These outdated financial rules were created by previous generations, but no longer hold true in today’s world.If you’re interested in achieving financial independence and early retirement then you need to consider breaking these 5 outdated financial rules.
Save Your Money
Save Your Money
Arguably the foundation of all things personal finance is this very simple idea: save your money.
Nothing else is possible if you aren't able to do this one thing. If you can't save your money then you'll have no money to invest or to pay down debt.
The Foundation of FIRE
So if this idea is the foundation FIRE and it's simple to understand, then why is it so difficult for so many to save your money?
Most people are unable to save because of two reasons:
- They don't make enough money
- They spend too much of the money they make
How You Can Save Your Money
Thankfully the solutions to both of these problems are also quite simple. If you don't earn enough money to save, then you need to find a way to make more money.
If you are spending so much of your money that there isn't enough left for you to save, then you need to cut back your spending and possibly deflate your lifestyle.
Easier Said Than Done
The answers are simple, but actually following through is much more complex. We get that and somewhere on this website is an article that most likely addresses the complex issues that you're facing.
Browse around this site and find that article the get started strengthening your financial foundation.
Written by Jessie Connor
While it is true that money can’t buy happiness, it’s also true that not having money doesn’t do a lot of good to our mindset. One of the oldest and most popular debates, this topic seems to have the same number of yay and naysayers, but why is that?
One of the reasons may lie in the fact that a lot of people observe the matter of money as strictly black and white, when it’s, in fact, very gray. The fact of the matter is that money per se doesn’t necessarily have a strong effect on our overall well-being – it’s rather the things we choose to do with the money that have an effect on us. So, if you want to see how money can, in fact, improve your well-being, please read on.
Mike Tyson once said “everyone has a plan till they get punched in the face.” The opposite was true for me.
It took a solid punch to the face for me to wake up and realize that I needed a plan. This is the story of how my 14 months of unemployment led me down a path to financial independence and early retirement.
This Contributor article was written by Theodora Evans
The archetypal dad’s advice will sound familiar: new cars are for suckers. Depreciation means you’ll lose all the value the minute you drive out of the lot, so used is the only way to go. Or is it? We think it isn’t that simple.
While it’s true that new cars will undoubtedly lose a good chunk of value, it doesn’t mean a pre-owned car is an answer for absolutely everyone. And we’re going to tell you exactly why.
This Contributor article was written by Just Start Investing.
Learning how to save 50% of your earnings is a great way to set yourself up for financial independence. Maximizing savings is something anyone can do, regardless of income.