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10 Financial TIPS You Need Follow! (Personal Finance & Investing Tips)
03:22
Ethan Lang

10 Financial TIPS You Need Follow! (Personal Finance & Investing Tips)

In this video, we discuss the 10 steps you need to take when growing your wealth! Join Our Community of 200K+ Today: https://www.instagram.com/makingcentsoffinance Ask Your Finance & Investing Questions HERE: https://www.facebook.com/groups/885637951783480/ FINANCE TIP #1 – HAVE FINANCIAL GOALS It is extremely difficult to hit a target you cannot see. Likewise, it’s almost impossible to become financially wealthy without having goals of the wealth you want to achieve. FINANCE TIP #2 – HAVE A PLAN While becoming a millionaire is a great goal, you will not reach that goal without a plan. You need to think about how you are going to accomplish that goal and take the steps necessary to achieve it. FINANCE TIP #3 – STICK TO A BUDGET A budget is a great way to start planning. You have to know where your money is going. Using a budget is a great way to track your spending and not overspend on certain items. FINANCIAL TIP #4 – BUILD AN EMERGENCY FUND An emergency fund is simply some money you save for when unexpected tragedies happen such as losing a job or your car breaking down. This money will be there to help you get through tough times. FINANCE TIP #5 – STAY OUT OF CREDIT CARD DEBT On this one, I am not saying credit cards are evil. However, it is extremely important to stay out of credit card debt. By not paying off your bill at the end of the month, you will be charged through the roof with high-interest rates. FINANCE TIP #6 – SAVE BEFORE YOU SPEND Every month, you need to set aside a portion of your income to save. Maybe its 5% or 25%, whatever it is, just make sure to stick to it and put that money into savings as soon as you receive it. This money is for your future, not for right now. FINANCE TIP #7 – START INVESTING FOR RETIREMENT There is no better time to start investing for retirement than right now. While the investing strategy will be different on a case to case basis, you should start contributing money into a retirement account such as an IRA. FINANCE TIP #8 – USE YOUR 401K MATCH Now, I understand not everyone has a 401K; however, if you are lucky enough to have one that matches contributions, you need matching up to that limit every year. FINANCE TIP #9 – EDUCATE YOURSELF If you want to become smart with your money, you have to take the time to learn about the various aspects of personal finance and investing. Education can come in many different forms. It could be from channels like mine to reading books about investing. With this said, please do not fall for the get rich quick schemes such as trading forex, bitcoin or ever multi-level marketing schemes. They will often hurt your situation more than help. Look for real, honest education. FINANCE TIP #10 – CHECK YOUR PROGRESS This does not mean to check your investments daily, that would get a little taxing. However, you should check on your progress every once in a while, to make sure you're still on track to hit your financial goals. If you aren’t on track, that’s completely fine, just rethink what steps you might have to take to get back on track.