credit card balances, along with the minimum payment mentality. Use credit wisely and commit to paying off your balances in full each month. Living within your means is key to success
Live like you’re poor: Be unassuming and modest. Millionaires are all around us but many of them are probably not who you would think. this is because they smartly live below their means and save money rather than showcase it. Spend minimally now. Adopt a “less is more” mentality and stick with it even when your income and net worth increase in the future.
📱📱Quote of the day
“Either it's Paradise or Farenheit.”- Kanye West.
Remember folks: “Until the lion learns to write, every story will glorify the hunter.”