Even if it doesn't happen quickly, we can become wealthy if we have the right mindset, the right tools, and a strong work ethic, even if our families aren't particularly wealthy.
The important thing is not how much money you make, but rather what you do with it. If we can control ourselves to make sensible financial decisions, we can progressively accumulate wealth. If we are determined and put in the necessary effort, we may even write our own story of rags to riches.
We need discipline, expertise, and an optimistic outlook to go from a person with little to someone who's comfortable with a lot of wiggle room! We have access to a wide range of resources and tactics. Reaching our financial objectives is likely to become a reality if we are persistent and keep our eyes on the future. Recall that money is frequently acquired via skill rather than inheritance.
We need to develop the habit of putting savings ahead of spending. Give it some thought before making that next lavish purchase. Setting aside a certain percentage of your income—ideally 20% or more—to invest or save is essential.
The first step to managing our finances is understanding where they are going. Learn how to create a budget. Let us establish a sensible spending plan and monitor every dollar to make sure you follow it. Although software and applications can facilitate this process, a basic spreadsheet is sufficient.
Manage and restrict our debts. A business loan or mortgage are examples of debt that might be advantageous, but you should always be cautious of piling up high-interest debt. Let us review our money on a regular basis and try to cut down on debt.
Unexpected things happen in life. We have to keep an emergency fund on hand at all times. We don't want our quest to become financially wealthy to be derailed by unforeseen costs! An emergency fund provides a safety net.
Let's spend money on financial literacy! Being knowledgeable is powerful. Attend seminars and read books. Choosing well frequently pays off. Let us spread out our financial holdings because we know that it is possible for the financial market to be erratic. Spread and reduce risk in our investments by spreading them over equities, bonds, real estate, and other assets.
Look for ways to earn extra money outside of our usual work. These might be second enterprises (like this blog), dividends, or rental properties. One can speed up wealth creation significantly using passive income.
And finally, connect and work together. Make connections with people who share our interests. We may still discover chances we hadn't thought about by combining resources, exchanging ideas, or even working together on ventures.
😍#ilikeitalot!😍
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This is why I chose to buy a home with a rental suite for a steady passive income.
I hated renting and I needed a permanent home for my two boys rather than moving from apartment to apartment, did I mention about hating to move often? An important feature was the location had to be close to a transportation hub. I was able to get around by light rail, bus, bike and auto Cooperative without having to own a car for 13 years saving me a huge pile of cash that I put into paying down the mortgage. And I could write off half my Property taxes, Insurance costs, repairs, depreciation and interest against the Rental income.
My home is now mortgage free.
Always, with love 🤗🌺❤️
!LADY
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Making money outside of our usual work is a good idea. We rent houses here in Panama, but we also sell milk, butter, and yogurt. It doesn't make a lot, but it's a second income if we ever need just a little more - and it pays for the cow's feed! Wahoo!
I think a lot of people in the US don't really save, but they have a lot of credit card debt. They see something they want and they buy it - that huge TV, the new car, the latest gadget. Then they just pay it off over time. Who actually owns their own house with no mortgage? I know very few people... They may look wealthy, but if they had to cash everything out (and move to Panama), what would they really have? Not much... We see people regularly who want to move here, but they know that they won't have anything money-wise to bring with them and it's hard to start over with nothing and no job.
Yes, savings need to improve in general! And credit card debt needs to be in check!!! Pretty much, if one is not careful, you'll end up part of the statistics!
But lots of people are savers. Mortgage is good debt, I think. I'm pretty much debt free, except for my mortgage, and that will be paid in two years.
How are you, otherwise, @apanamamama ! I'd love to visit Panama, as I have heard it is a great place to visit. There is so much to see in this world! I wish you well, my friend and sis! !BBH !LUV
Thank you! Things are good here. We're in rainy season and today is exceptionally rainy, which isn't a bad thing if you don't mind the rain. We typically love it, but we have almost received 3.25" in the last 2 hours, so it's a lot of rain! Ha! You should come visit.
Hehehe, maybe I will visit Panama! But I am booked for the next two years already, and I can only have two 2-week vacations a year! Let us see!
Rain, rain! Go away... Mama from Panama wants to play!
Good night, my dear!!!
Enjoy the sound of rain in the background!
!BBH
!LOL
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!PIZZA
Some very wise advice. Restrict debt and always invest and save. There are lots of ways to make money (and lose it if you aren't careful...) You have to start young, the older you get the harder it is!
!BBH
!LUV
@thebighigg You were the first to comment. You get a 100% upvote from me and one HSBI.
Yes: save, have an emergency fund, and invest in the tried and true investments.
!BBH
!LUV
You received an upvote of 90% from Precious the Silver Mermaid!
Thank you for contributing more great content to the #SilverGoldStackers tag.
You have created a Precious Gem!
Thanks @ss-community!
Spot on @silversaver888!👍
This is a very good mindset to have!😊
I wish more people would read your post, it’s all about where you want to be financially down the road !👍
You, @silvertop, and Liz (and @kerrislravenhill) and people I know of who are on track (and of course me, !LOL). I owe it all to the YouTube stacking community! Otherwise, I'd be one of those gals, spending and spending and spending, with a laisse faire attitude about money! (BTW, I tend to have a laissez-faire leadership, as I allow my team members to make their own decisions and work independently, with minimal interference or direction from me.)
!BBH
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A cab.
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I am so glad that all of us found out about sound money….@silversaver888👍
I would hate to think that I would’ve also been one of those people spending money without planning for the future!🙄
!BEER
!BEER
Lovely tips ...
The one that's holding me down atm is the emergency funds...
Really shook off my savings for last month.
Alas I'm back now and building that too.
Experience is the greatest teacher, so they say.
Very cool pieces Saver.
!pimp
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Go Stake some more and increase your PIMP power.
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Very wise advice!! saving is important specially finding ways to not making your money die =p
Wealth of the ways that lead to being wealthier such as the wealth of information we have available and can share thanks to the internet. !LADY
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Ms. Saver @silversaver888
I Know You enjoy some of Your Favorite Pourer's ..............
!LUV
!LADY
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These are some really great tips on financial independence and one definately needs to work out their financial plan.. cheers
!LADY
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LOHtokens.@silversaver888, You have received 1.0000 LOH for posting in Ladies of Hive. We believe that you should be rewarded for the time and effort spent in creating articles. The goal is to encourage token holders to accumulate and hodl LOH tokens over a long period of time.
Great advice sis, especially for anyone not knowing how to start! Love ya much sis!🤗😘😍💖🌹 !LADY !LUV !PIMP
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You must be killin' it out here!
@elizabethbit just slapped you with 1.000 PIMP, @silversaver888.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/1 possible people today.
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