12 Money Secrets Everyone Should Know
Ever wonder how some people get ‘ahead’ financially and others do not? Do they know something you don’t? Chances are they do. But it’s more than just the knowledge of these financial secrets – it’s about implementing them too, so you can reap the benefits and save for whatever future goals are important to you.
- Get a Side Gig You Love. The daily grind is one thing, waking early, walking into work groggy and under-caffeinated. It’s your main hustle that pays most of the bills. Instead of taking on a second job that is equally mentally exhausting, find something that ignites your passion. Ushering at a play house or sporting events, caring for animals, or even being a friends and family photographer. Other ideas include running social media ads for online businesses, creating and selling an online course, consulting, investing in rental properties, and even domain flipping.
- Review Your Insurance Policies. If you haven’t looked at your insurance policies in a while, chances are good they could use some updating. Plus, comparing car insurance quotes online will allow you to increase your coverage and save money at the same time. Be sure to review your policies annually to keep in line with the changes happening in your life.
- Strictly Follow a Budget. Know exactly where every dollar is going every week. If you aren’t using a membership (and there are plenty of them these days), cancel it. Oftentimes, premium cable channels, even home security can draw money out of your budget without you realizing it. Scrutinizing your budget should reveal expenditures that are unnecessary. Take steps toward eliminating or at least substituting these items in the future.
- Protect Your Credit Score. Keeping an eye on your credit score is important because when it’s time to go for a major loan (read: large vs. minimal interest rates) you’re going to want a good credit score so you aren’t drowning in interest charges.
- Set & Work Toward Goals. Like anything else in life, waiting around for what you want to fall into your lap is likely going to get you nowhere. When you actively set a goal, write out the steps, and work toward getting there, you’re much more likely to actualize that dream.
- Patience is a Virtue. Accumulating wealth does not happen overnight. It’s going to take a considerable amount of time and patience to set aside what you can from your paycheck, not touch the money, and let it grow.
- Multiple Sources of Income. Securing multiple income streams is a great way to stay creative and in the black. You can do this by getting a part time job or even renting out a room or storage space in your garage.
- Money is Worth More Unspent. It may be the simplest rule of all. When you have money in your pocket or in the bank, it’s worth more than when you spend it on an item. Maintaining that mindset should give you pause during your next impulse buy.
- Pay off Credit Cards. Even though the right credit card/income balance will help build your credit score, paying off your credit cards will keep you from paying interest and other charges that can rack up and become toxic to your financial goals. If left to spin out of control, you could wind up paying hundreds of dollars in fees to credit card companies every year.
- Negotiate Everything. While this is commonplace in many other countries, it isn’t so much in the United States. However, when you become a bit more bold and skilled at the art of negotiation, you can save yourself hundreds and even thousands of dollars every year on things like internet service, repairs, food, and just about everything else. Remember, the worse the vendor can say is “no.”
- Live Minimalistically. Living below your means while you’re on the path of accumulating wealth is a great way to develop the habit of not spending money you don’t have and pursuing internal happiness rather than struggling to find it externally.
- Take Care of Yourself. You are your first and most important investment. Regular checkups and maintenance procedures will help you live longer and happier, and give you more time to create wealth. Exercising, getting good sleep and eating healthier will pull you into a gratitude mindset so that you can enjoy the world you’ve created, with or without financial extravagance.
Getting ahead financially might feel uncomfortable at first; after all, it’s about making changes in your life. But when you keep your eye on the goal – financial independence and gaining a certain amount of freedom over your time, you’ll see that it’s well worth it.