Financial Advice That Could Change Your Life
You can search for financial advice across any search engine and get endless amounts of advice. However, when it comes to applicable, real-world advice, you’ll find that there are some things that could very well change your life. Whether you’re young, older, or somewhere in between, there are some tried and true solutions regarding finance that you can learn from and take with you. The following, for example, are some of the best pieces of financial advice that you can take with you today, and they will be true now as they will be 10 years from now, and even 40 years from now. These could be the foundation to your financial future.
Avoid Buying Too Much of Anything
The fancy car you dream of, the big house that you’ve always wanted, and the entertainment that you consume could drown your finances with relative ease. People are guilty of purchasing too much of anything, and honestly, they don’t even know it. When’s the last time you took time to map out all of the money that you’re spending, and where it is going? Break things down into housing, car, entertainment, and necessities, and see where your money truly is going. Done right, you’ll see that you may be spending too much on things you don’t “need”, but rather “want” and that’s detrimental for your financial future.
When Married, Save One Income
This is going to sound insane to some people, but it’s something that could change everything for you. For those that are married, in long-term relationships, consider living on just one income. That’s correct, just use one income if both of you work, and use the second income as savings. Within a year, you could find yourself saving tens of thousands of dollars, and in some instances, if you were to save 100% of a person’s salary, you could have enough for a major down payment on a home, or continued saving, alongside so much more. This is an extreme tip, but it’s a financial focus that could change your life for the better, guaranteed.
Pay An Extra Payment On Loans
For those seeking something a bit more practical, take into consideration this bit of advice concerning loans. Whether you’re paying back a credit card, mortgage, car loan, or just about any type of payment plan you’re on, give an extra amount every single time. In real estate, for example, if you were to give an extra payment per year, just one, you could shorten the length of your loan by years. The same can be said about credit cards, car notes, and much more. There’s simply a lot of solutions that you can pursue to decrease loan amounts, and paying an extra payment is one critical way to get it done.
These 3 pieces of financial advice may seem like common sense to some, but they are elements that can change your life for the better. Regardless of where you’re at, you can take any one of these and enter it into your plan, and succeed over time, guaranteed.