The 6 Steps To WIN With Money
Do you even budget, bro? To win with money you must have a plan. A budget is a gameplan for your money. Most Americans don't win with money because they fail to plan. Statistics show 2 out of 3 Americans don't do a monthly budget. Which one are you? Make a list of what you have coming in (income) and a list of what you have going out (expenses). Start there, that's a basic budget. The apps below can take it from there.
Great, now you have a game plan. Before you start to to win with money, it's important you don't LOSE. There's a 4 letter word worse than any curse word I know and that word is: D-E-B-T. Debt is your money going backwards. You are losing the interest rate game. There's levels to this, certain debt is worse than others: credit card, consumer, car, student, mortgage; Debt, debt, debt! You can't win if you're losing! Get the F out of Debt!
It's time to start winning with money! Having a savers mentality is the cornerstone to building wealth. Having a spenders mentality will lead you to having a bunch of stuff and no money. 75% of Americans live paycheck to paycheck. Get out of the rat race. Stack that cash and give yourself a cushion (emergency fund). $10,000 is good amount to aim for. How are you saving your money? These institutions are helpful...
Now it's time to INVEST and build wealth. Most Americans don't do the first 3 steps. The whole reason you had a plan and saved is so your money can grow and work for you. Invest minimum 10% of your paycheck. Invest in the stock market, a retirement plan, real-estate, crypto, get your investment on! Make sure you think long term and understand there is no get rich quick scheme. The two key ingredients to investing are time and compound interest. Over the course of your lifetime, the average American will make $2,000,000. Put that money to work for you!
Protect what you've built. To use a football analogy, you gotta protect your blindside. You're doing things the right way, you're winning with money, but there are certain things you can't control. As they say sh*t happens. There's a lot to protect. ie: health, life, income, car, home, etc. Are you protected?
Congrats! You're doing it, you're winning with money. Now what? Retirement is an antiquated term, nobody does NOTHING.
When your money game is strong and you don't have to work for a paycheck, you're CHILLIN. Life is good. You have financial freedom.
Give back, do what makes you truly happy. Not many people get to this point. CHILLIN, it's the new retirement.