It’s amazing how many money lessons one can learn during a long-term debt freedom journey. You may have noticed that this has been on my mind throughout the summer and the reason is because so much is going on with the economy. I’m reflecting on what it was like in the last couple of Recessions that I experienced and I’m particularly concerned about the individuals and families being hit hard financially during this time. That said, I have some financial lessons that I would like to share that span the different financial seasons that you may find yourself living through.
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How to Achieve Your Next Financial Goal. Are you working on paying off debt, earning more, or creating a first time savings? Watch the following video with my tips on how I paid off over $60,000, grew my income, and finally began saving. I share what I would have done differently and what you should avoid too.
Show Notes
- Free is valuable and the base of almost every business model.
- Free resources
- Samples
- Quotes
- The ability to earn a free meal/drink/service
- You could leverage free opportunities to grow your business. You just have to be thoughtful about the opportunities
- Earn more money-seriously, we don’t talk about this enough. You have to earn more money and you have to be deliberate about it within the scope of your career. Not just side-hustles. I’m talking about an ongoing and sustained effort to earn more with each job that you take.
- Take the trip during debt repayment-just pay cash and reimagine how your trip looks.
- Knowing how to generate income outside your 9-5 is a priceless skill. Believe me when I say that as I sat in my home for three months under stay at home orders, I was so thankful that I’d spend so many years trying to figure out how to make money online. I make a livable income online selling what I already know. No one can take this skill away from me.
- Financial desperation repels people and opportunities.
- Everyone should clean toilets at least once in their life as a job-it teaches humility and once you’ve cleaned toilets you can work anywhere.
- It’s hard to break financial habits but you can.
- Apply for the scholarship! Because not enough people do, even if it’s the last day to apply.
- Stop paying so much for your cell phone. What is the deal with single people paying $2,000 grand for phone service? Rethink this. There are services such as: Cricket, Republic Wireless, Mint Mobile, and others that will save you significant amounts of money in the long run. I pay $400 a year for my phone service and it’s perfectly fine.
- You should always be learning about money. Learn about investing, taxes, habits, mindset, etc.
- Your savings goal is probably too low. A lot of personal finance influencers have been talking about this within the context of the COVID crisis. We’re 7 months into it and it’s not looking like it’s going to be gone anytime soon in the United States. Also, industries such as: events/travel/and education have been severely impacted by situation. I’m now of the opinion that 1 year of liquid savings is the new must have. This could be 1 year of bare expenses or 1 year plus fun. You decide.
- Find community-you just can’t do whatever you’re trying to do financially on your own. Everyone needs cheerleaders!
- Quality always matters-you get to define what the quality is.
- Use the app people! It’s 2020.
- Automate your finances. Don’t rely on sheer will to grow your savings, invest, etc. Automate wherever you can.
- Switch to annual whenever possible-I’m in the process of slowly working through my expenses to see which services can be switched to annual billing. Netflix is not one of them.
- The more complicated your debt situation is the more it will affect your ability to grow your money.
- Renting OR owning can help you with your finances. The choice depends on where you’re currently at.
- Rethink your cars
- Always be earning somewhat nuanced from earn more with your wage. Or, diversify your income.
- Sell products
- Investments
- AirBnB rentals
- Wrap your car
- Write books
- Coach/tutor/teach
- Sell courses
- Make affiliate income
- Flip furniture
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Not a Financial Unicorn? Declare it with pride! Don’t have a sexy financial story? You’ve just hustled for years to get the result that you currently have. I’m there with you!
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