- There are 4 money corners to think about: save, spend, tax, and invest.
- If you save 15% of your income first, then look at spending on your needs, then your wants last, you will be in good financial shape.
- Diversifying your investments will ensure you are able to better handle an economic downturn.
- We can let wealth define our character, or we can have our character define our wealth.
- The 4 key money characteristics are prudence, responsibility, humility, and gratefulness.
- You can match these characteristics up with the way you deal with your wealth, and how your wealth deals with the outside world.
- Millennials are saving at the highest rate of any generation currently alive, but they aren’t saving for a typical retirement.
- Two thirds of Americans don’t have enough money in savings to be able to take care of an emergency.
- Millennials care about financial freedom and life experiences, and are saving money to do things as they go through life knowing they will work in to their later years.
- Do a quick, three minute look at your finances every Friday to ensure there are no irregularities and to keep your budget on track.
- One Friday every month, look at your assets and liabilities to ensure you are on track for any financial goals you might have.
- Once a year, do long-term planning to ensure you can save up the money you want, save for big expenses or things like vacations and other things you might want to do.