I recently read an article by Austin Netzley with practical advice and “action items” regarding financial management and figured I could share some of his points (along with some personal side notes) with you:
- Automatically deposit a big chunk of your salary, e.g. to pay your monthly bills, make investments or save up in a separate savings account, before you even know it has been transferred – I guess in a way this makes spending money on essential expenses (paying rent, repaying debt, etc.) hurt a lot less.
- Save more than you think you can – spending money is easy but: how well are you with saving? I know I still have room for improvement.
- Learn about residual, scalable income and lifestyle design – #NoteToSelf: read “The Millionaire Fastlane,” “Rich Dad, Poor Dad,” and “The 4-Hour Workweek.”
- Increase your net worth by visiting different events, such as conferences, motivational talks, speeches and trainings, etc. – check out Eventbrite and sign up for local charity, sports and business events that interest me.
- Take a profound look at your expenses (housing, transportation, food,…) and calculate where it’s worth spending less – list my own top 3 saving goals for 2016 and do the math.
Feel free to give it a go too!
Photo by: Jose Murillo