7 CRUCIAL PERSONAL FINANCE LESSONS

 


7 CRUCIAL PERSONAL FINANCE LESSONS  that I learned from my life.

Save this for future reference:-

  1. Buy to impress = Less Money: Spending money to show people how much money you have is the fastest way to have less money. When you realize you don't need other's approval, You start saving more money and focus on what truly matters- your wealth-building and financial success.
  2. Average Friends = average life: We are the average of the five people we spend the most time with. We get inspired by the people around us and when we see them growing financially we get out of our comfort zone to grow like them.
  3. Marrying in money: Marrying someone with similar financial goals and values is essential. It is very difficult for a married couple to accumulate wealth if one is a spendthrift. A household divided in its financial orientation is unlikely to accumulate significant wealth.
  4. Investing = Long : Setting long- term financial objectives has been transformative for me. Instead of focusing on short- term gains. I have learned to invest in my future by contributing to retirement accounts, saving for emergencies, and building cash-flowing. If you are starting to build your investment portfolio, focus on where it will be in the while compounding returns.
  5. Cash is King: Life is unpredictable. Research shows that having an emergency fund covering 3-6 months of living expenses can be a financial lifesaver. Without this cushion, You are one emergency away from a financial disaster, which could lead you into a cycle of debt.
  6. Money buys freedom: The greatest purchase money can buy is freedom. Freedom to choose not to work, to control your time or to live life the way you want.
  7. Financial literacy = Wealth: In a world of financial Pitfalls, being financially literate is your best defense against scams and bad investments. Being economically savvy equips you with the tools to make informed decisions, safeguard your money, and ensure a more secure financial future.

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