5 Financial Tips We All should know at early age

We spend money we don’t have, on things we don’t need, to impress people who don’t care.”

🔹This article is already long enough, so I won’t bother you with a lengthy intro.

🔹In this article, I’ve compiled some of the most valuable financial lessons That we all should know as early as possible .

🔹Each of these lessons helped me progress from being a broke gambling addict to being financially secure and on my path towards financial freedom .

🔹I hope you get an enormous amount of value from these tips.

        

1) 𝘿𝙤𝙣’𝙩 𝙏𝙧𝙮 𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙔𝙤𝙪𝙧 𝙒𝙖𝙮 𝙊𝙪𝙩 𝙤𝙛 𝙄𝙣𝙨𝙚𝙘𝙪𝙧𝙞𝙩𝙮

🔹On Twitter, so many people buy brand-name clothing, fancy cars, or the latest tech, thinking that it will help them ‘close the gap’ on their insecurities. But all it does is keep you financially insecure and force you to work a job you don’t like.

𝐖𝐞 𝐬𝐩𝐞𝐧𝐝 𝐦𝐨𝐧𝐞𝐲 𝐭𝐡𝐚𝐭 𝐰𝐞 𝐝𝐨 𝐧𝐨𝐭 𝐡𝐚𝐯𝐞, 𝐨𝐧 𝐭𝐡𝐢𝐧𝐠𝐬 𝐰𝐞 𝐝𝐨 𝐧𝐨𝐭 𝐧𝐞𝐞𝐝, 𝐭𝐨 𝐢𝐦𝐩𝐫𝐞𝐬𝐬 𝐩𝐞𝐨𝐩𝐥𝐞 𝐰𝐡𝐨 𝐝𝐨 𝐧𝐨𝐭 𝐜𝐚𝐫𝐞.” ― 𝐖𝐢𝐥𝐥 𝐒𝐦𝐢𝐭𝐡

🔹Stop caring about what other people think of you. Stop trying to keep up with the Joneses. The more money you spend trying to ‘fit in’, the more financially insecure you’ll become. Put your money towards your financial freedom instead.

  

   2)  𝘼𝙫𝙤𝙞𝙙 𝙇𝙞𝙛𝙚𝙨𝙩𝙮𝙡𝙚 𝙄𝙣𝙛𝙡𝙖𝙩𝙞𝙤𝙣

🔹As you earn more money, you’ll be tempted to spend more money simply because you can. When more money comes in, you might be tempted to upgrade your car, get a bigger house, or buy more luxuries for yourself. This is called ‘lifestyle inflation’.

🔹Of course, there’s nothing wrong with rewarding yourself a little when you start to make more money. Just don’t let this get out of hand. Control your expenses before they control you.

🔹When you make more money, make it a priority to save and invest more money — don’t go throwing dollar bills around on stuff you don’t really need. Allocate at least 50% (but preferably more) of the extra money you make towards your financial freedom.

  

3) 𝘾𝙧𝙚𝙖𝙩𝙚 𝙖 𝙎𝙥𝙧𝙚𝙖𝙙𝙨𝙝𝙚𝙚𝙩 𝙊𝙛 𝙔𝙤𝙪𝙧 𝙈𝙤𝙣𝙩𝙝𝙡𝙮 𝙀𝙭𝙥𝙚𝙣𝙨𝙚𝙨

🔹If you want to be in full control over your financial future, you need to know exactly where your money is going. You need to know exactly how much you spend on essential living expenses such as:

🔹 insurance

🔹 transportation

🔹food

🔹Housing

🔹 Utilises

 

🔹Next to your monthly essentials, you need to know exactly how much you spend on lesser essential things such as:

🔹Luxuries

🔹Clothing you don’t actually need

🔹Fancy tech

🔹Eating out/in

🔹Monthly subscriptions

🔹Entertainment

🔹Literally anything else you regularly spend money on

4) 𝘽𝙪𝙞𝙡𝙙 𝙖 𝙎𝙞𝙙𝙚-𝙃𝙪𝙨𝙩𝙡𝙚

🔹Relying on one income stream is dangerous. Due to events completely beyond your control, and without warning, you can lose your primary income source.

🔹Whether it’s an economic downturn, a global pandemic, or the company you work for messes up financially, you can suddenly lose your main income source.

🔹when it comes to building a side-hustle, I recommend picking one that plays to your natural strengths. Use the skills you’ve already developed in your career to quickly build another income stream — it’s much faster than trying something completely new.

5)𝗡𝗲𝘃𝗲𝗿 𝗦𝘁𝗼𝗽 𝗟𝗲𝗮𝗿𝗻𝗶𝗻𝗴

🔹They say that the more you learn, the more you earn. It’s no coincidence that 85% of millionaires read more than 24 books a year.

🔹The more skills you learn (especially high-income skills), the more valuable you become. The more valuable you become, the more money you’ll make.

🔹Now, if you specifically want to learn more about personal finance read books related to this financial system .