▶️ 7 Rules For Saving Money | EP#403
There are so many other tips and guidelines to follow to save money, but most importantly, don’t just save to save, save to invest! Check out my 7 rules for saving money.
00:47 Save Money & Be Frugal
02:22 Track Your Expenses
03:36 Follow Your Budget
04:35 Lifestyle Foundation
05:31 Invest Your Money
7:04 Sensory Adaptation
Given that I’ve gone to extremes to save money like cutting my own hair and not having a car and that I was able to save 71% of my income last year, I believe I have really gotten down most concepts of personal finance and saving money. I believe that if you can save 65% of your income and invest it, I can retire in less than 10 years and I am currently 1 year in and ahead of schedule. On this journey, I have stuck to some foundational rules for saving money and I’d like to share some of them that I’ve followed.
Some Rules For Saving Successfully:
1. Be frugal & save as much as possible.
2. Track everything you spend, create a budget, then optimize that budget regularly.
3. Stick to your budget.
4. Lifestyle foundation instead of lifestyle inflation - Don't increase your expenses.
5. Invest everything you save - You’ll see the benefits and it’s better that your money is out of sight and out of mind growing your wealth.
6. Understand that you are wired to want to consume.
7. Understand sensory adaptation and how that affects lifestyle expenses - The Secret To Saving: https://lbry.tv/@ScottCBusiness:4/Secret-To-Saving:4
Personal finance has become a passion of mine and saving money goes hand in hand with investing and growing my wealth. I know that for every dollar I save, I could make 10x with investing in say something like Bitcoin which has increased more than 10x in value over the past two years. I really enjoy this journey and love sharing my findings and insights with you. I hope this inspires you to save and invest to grow your wealth and improve your future.
I’ve previously written about lifestyle inflation & lifestyle foundation here: https://read.cash/@scottcbusiness/lifestyle-inflation-or-lifestyle-foundation-41121595
*Disclaimer: This is not financial advice.*
Budget Template & Explainer Video:
Video – https://lbry.tv/@ScottCBusiness:4/If-You-Want-To-Save-Money:7
Template – http://www.filedropper.com/budgetingtemplate
How are you saving money? Share any good frugal tips or finance hacks with us down below. Am I missing anything? Let me know what you think about this in the comments below and don’t forget to subscribe!
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|Category||Business & Finance|
|Sensitivity||Normal - Content that is suitable for ages 16 and over|
3 weeks, 2 days ago
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