The best things in life are simple. Especially when it comes to your money. Photo courtesy of Sarah Dorweiler.
There’s nothing better than simple advice. We especially love simple advice when it has to do with our money. And that’s because we rarely get transparent and straightforward financial advice.
Here are some of the simplest one-liners that can change your financial future.
Invest your money as early and often as you can.
Having your money in the market is more important than figuring out exactly how. Start early, invest often, and let long-term growth take care of the rest. Worry more about getting your money invested in the first place than your actual portfolio’s composition in the beginning.
Read also: Habits to develop of you want to be rich
Live like you make 40% less than your income.
Living below your means will enable better long-term financial prospects. Invest more of your money, spend less, and start building towards your financial goals.
Make paying off your debt your number one financial priority.
Debt gets more dangerous the longer it goes unpaid. So don’t let it get dangerous. Pay off debt before it becomes unmanageable.
Never get comfortable in your career and don’t be afraid of change.
The moment you get comfortable in life is the moment you settle. Even more so in your career. Don’t be afraid to change careers or employers. It’s one of the best ways to grow your income.
Don’t limit yourself to one job or source of income.
There are an infinite number of ways to make money. Build other sources of income. You never know when your next opportunity could change your life.
Learn about tax laws or hire a tax advisor.
Taxes are inevitable. So why would you not study them and learn about ways to become more tax efficient? Educating yourself on tax laws or having someone do it for you will likely result in more money in your pocket.
Use the power of negotiation to your advantage.
You should negotiate any chance you get whether that be in your career or for taking on debt, leverage information at your disposal to improve whatever contract or payment you are getting into.
Build credit, and build it early.
A strong credit score is imperative to long-term financial success. It will open up many doors down the road. If a credit card gets lost or stolen, you aren’t liable. Debit is much harder to recoup as it’s tied directly to your money in a bank.
View time as your most valuable resource, not money.
Time can make you a lot more money than money can buy you time. So treat your time like your most precious resource, and use it to create opportunity.
The moment you get comfortable is the moment you put a ceiling on your potential. When life becomes easy, challenge yourself to pursue greater things. I can guarantee you that your business idea that you’ve always wanted to start has a lot more merit and potential than you think.
Always have an emergency fund.
No matter the amount, have enough money to cover a one time $500-$1,000 expense. Life throws curveballs. Lots of them. Be prepared to get hit by one and pay for something you couldn’t anticipate.
Live life, but find cheaper alternatives.
There are certain goods and products where buying expensive is better. But buy cheap where it makes sense. Find areas of your life where you don’t need the most expensive item.
Maintain relationships and create opportunities for others.
You never know where your next opportunity may be. Give other people that same chance and perhaps the favor will be returned. Your network will get you further than anything in life.
Educate yourself on all areas of personal finance.
People make financial mistakes because they simply don’t know better. Don’t fall into this category. Dedicate time to learn about financial best practices and bolstering your skills.
Monetize what you love doing.
One of the best ways to make more money is to get really good at something you love and monetize it. When you are pursuing a passion, determination and dedication comes naturally. Find a way to monetize things that are natural to you and things you care about.
Simple is best.
The simple things in life are the best things. Follow any of the above one-liners, and your long-term financial prospects will improve.
Don’t complete financial advice. Just commit to it.
CONTRIBUTED BY Ben Tucker
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