In this video, I discuss the 4 tips for managing money like the wealthy.
There are 4 tips that you your should consider when managing your money like the wealthy. They should flow in this order…
1. Give Money – You start by giving. it does not matter how much you give. The objective with giving first is to create an abundant mindset and life. those who give more, tend to live happier and more successful lives. By doing this you will be managing your money and not having your money manage you.
2. Invest Money – Investing your money comes second. Have you heard the phrase “pay yourself first”, well that’s pretty much what we are doing in step 2. We put a portion of our paycheck into our retirement account to pay our future self. Then we can benefit from the wonders of compounding interest.
3. Save Money – saving money is different from investing. you have to save money for short term goals (no longer than 5 years – 10 years). For example you save for a wedding, save for a car, save for a home, save for college tuition, save for a vacation, etc.
4. Spend Money – This is what I see most people do first. they spend their money and as the years go by they look back and realize there is nothing there. When it comes to spending money, it should be fun and rewarding. This is when you get to spend what you have saved for!
Disclosure: I am not a professional or licenced investment advisor. These movies are for educational and entertainment purposes only. All my videos are strictly my opinion.
