Some people manage to buy their own house and open their own business by the age of 30. Others, at the same age, are still trying to figure out how to earn decent money. There are certain obvious facts that can lead to prosperity, while others can lead to financial disaster.
Bright Side chose the most effective tips for you. They can be very useful when you are still young!
1. Invest in your health and education.
It’s very hard to achieve success when you are not healthy. That is why it’s important to take care of yourself, to have a vacation at least once a year, to sleep well, and to eat healthy food. A good education, in its turn, can open a lot of doors and erase borders.
2. Don’t invest in something you don’t know well.
Even if you want to get rich as soon as possible, you need to have a cold, sober, and calm mind when it comes to financial questions. By following your emotions and investing in dubious projects, you can lose a lot (if not all) of your money. It is always better to consult experts beforehand to have a sensible assessment of the project and its chances of becoming successful.
3. Don’t borrow to pay old debts.
There is a very popular concept of taking on a new loan to repay an old one or to pay a debt to a person by borrowing from someone else. This is a vicious circle. It is much better not to have debts at all. But if it happens that you had a loan, it is better to stop yourself from buying something and save the money to repay the loan.
4 Stay connected with your friends, and meet new people.
They say that “A friend in court is better than a penny in the purse,” and there is much truth in it. Sometimes connections are much more important than money. Perhaps you’ve faced situations that prove that saying.
5. Avoid impulsive purchases.
Impulsive purchases are evil, even though they bring joy. If you have a tight budget, they will make a lot of holes in it. Impulsive purchases are nothing but a need for happiness and pleasure. Find joy in something else.
6. Start saving money for old age now.
Today you are 20, and you’ll be 30 before you know it. Time is fast and merciless. One moment, you are young; in the next moment, you have to pick up your grandchildren from kindergarten. By saving at least #3,000 to #5,000 a month, you will have quite a decent amount in your account when you are old, which will make you feel more confident.
7. Eat and cook at home.
Many of us prefer to eat in cafés and restaurants. Perhaps we are too lazy to cook at home, or maybe we mistakenly think that eating out is not so expensive. Visit grocery stores, and count how much you spend on your food. You’ll see that cooking at home is much cheaper.
8. Put a certain part of your salary into a savings account to create a “financial cushion”
Life is unpredictable. Anything can happen that may demand a lot of money from you. But where will it come from? If you save money every month and put it into a savings account, you won’t panic in an extreme situation because you have that financial support.
9. Find a passive source of income.
It’s good if you have a job which brings in enough money for you. But in our unstable world, it’s always better to have different sources of income. That’s why it’s worth starting to think about investments.
10. It’s more efficient to buy shoes and clothes of good quality.
Clothes of good quality will serve you much longer than cheap clothes. Therefore, it’s more effective to spend money on durable things. And if you buy them during the sales, it’s twice as effective. Try to make a list of necessary items, and buy them during sales. Then you can save money for an upcoming vacation.
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