In this video, I'll show 11 money management tips and the best apps to help you with them.
Different people define success differently all across the world. But, one of the most common factors associated with success is wealth because of how hard it is to live a fulfilling life without at least a fair amount of money.
The problem is, many of us aren't taught how to manage the money properly when we attain it. This is why you see even multimillionaire athletes, actors, musicians, and lottery winners go broke.
I'm going to give you some of the best tips for managing money efficiently that I've learned from reading, studying successful people, and personal experience.
Many of the apps I show you will help you automate it as well.
Enjoy the video and let me know what you think in the comments below!
Here are the top tips and apps to use:
1. Have a budget
Use an app to keep track of it and give reminders.
2. Start investing ASAP for the long term
Invest 10-15% of your income if possible. You need about 25-28x your yearly expenses in investments to live off dividends and retire early. Consult your investment adviser.
- MONEY: Master the Game book
- How to get rich starting from zero
- How to invest to retire early
3. Avoid debt at all costs
4. Get efficient with your taxes
5. Automate as much as possible
6. Eliminate as much as possible
Image credit: scotttousley.com
7. Live below your means
8. Use the 80/20 rule
Find the 20% of expenses that bring you 80% of your joy. Do the same for income, stress, etc. to improve your life.
9. Use money-back programs
Use them for as many purchases as possible to get some money you spent back.
10. Think about prevention more than most people
Have at least 6 months of income in reserve in case something happens, keep yourself healthy, etc.
- The Paleo Diet
- What to do about a rainy-day fund
- Preventative healthcare information
- Only the Paranoid Survive book
11. Diversify your income
What happens if you lose your job, the market is down a few years, or your business tanks?