Number three for Better Money Habits is not having a stockpile. If you’re not able to pay them off in time, there are exceptions I’d say to this rule emergency healthcare, property, and education which fall into a different category, but you still want to be managing your debt and paying off your high-interest debt as soon as possible for Better Money Habits. The average credit card interest rate is 22%, which cancels all kinds of benefits and rewards these credit card companies are providing. Be diligent and manage your finances well to avoid giving them an easy way to make money off of you. So, it’s in their best interest for you to be bad with your money for Better Money Habits. They benefit from you making mistakes for Better Money Habits. It’s important to remember that credit card companies make money when you’re not good at managing your finances. I have a straight rule, that is unless I can afford to pay for that thing outright in cash, I shouldn’t be buying it with any form of debt. People are using debt to buy the smallest of things, to buy presents, to buy clothes. It seems that debt these days is actually the norm. The second bad money habit for Better Money Habits is getting comfortable with bad debt. The key is to pay yourself first instead of making other people richer by buying their things before you pay yourself. But that is the backward mentality for Better Money Habits. People don’t realize how much they’re spending on paying the bills, buying something new, going on that weekend away, and then they save whatever’s left. Save money automatically every month without even noticing it. A lot of people are probably thinking for Better Money Habits, there is no way I can do this, I live paycheck to paycheck.īut the surprising thing for Better Money Habits is, when you take that 10% and put it away, your mind will think of ways and structure your spending and structure your finances to last for the whole month. And by doing this, you’re guaranteeing that that money will be saved and won’t just slip through your fingers through spending. This is so important for Better Money Habits. Take 10% minimum and put that into your savings account the minute you get paid. This is a priority that you should set for yourself in order to reach your financial goals for Better Money Habits. You should always pay yourself first for Better Money Habits. The second method he talks about is the rich people’s habit for Better Money Habits and they do the complete opposite. Laughs so as soon as your paycheck comes in, you then pay your rent, your phone bill, your subscriptions, you find your social plans, and then you’ll save whatever is left over if there is even any money left to save. The first way is the poor people’s habit, and that is through paying themselves. Robert explains that there are two types of bill-paying methods. Last I first heard of this in the book Rich Dad, Poor dad by Robert Kiyosaki, it’s one of the blueprints for Achieving Financial freedom. Number one for Better Money Habits is paying yourself.
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