The sooner you will follow these money rules, the more they will pay off in the long run. On the bright side, it is never too late. What matters is that you take the leap and just start.
1) Get rid of your ego
Living below your means can really impact your ego, because of social pressure and social media. Millennial or not, living with your parents is nothing to be ashamed of because that means that you get to save or invest and have more financial freedom in the long run.
Also, you will need to learn to stop caring what people think about you because money is personal and shouldn’t be about pleasing others and showing off what you can afford.
You never know how someone’s house, car, or lifestyle was financed.
It can be very deceiving to judge someone’s wealth based on their purchase behavior.
2) Be rational and consistent
Investments and savings are about consistency, regardless of the amount. Long-term wealth is not about waiting to win the lottery, it requires regular investments, making rational decisions, and having good money habits.
Cheap doesn’t always mean that you get to save more and quality doesn’t always mean that the price is justified. Also, the term, figuring out how to earn money while you are asleep, is real, ordinary people have achieved financial freedom in the past and so can you. Once you have figured out what that is for you, you are on the right track.
Having a side hustle, investing in stocks and real estate are forms of making money while asleep. They may require research and extra work but it will pay off in the long run, because being an employee limits wealth. Becoming your own employer lets you influence the direction of your lifestyle.
3) Career choice depends on your social and professional situation
Following your passion as a career isn’t for everyone a choice. The majority of us look for a job or have a career with a stable income and the passion that we dream to make a living off, is mostly our side hustle.
Sometimes it’s financially better to bite the sour lemon and to choose a stable income. Career choice depends also on what kind of lifestyle you want in the long-term.
I support having a career that you are passionate about and it certainly adds to better mental and physical health. However, I don’t want to minimise the fact that to achieve long-term wealth, one needs to earn a living first. More present income and earlier financial freedom can offset following a passion career.
Furthermore, if your stable income helps you fund your passion job, then choosing a stable income is the right short-term financial solution. Don’t leave your employer if you don’t believe that your side hustle can improve your life. Once you are willing to give it all and genuinely believe that your side hustle can become profitable, you should follow your passion job.
Related:
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7 Money Rules Everyone Needs To Follow – If you don’t follow these rules you will never reach financial freedom.
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Beginners Guide: Cryptocurrency Investing – Crypto is here to stay, the basics you should know about cryptocurrencies.
Stock Market Investing Tips – Follow these simple investing tips and start building your wealth.
Tips on How to Prepare for a Stock Market Crash – Investing when the stock market is volatile.
Why You Should Know About ETFs – Invest in the stock market and avoid the risk from investing in individual stocks.
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